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Got Coverage? Insurance Every Business Needs

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Author: Joe Emerich, Founding Partner, Xartis Group

Whether you are a solopreneur business or running an operation with many employees – it’s important have the right insurance policies in place to mitigate risk. The right policies can protect a business from a lawsuit or catastrophic event, that left unprotected could put it out of business.

Assessing business risk against dangers of loss (revenue, product, injury) is an essential step to determining what kind of insurance coverage is needed. In general, here are types of policies every business should consider:

Professional Liability Insurance

Professional liability insurance, also known as Errors & Omissions (E&O) insurance, provides coverage for a business against negligence claims due to harm resulting from mistakes or failure to perform. There is no one-size-fits-all policy for this type of insurance. Each industry presents its own sets of risks to address with this type of coverage. Working with an insurance specialist is imperative to understanding a specific risk profile.

Property Insurance – Even If You Are Working From Home

Whether a business owns or leases its space, property insurance is a must. Furthermore, many professionals operating their businesses in their own homes do not realize that homeowner’s policies may not cover your business equipment and inventory. Property insurance covers equipment, signage, inventory, and furniture in the event of a destructive event. It’s also important to understand geographical risks as flooding or earthquakes may necessitate a separate policy.

Product Liability Insurance

If your business manufacturers products (or even represents products listed on consumer marketplaces like Amazon), you must consider product liability insurance. Even though your product may have appropriate certifications, any product could have a danger profile running the gamut from an electrical issue or choking hazard. Product liability can provide coverage tailored to your specific product offerings and its inherent risks.

Worker’s Compensation/Vehicle Insurance

Employees working in your business must be protected. Whether the employees are performing low-risk work, repetitive tasks, delivering goods and services with a company-owned vehicle – the risk should be mitigated. Worker’s Compensation insurance provides coverage for medical treatment, disability, and death benefits if an employee dies because of their work in the business. Vehicle insurance can provide coverage for employees, as well as third-party injuries due to an accident.

Beyond the types of coverage listed above, there are many other policies available to business owners that can be tailored to a specific risk profile.

Insurance coverage is an essential part of a healthy and prosperous business.

Joe Emerich is a Founding Partner of Xartis Group. Xartis Group offers a fresh and sophisticated approach beyond traditional insurance models you have come to know well. Where managing risk yields opportunities to seize control of your long-term insurance outlook, enhance your profit potential, and unlock the freedom to devote attention to what matters most; your business. To learn more visit xartisgroup.com or contact Joe at jemerich@xartisgroup.com.

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