The Top 5 Insurance Policies To Protect Your Business include the following policies:
1) Commercial General Liability Insurance : This insurance policy is essential for all businesses, large or small, as it would cover the costs that are associated with defending and then settling the claims of the four most common types most businesses face including bodily injury, personal injury, property damage, and advertising injuries. It also serves well as a universally recognized “certificate” of insurance to all prospective business partners, including potential clients, which would enhance your reputability and allow you to secure more business.
2) Roofer’s Insurance : Having extensive coverage and the right policy as a roofer, or roofing company is essential to not only protect the livelihood of your company or business, but also your own personal finances and assets should claims be made. With roofing, there are a wide range of risks that call for specific coverage depending on the size, specializations and services of your company that can be tailored to suit your specific needs.
3) Bonding Insurance : With a bonding insurance policy, which are increasingly growing more common in the municipal market today, provides the coverage you need including areas such as “Pay-Performance Bonds” which bond any company that is doing any work for you, to ensure that the basic performances and standards are met, while protecting you from deficient products, bankrupt companies, and criminal negligence. Other areas of a Bonding Insurance policy include license bonds, permit bonds, and surety bonds, that each have their own specific coverage benefits that are customized per policy to gain efficient coverage that your company needs!
4) Director’s and Officer’s Insurance : Many businesses struggle with the question of whether or not this type of policy is necessary, but to clarify the importance of this kind of policy, it protects small businesses who are being sued with frequency, keeping your assets and finances protected from the risk of losing them, especially if you are a publicly owned company, you borrow money, you have outside board members or shareholders, or are subject to government regulation.
5) Contractor’s Insurance : Typically as a contractor, you will need to have effective Contractor’s Insurance , which usually specializes in construction but does branch out for proper coverage for other professions as well. With this policy you are generally covered for liability, which comes with any type of construction job, big or small, to protect your livelihood and your wallet from having to pay large costs out of pocket in the event of damages or injury. Some policies in this field may also cover worker’s compensation, bonds, disability, as well as coverage for trucks or other company commercial vehicles.
With these top 5 insurance policies to protect your business, you will find you are minimizing your risk for exposure to liabilities, as well as how to best address any of the issues you currently have to determine the best coverage options available for you, especially as coverage and requirements become more and more complex each day! Let PJO Brokerage work with you to determine the best insurance policy to suit your unique needs, and keep you protected!