As your business evolves over time, so should your insurance protection. Staying proactive with insurance coverage can mean the difference between a minor setback and a major financial loss. Arrange regular discussions with our seasoned agent to help keep your policies updated with your current operations, assets, and potential pitfalls. Use the following checklist to evaluate your current policies and identify any gaps in protection.
General Liability Insurance
Every business should carry general liability coverage, regardless of size or industry. This insurance covers claims related to property damage, bodily injury, and personal injury that occur during normal business operations. Without a general liability policy, your company could face significant costs from lawsuits or settlements. Policy limits should reflect the scale of your business and the risks you face.
Commercial Property Insurance
Whether you lease office space or own your building, commercial property insurance can help protect your physical assets, including your building, equipment, furniture, and inventory. Ensure your policy covers less common risks, such as vandalism and certain weather events, as well as fire and theft. If you have multiple locations, each site should be covered.
Business Interruption Insurance
An unexpected event, such as a fire, storm, or power outage, could force you to close temporarily. Business interruption insurance can help you replace lost income and pay ongoing expenses, such as rent, payroll, and utilities, while operations are suspended. Check your policy’s coverage and waiting periods to determine how long your business will be protected during a shutdown.
Commercial Auto Insurance
If your business uses vehicles for client visits, deliveries, or transporting goods, you need commercial auto insurance coverage. Personal auto policies typically do not cover accidents involving company-owned or leased vehicles. Your policy should cover liability, collision, and uninsured motorist claims, and protect against claims from employees who use their personal vehicles for business purposes.
Workers’ Compensation Insurance
Most states require businesses that have employees to carry workers’ compensation insurance. If an employee suffers an on-the-job injury, it pays for medical expenses and lost wages. This protection demonstrates responsibility and can help prevent costly lawsuits. Your policy should accurately reflect your payroll and include all job classifications.
Cyber Liability Insurance
The risk of cyberattacks and data breaches increases as more business operations move online. Cyber liability insurance can cover expenses related to data recovery, notification requirements, legal fees, and ransom payments in the event of a cyber incident. Coverage can vary widely among providers, so review limits and exclusions carefully.
Professional Liability Insurance
Any business that provides professional services or advice should consider professional liability insurance, also known as errors and omissions (E&O). This coverage protects against claims of negligence, mistakes, or misrepresentation. It is essential in law, real estate, accounting, and consulting industries.
Review Your Policies with Our Experienced Agent
Insurance policies can be complex, and missing key coverage could put your business at risk. Work with our knowledgeable Wm. R Karschner & Sons agent to help ensure your insurance coverage aligns with your company’s industry, size, and growth plans. Regular policy reviews can identify coverage caps and potential savings and offer assurance that your business is protected from unexpected losses. Take the time to discuss your insurance needs with us at (570) 724-4852 so you can focus on running your business with confidence.