What Kind of Insurance Does My Business Need?



Whether you recently started a new business venture or you’ve been in business for 20 years, you want to ensure your assets are protected and insured. The key to selecting the right type of insurance and coverage is understanding your current needs and anticipating your future needs, as well as ensuring you have enough to protect you from the unexpected.

Insurance offers peace of mind. Having the right type of insurance and coverage limits is important as it ensures that you are financially able to face life’s circumstances.

While you can get insurance to cover almost anything you can think of, there are some policies that should always be a part of your business’ financial plan. Horizons Insurance & Financial Services provides the following types of business insurance protection:

General Liability

All businesses, even if home-based, need general liability insurance. Your policy provides protection if you, your employees, or your products or services cause or allegedly caused Bodily Injury or Property Damage to another party.

Property Insurance

Whether you own commercial property or have business personal property, consider a property insurance policy that protects you from circumstances including fire, vandalism, and theft. This policy also protects tangible business assets such as computers, office equipment, tools, or product inventory.

Business Interruption

Business interruption insurance, or business income coverage, helps cover expenses, replace lost wages, and provide income if your business is unable to operate due to a covered disaster, such as a fire or tornado. Depending on your policy, it may also provide coverage for COVID-19-related circumstances.

Commercial Auto Insurance

Similar to personal auto insurance, the commercial policy protects your business vehicles from damages and collisions. Any vehicle that transports employees, equipment, or products can be included on the policy. If your employees drive their own vehicles for company business, it’s recommended to include non-owned auto liability in case an employee is not insured or underinsured.

Business Owners Policy

A business owners policy (BOP) package includes all the coverages you might need for your business. A BOP typically includes general liability insurance, property insurance, business interruption insurance, and commercial vehicle insurance. You can design your own BOP based on your business’ specific needs. you can alter what is included in a BOP. Additionally, you save money by bundling services with a BOP, as the total cost is less than buying each policy coverage separately.

Workers Compensation

Workers compensation provides medical benefits and wage replacement to employees injured on the job. With workers comp benefits, the injured employee waives their rights to sue you for the incident. This insurance is essential to have as it protects you and your business from legal complications. All states require businesses to carry worker’s compensation if you hire W-2 employees.

Professional Liability (E&O)

Also known as Errors and Omissions insurance, professional liability insurance provides defense and damages for failure to render professional services. This protection is not provided under your general liability policy. Professional firms that carry this coverage include but are not limited to lawyers, insurance, hair salons, accounting, and technology providers.

Umbrella Insurance

If you want more coverage in addition to the policies you already have, consider umbrella liability insurance. This policy is an extension of your current policies, covering beyond their regular liability limits. Umbrella insurance comes into play when the liability on your other policies have been exhausted.

Commercial business insurance is an important aspect of any business that cannot be ignored. As a business owner, you want the peace of mind that your business is covered by an experienced company that understands your commercial insurance needs. Whatever your commercial insurance needs, Horizons Insurance & Financial Services can design a protection program that's right for you. To request a quote or consultation, call (954) 862-1735 today or complete our online request form.