Commercial insurance offers protection for you as a business owner, as well as for the business itself and its employees. Most commercial insurance policies include basic coverages such as property, liability, and commercial auto insurance. It may also include optional coverage such as business interruption insurance, equipment breakdown or workers compensation to mention a few.
With today’s technology playing such a big role in many businesses both small and large, each business owner’s policy should include some type of Data Breach or Cyber Liability coverage. If the business stores sensitive or confidential information about employees or clients on their computer or servers this type of policy will provide protection against the loss. Cyber insurance covers legal fees and expenses, such as notifying customers about a data breach, restoring personal identities of affected customers, recovering compromised data and repairing damaged computer systems. Most states require companies to notify customers of a data breach involving personally identifiable information — a process that can be very expensive.
Insurance coverage is very unique to each business. Meeting with an agent to review and discuss your potential risks will help you select the necessary coverages to ensure the best protection in the event of a loss.
Did you know your personal insurance policy explicitly excludes liability coverage in the event of an accident if you are using the vehicle for business purposes? You need commercial auto insurance for any vehicle your company uses for business purposes, has a commercial license plate or tag and any vehicle registered as a commercial auto. You must also get commercial auto coverage if your employees will be driving or using vehicles in the course of doing business, whether making deliveries, driving people to the airport or running errands on behalf of the business.
If you use your vehicle for any of the following functions, you may also be required to get commercial coverage:
• Using the vehicle to carry equipment
• Transporting flammable or hazardous material
• Transporting housekeeping equipment for business use
• Delivering any goods such as pizza or any form of wholesale or
retail products
• Trucking and freight transportation
• Transporting people as a chauffeur, limousine
service or taxi service
If you are unsure whether you need commercial auto insurance be sure to visit with your local Dakotaland Community Insurance agent. We can advise you on the best insurance policy to suit your needs.
Business insurance protects your investment by minimizing financial risks associated with unexpected events. With your business, you could have substantial financial investments, contracts with clients, employees depending on you, and other substantial commitments that you need to protect.
A general business owner’s policy (BOP) typically includes three types of coverage. Property coverage may help repair or replace your business’s property if it’s damaged by a covered peril such as hail, theft or fire. General Lability Coverage may help pay for legal bills and medical expenses if someone is injured on your business property due to you or your employees’ negligence. Finally, Business Income Coverage (or business interruption coverage) may help provide loss income and payroll expenses, if a covered loss makes your business temporarily inoperable. Additional coverages important to look into with your agent are worker’s compensation, which provides insurance to any employee who may get hurt on the job and professional liability insurance, which would provide defense and damages for failure to or improperly rendering professional services.
It is important to make sure you have the Commercial Insurance which is right for your new or existing business. The agents at Dakotaland Community Insurance in Huron, DeSmet, Brookings and Redfield would love to help with all of your Commercial Insurance needs.
