It doesn’t make a difference if your company is virtual, out of your home, on the road, or in a leased building. There is going to be a time in your company’s operation when you will face one or more of the following:
- An auto accident
- Someone gets hurt while working for you
- Your work injures another person
- You fire someone and they are not happy
- Your property is damaged
- Money or inventory goes missing
Your business needs someone with deep pockets to take on the financial risks that your business faces from lawsuits, accidents, and injuries. Just to illustrate the complexity of financial risks that a business could face, consider this “short” list of insurance coverages that a business could buy:
- Accident Health
- Auto
- Builders Risk Insurance
- Business Income & Extra Expense
- Commercial Crime
- Computer Coverage
- Computer Fraud Coverage
- Contractors Equipment Coverage
- Directors & Officers Liability
- Disability Insurance
- Earthquake Coverage
- Employee Benefit Liability Coverage
- Employee Dishonesty Coverage
- Employers Liability
- Employment Practices Liability
- Environmental Liability
- Fiduciary Liability
- Flood Coverage
- Forgery or Alteration Coverage
- Funds Transfer Fraud Coverage
- General Liability Coverage
- Hired & Non-Owned Auto Liability Coverage
- Installation Floater
- Life Insurance for Buy / Sell Agreements
- Liquor Liability
- Network Security / Privacy Liability (Also known as Cyber Insurance)
- Professional Liability or Errors & Omissions Insurance
- Property Coverage
- Stop Gap Coverage
- Systems Breakdown Coverage
- Transportation Coverage
- Umbrella or Excess Liability
- USL&H Coverage
- Workers Compensation
Not every insurance product listed above is needed for every business. It serves to illustrate the complexity of exposure to financial loss that a business could face. The bigger question is what degree of risk to financial loss does a business have which drives the need to purchase these types of insurance products?
When you are dealing with an independent agent like Rue Insurance, it would be wise to sit down and talk at length about your company and how it operates. If you get a quote online from a website that asks some basic questions about your business we have a term for that – “Buyer Beware.”
Websites designed to provide you a quote online rely on a “One Size Fits All” approach to selling insurance. But the reality is every business is different. Coverage customized to meet the financial risks that each individual business faces is paramount.
