As you build your business, there are a myriad of scenarios you must consider, especially when it comes to protecting your business from potential harm. When selecting a business insurance policy, it is important to make sure that this plan is both comprehensive and feasible for the size of your business, and encompasses all areas of potential risk. Here, the specialized insurance experts at MedChi Insurance Agency discuss how to select the right business insurance policy for your company, and tips on keeping your business safe from financial harm in the case of disruption.
Business Owners Policy Encompasses Various Protections
When choosing business insurance, finding a policy that incorporates various aspects of business risk can make it easier to manage protection and find an all-encompassing solution. A Business Owner’s Policy (BOP) combines business property and business liability insurance into one convenient policy. Business property insurance protects property including personal belongings located at your business, furniture, inventory and accounts receivable to name a few. Liability insurance for your business helps to cover costs and medical expenses from injury that occurs on your job site, as well as advertising injury claims. Whether you are in the business of construction, healthcare, or anything in between, MedChi Insurance Agency is here to protect your business.
Specialty Business Insurance Can Provide Additional Coverage
As you work through discussing the needs of your business, research what specialty insurance may be available for your field, and how that can help increase coverage for your company. Speciality liability coverage such as Individual Medical Professional Liability or Directors & Officers Liability coverage can ensure that your business will be protected under special circumstances. This coverage choice is a fantastic addition to your plan if medical professionals or a board of directors is involved.
Stay Updated on Compliance With Fiduciary Liability Insurance
With recent changes and updates on ERISA compliance, ensuring your business is up-to-date with policies surrounding employee benefits can protect you from future hardship. Fiduciary liability protects individuals acting as ERISA fiduciaries from employee claims of mismanagement. Due to the complex and ever-changing nature of ERISA compliance, all businesses regardless of size should consider this plan.
Cyber Liability Insurance Is Vital in Today’s Workplace
An area of business insurance that should never be overlooked is cyber liability insurance. Technology in the workplace is consistently growing, and many businesses have switched over to digital management of files and other important documents. While you may have taken precautionary measures to protect company and employee data, breaches and hacks are always a risk. To prevent your business from being held liable for personal employee documents that were taken, or confidential files that were lost, incorporating cyber liability insurance into your business insurance plan is a step that all businesses should research.
Employment Practice Insurance Should Be an Integral Part of Any Plan
While there are a variety of additions that businesses can choose for their insurance plans, obtaining a comprehensive insurance plan for employment practices is an essential step for your business. This insurance helps you assess and manage your risk proactively for discrimination, sexual harassment, retaliation and other employment-related issues. When discussing insurance, it is important to assess any risks that may accompany your business in the short or long term.
How MedChi Insurance Agency Can Help Protect Your Business
Obtaining insurance, especially for a business can feel overwhelming. Understanding the intricacies and limits of insurance policies can be complex for many people, and taking the time to properly select insurance is vital. At MedChi Insurance Agency, our top priority is working with our clients to establish a comprehensive and streamlined insurance plan that suits your business’ unique needs. To learn how the qualified insurance professionals at MedChi can help you, contact our office today.