As your business grows, so does your exposure to risk. Whether you’re operating a fleet of vehicles, managing a retail store, or running a consultancy firm, business insurance isn’t just a nice-to-have—it’s an essential safeguard. But what does it actually cover? And what do you really need to be able to do business responsibly?
At Althans Insurance, we help businesses navigate the complexities of coverage. Here’s our breakdown of core policies that we think every growing business should consider.
Policies Every Company Needs
Whatever your business, you face risks. That’s especially true when you’re just getting started and are encountering new challenges daily. Knowing that you have a wide safety net in place makes it possible for you to go big and grow your business without unnecessary worry. It’s also true that you may have customers, investors, landlords, and lenders who require insurance before doing business with you. Getting ahead of that issue means smoother sailing on every project and improved rapport all around.
Remember, the purpose of insurance is to handle those what-ifs when they become realities–the list of potential mishaps and accidents is long. Here’s the collection of coverage options that work well for businesses that are just getting started:
- General Liability Insurance covers injuries or damages your business may cause to third parties. It’s foundational coverage for everything from slip-and-fall incidents to advertising injuries. Althans offers our customers a Business Owners Package, combining Liability, Property, and other types of coverage into one comprehensive policy that saves you time and money.
- Commercial Property Insurance protects your physical assets—buildings, equipment, fixtures, business records, supplies, inventory, etc.—from fire, theft, and other covered perils. Both direct loss, theft, damage, destruction, and indirect losses that are a byproduct of direct loss can be incorporated into your policy’s coverage limits.
- Commercial Auto Insurance is a must if your business owns, leases, hires or borrows, or operates vehicles. It covers liability and damage costs related to accidents, whether the vehicle is a truck, trailer, semitrailer, or other commercial vehicle that is designed to be driven on public roads. Regardless of the type or structure of your business, if your crew operates vehicles as part of their work, you need commercial auto insurance.
- Workers' Compensation coverage ensures that any employees who are injured or sickened on the job will receive medical benefits, wage replacement, and necessary rehabilitation. At the same time, this policy also protects your business from related lawsuits with provisions for legal assistance.
- Professional Liability Insurance, also known as Errors & Omissions (E&O) coverage, protects service providers against claims of negligence or mistakes in their professional duties. This coverage is vital for professional individuals, such as consultants, real estate agents, accountants, IT professionals, lawyers, designers, engineers and architects, advertising agencies, health care professionals, and more. Any professional who provides a service where a mistake could potentially result in a client's financial loss or legal action should consider E&O insurance.
Additional coverage options to consider as your business grows include:
- Commercial Umbrella Liability
- Cyber Liability Insurance
- Directors and Officers (D&O) Insurance
- Employment Practices Liability Insurance (EPLI)
- Business Interruption Insurance
- Key Person Life Insurance
- Flood Insurance
What To Consider When Choosing Business Insurance
Business insurance needs to cover your specific risks, so it’s worth assessing and identifying what your risks are. Factors like your industry, operations, and location can help to inform your decisions. But you’ll also want to consider future needs, like plans for expansion and the additional employees, locations, and services that come along with that growth. It will also be vital that you meet any relevant compliance requirements in your industry and area, something that can be particularly important when it comes to group benefits for employees. Althans Insurance is equipped with a special benefits compliance tool and resources to ensure that you’re covered as you should be.
Work With Althans For Comprehensive Protection
It can seem like there is a lot to know and a lot to choose from when it comes to protecting your business, and that’s true. But at Althans, we tailor coverage to fit your business’s unique needs. No two companies are the same—and neither are their risks. On top of getting to know you and your business, we will also help you to regularly review and update coverage to ensure that it’s protecting your business as it grows. Together, we can develop a strategic and proactive approach to mitigating the risks you face day in and out. Contact us to learn how we can craft a bespoke policy for your growing business.