Risk is everywhere in business, which is why it is so crucial for businesses to have the right insurance to protect themselves from any threats or challenges that could come their way. At Collins Insurance Agency, we will help you with all of your business insurance needs, regardless of the size of your company or the industry you’re in.
When insuring your business, it can be difficult to find the right coverage that fits your needs. We offer a variety of coverages and will always make recommendations based on your business and its specific needs. We understand that there is no one size fits all in the world of insurance, but we would be glad to help you find what works for you and your business.
Business Owners Insurance
Business Owners Insurance, also referred to as a Business Owners Policy or BOP, combines business property and business liability, bringing together two separate pieces of coverage. The first type is property insurance; this covers risks associated with your physical business location, equipment, and vehicles. This coverage protects against fires, flooding, theft, accidental damage, loss of income, and loss or damage to property.
The second type of insurance included in a BOP is liability insurance, which covers any damage to people you work with while on their property. Liability insurance does not usually cover risks related to professional services, such as giving your clients inaccurate advice. This coverage is necessary if you meet your clients at a physical location, have access to your client’s equipment, or there is a risk of damage to people or business. The coverage you need is unique to you and your business, but we always recommend bundling policies together when you are able; this will be cheaper than purchasing everything separately and you will have peace of mind knowing that your entire business is protected.
General Liability Insurance and Cyber Liability Insurance
When looking around your business, it is easy to find the risk you can physically see. What is more difficult to spot is the type of risk you cannot see. General Liability Insurance falls under this category and it mainly covers bodily injury to people outside of your business and physical damage to their property.
Cyber Liability Insurance is also not physically seen, but it can protect you from a data breach. Getting hacked is not only a significant hassle but it can also be quite costly – both in actual monetary value and in time and effort of your company and employees. Cyber liability insurance can help you cover expenses caused by a cyberattack; some policies can even cover the loss of business while your systems are down or unavailable in some way. In addition to protecting your business financially, cyber insurance can help you find weak points in your systems to better protect yourself and reduce risks online.
Workers’ Compensation
Employees are a key factor to any business. Workers’ compensation insurance covers employees injured on the job, auto accidents while on business grounds, and work-related illnesses. Most states require employers to have workers’ compensation; even if your state does not require it, workers’ comp is an investment in the health and safety of your employees. You can face significant risk without workers’ comp, and it also helps ensure that your employees will be treated quickly and safely to help them get back to work. Workers’ comp also covers the possibility of your business being sued by an injured employee. You can purchase a workers’ compensation policy as an add-on to a BOP if you choose.
We understand that each industry and business has its own unique insurance needs. At Collins Insurance Agency, we will assist you in finding the insurance plan that is right for your business through our Specialized Business Insurance options. We specialize in creating cost-effective plans and solutions that fit your needs, regardless of the industry you’re in or the size of your company. Contact us or visit our website to discuss your current policies or to get a quote for your business.
