Posted on: June 26, 2015 by titan-goodrich
Depending on your type of business and the risk exposures involved, certain coverages should be included in your commercial business policy. However, there are a few basic coverages that should be considered when crafting your policy to minimize financial loss and damages. To safeguard your assets, don’t hesitate to equip your business with a Commercial Property Coverage Virginia plan. Here are the basic coverages needed to encompass the majority of your insurance needs.
Commercial General Liability- This standard policy protects against property damage and bodily injury claims that result from typical operation, products created, and incidents that occur on the business’ premises.
Cyber Liability- This increasingly popular policy safeguards your business against cyber-attacks and data breaches. This includes stolen private customer information, cloud storage theft, and the damage costs associated with potential litigation and financial damages. These costs include defending claims, credit monitoring, fines, penalties, and identity theft loss.
Professional Liability- Also known as Errors and Omissions insurance, this component protects your business in the event that your product, service, or advice is proven to have caused someone harm.
Workers Compensation- The Legal Information Institute defines workers compensation as a policy that is designed to ensure that employees who are injured or disabled on the job are provided with fixed monetary awards, eliminating the need for litigation. Regardless of the nature of your business, it is critical to obtain a workers compensation policy to protect against substantial financial responsibility. For example, recent studies have calculated an average case averages $30,000 including direct and indirect losses.
At Goodrich & Watson, we specialize in providing custom insurance policies for a variety of businesses. For more information on how to fully protect your business, contact our knowledgeable specialists today at (888) 829-5004.