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Cover All the Bases: An Insurance Checklist for Business Owners

Posted by  On June 21, 2021
Cover All the Bases: An Insurance Checklist for Business Owners

Running a business isn’t easy. You likely put in long hours and have a never-ending “to-do” list. Nor surprising – after all, you’ve put everything on the line to get your business going.

With so much to do, you may not feel you have time to make sure you have all the right insurance in place. But having the right insurance in place can help give you peace of mind.

We’ve put together a checklist that covers four of the most important types of insurance you should have as a business owner:

  • Business interruption coverage
  • Commercial property insurance
  • Errors and omissions coverage
  • General liability coverage

At Archway Insurance, we’d be happy to talk to you about the many different types of business insurance we offer.

Business Interruption Coverage

If your place of business is damaged by something like a fire or a bad storm, you may temporarily have to shut it down – resulting in lost income. While property insurance will cover actual damage to your building itself – it won’t cover lost income. This is where business interruption coverage comes in.

With business interruption coverage, you are protected if an unexpected event keeps you from collecting income. Depending on the coverage you select, business interruption coverage will help you cover:

  • Employee wages
  • Lost income
  • Costs required to rent a temporary workspace
  • Other costs, such as outsourcing work

We can help you figure out what the right amount of business interruption coverage is for you.

Commercial Property Insurance Coverage

Commercial property insurance is a critical type of insurance coverage for any business owner to have. It protects the core assets of your business by covering the cost of damage to them. Commercial property insurance can also include coverage for a variety of types of business equipment, including inventory, equipment and even outdoor signs and fencing.

With commercial property insurance, you can select from two different types of policy. If you only want coverage from a few different kinds of “perils” (e.g. fire), then you can buy Named Perils commercial property insurance. If you want to make sure you are covered from as many perils as possible, you would be better off with All Risk commercial property insurance.

At Archway Insurance, we can help you determine which type of commercial property insurance is best for your business.

Errors and Omissions Coverage

One of the most important things you have as a business is your reputation. You’ve worked hard to make sure you provide quality service. Unfortunately, in spite of the best of intentions, you or someone on your staff may make a mistake.

Some mistakes can be remedied easily but some may be severe enough that you find your business on the receiving end of a lawsuit. If this happens, errors and omissions coverage (sometimes referred to as professional liability coverage) can help protect you from the fallout of a case.

Commercial General Liability Coverage

No matter what type of business you’re in, you’ll have to deal with risk. And while you can do a lot of risk mitigation planning, it’s impossible to make sure you’re ready for every risk that will come your way. This is why commercial general liability coverage is so important.

You are particularly at risk if you have a business that deals with the public at all, such as a restaurant or retail shop. If a customer or even a contractor is hurt on your premises, then your business can be liable for any accident, whether it’s a slip and fall or an injury due to faulty wiring.

With commercial general liability insurance in place, you’ve now equipped your business with the coverage it needs in case of lawsuits. This comprehensive coverage that commercial general liability offers will help cover your legal fees, as well as third-party claims for injuries and property damage.

How can Archway Insurance help me with commercial property insurance?

We offer a variety of different commercial and business insurance products at Archway Insurance. If you’re interested in any of them, including commercial property insurance, we’re here to help. We can tell you about:

  • The primary purpose of commercial property insurance.
  • The differences between the coverage offered by All Risk vs Named Peril commercial property insurance.
  • Options you have to enhance your commercial property insurance such as:
    • Equipment breakdown covers the loss of functional equipment such as heating and cooling systems and boilers
    • Earthquake and flood protection covers repair costs for buildings and equipment damaged by floods or earthquakes
    • Sewer backup covers water damage to your facility from a sewage backup or overflow.
    • Coverage for specialized equipment like commercial drones

We can talk to you about all your different commercial property insurance options and put together a package that works for you.

Commercial Property Insurance Is an Essential Item on Your Insurance Checklist

You don’t want to lose the business you’ve worked so hard to create. That’s why it’s so important to make sure that you are adequately insured. Having the correct type of business insurance in place is a vital part of your business plan.

In this article, we’ve talked about four of the most important types of insurance you should have as a business owner:

  • Business interruption coverage
  • Commercial property insurance
  • Errors and omissions coverage
  • General liability coverage

We offer all of these kinds of insurance and more at Archway Insurance. Commercial property insurance is one of the most critical types of business insurance you can have to ensure you aren’t out thousands of dollars if your place of business is damaged. It can help make sure you get your business back up and running quickly, at a minimal cost to you.

To learn more about insurance for business, call Archway Insurance at 1-833-544-0475 or contact us here.

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