For a new business owner, there are many things to think about before you open, such as which business insurance policies in Boardman you’ll need to protect yourself and your business.

Why do I need commercial insurance?

The short answer is to protect your property and your savings, both business and personal.

And for certain businesses, being licensed and legally permitted to work requires having particular insurance policies in place. Business insurance policies in Boardman can help cover the expenses of property damage and liability lawsuits.

Covered expenses could include:

  • Attorney fees;
  • Court costs;
  • Settlement and judgments;
  • The cost to repair or replace property.

Do You Need Business Insurance Right Away?

There are a couple of reasons you may want to consider getting commercial insurance when you start a business. The first is that your homeowners’ or renters’ insurance does not provide enough protection, and the second is that it’s generally inexpensive.

If you work from home, chances are your renters’ or homeowners’ insurance won’t cover you for accidents that are business-related. For instance, if a customer visits your home office, slips on something, and sues you for his injuries, your homeowners’ insurance may not help. Business insurance policies in Boardman are designed for these types of scenarios.

4 New Business Insurance Policies in Boardman You Should Consider

When starting a business, these are the four policies that will benefit you the most.

1. Business Owner’s Policy: This is the key player – a Business Owner’s Policy combines the protection of  Property Insurance and General Liability Insurance into one handy, discounted bundle for low-risk small businesses. It can provide coverage for:

  • Third-party lawsuits over property damage;
  • Third-party lawsuits over bodily injury;
  • Immediate medical expenses for third parties injured on your premises;
  • Theft, destruction of your business property, or vandalism, including buildings, supplies, and equipment;
  • Product liability lawsuits.

2.  Errors and Omissions Insurance or Professional Liability Insurance:
These are fundamentally the same policy but referred to by different names in certain industries. This is important insurance if you offer professional services because it provides coverage against claims that you failed to provide adequate service or made mistakes. Professionals that typically carry this coverage include:

  • Engineers;
  • Architects;
  • Consultants;
  • IT professionals;
  • Accountants.

3. Cyber Liability Insurance: This is a rapidly-growing area of worry as more businesses become targets for cybercriminals. If you collect a lot of sensitive information about customers, you may want this coverage in case of a cyber-disaster.

4. Hired and Non-Owned Auto or Commercial Auto Insurance: Just as your homeowners’ insurance probably won’t cover business-related accidents, your personal auto insurance probably isn’t adequate either. If you use a company vehicle – or your personal vehicle is your company vehicle – consider Commercial Auto Insurance. If you rent or lease a vehicle for use or your employees use their personal vehicles for work-related tasks, you might want to look into Hired and Non-Owned Auto Insurance for protection.

This isn’t a comprehensive list of business insurance policies Boardman – just the ones most likely to benefit a new business. Contact us today to discuss which type of exposures your business has and the type of policies you need for protection.