Whether you recently started a new business venture or have 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, and ensuring you have enough to protect yourself from the unexpected.
Insurance offers peace of mind. Having the right type of insurance and coverage limits is essential as it ensures that you are financially able to face life’s circumstances.
Business Insurance Options
While you can get insurance to cover almost anything you can think of, some policies should always be a part of your business’ financial plan, including:
- Life Insurance. Having life coverage not only offers financial security, but also gives you peace of mind that your family will be cared for. Life insurance can be used to replace lost income from your job, help your family maintain their current standard of living, pay off outstanding debts, cover burial costs, and pay for your children’s education. When choosing a policy, the first thing to consider is whether to purchase term life insurance or permanent life insurance. A term life policy covers you over a period of time, generally 10 to 30 years. Permanent life covers you throughout your whole life, provided the premiums are paid.
- Vision & Dental Insurance. Good health is what allows you to work, earn a living, participate in hobbies, and enjoy our lives in general – and it is often something we take for granted. While not all employers offer vision or dental benefits,they are still important insurances to have. After all, you want to protect one of your most valuable assets – your health. When comparing plans, consider deductibles, co-pays, premium costs, and covered expenses to determine which plan will offer you and your family the most benefits.
- Business Owners Policy. A business owner’s policy (BOP) package includes all the coverages you might need for your business, including general liability insurance, property insurance, business interruption insurance, and commercial vehicle insurance. You can design your BOP based on your business’s specific needs. 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. The injured employee waives their right to sue you for the incident with workers comp benefits. This insurance is essential to protect you and your business from legal complications. All states require businesses to carry worker’s compensation if they hire W-2 employees.
- Professional Liability (E&O). Professional liability insurance, also known as Errors and Omissions 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.
Need Small Business Insurance?
Commercial business insurance is an essential 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 business insurance needs.
Bleu Sky’s Insurance Solutions is passionate about ensuring that people are empowered and educated on the resources available to them. Our mission is to help, resolve, and relieve our customers – one person and business at a time. Call Bleu Sky’s Insurance Solutions at 813-360-1884 to schedule a free consultation today!