Understanding the Coverage You and Your Business Need
Insurance is one of those things people buy with the hope they never need it. Sure, you’ll purchase auto insurance, but nobody wants to get in an accident. That’s especially true in business. We’ve put together the top coverage your business needs to help avoid a financial disaster.
Commercial Property Insurance: These policies cover your company’s physical assets if there’s a fire, theft, or act of vandalism. Covered items often include buildings, equipment, supplies, computers, and more. The goal of commercial property insurance is to get your company back up and running as quickly as possible after a covered event.
General Liability Insurance: Accidents happen all the time. Lawsuits aimed at small businesses average up to $75,000 in legal fees and overall settlements. General liability insurance can help protect your bottom line if someone claims to have suffered bodily injury, property damage, or reputational harm due to your business operations or products. Additionally, general liability insurance often cover accidents that happen on your property but don’t necessarily involve your company.
Professional Liability Insurance: If your business provides advice, recommendations, or other services that could cause financial losses for your clients or customers, you should consider professional liability insurance. Also called errors and omissions insurance, this coverage helps protect you and your business from claims of negligence, mistakes, errors, or delivery failures. In some cases, policies pay for legal defense even if the claim has no merit.
Personal and Business Life Insurance: As a small business owner, having two life insurance policies helps protect your business and employees as well as your family. Be sure the personal policy pays out enough for your family to get out of debt and pay the bills for a year or more. In contrast, the business policy offers enough money to help the company find a replacement and keep the business afloat for a set amount of time.
Let’s Talk about Your Business Needs
At Central Willamette Credit Union, our business services team is here for you, from checking and savings accounts to merchant services and networking opportunities. Give us a call and set up a time to meet today.