A business start-up requires an immense amount of dedication, hard work, time and money. Any entrepreneur will agree that it takes some serious start-up capital to pay for a location, internet access, a phone system, computer equipment, advertising and much more. Luckily, there are a variety of business insurance policies designed to protect your investment from unforeseen disasters.
Many small to medium sized businesses benefit from a policy called a business owner’s policy, or a BOP. This policy bundles together property and liability coverage, along with additional coverages of your choosing. This bundle is often the most cost-effective insurance solution for new businesses because a BOP is cheaper than buying several individual policies. With a BOP, you get the coverage you need for a price you can afford.
Of course, as your start-up grows and expands, you can look into more coverage options in order to build a more comprehensive business portfolio. Let’s take a look at a few of the most common coverages.
Depending on the nature of your business, you may need specialized coverage. For example, a bar will need Liquor Liability coverage and a consulting company will need Professional Liability (aka E&O or Cyber/Media Liability for tech companies). Director & Officers and Employment Practices Liability are also common as a company grows. Speak with a qualified independent insurance agent for an evaluation of your business’ insurance needs.
Get started today! Call Sweet & Baker Insurance Brokers at (415) 512-2100 for more information on San Francisco business insurance.
- Property: Covers business-owned property (buildings, furniture, inventory, etc.) in the event that it’s damaged or stolen in a covered event. Ie. fire or theft.
- Liability: Covers the expenses that the insured is legally liable for paying, such as a third party injury on property or as a direct result of company actions or products. Ie. third party slip and fall claims that occur in a company’s office.
- Data breach: Covers electronic resources from a variety of cyber risks.
- Loss of income: Replaces lost income following a covered business interruption claim to pay for new furniture, to keep paying employees, to address new lease costs such as finding a new location), etc.
- Commercial auto: Covers vehicles (and drivers) that are used for business purposes.
- Commercial umbrella: Adds another layer of coverage on top of policy limits to cover extremely costly claims.
- Workers compensation: Covers lost wages and medical treatment for workers who are injured on the job.