Small business owners in Hope Hills, NC, operate on a tight budget, and expenses like insurance that don’t generate day-to-day revenue can easily fall on the wayside. Sadly, if you ignore insurance for your business, it can end in disaster when the unexpected strikes.
While most businesses adhere to the state-required business insurance coverages, Cross Creek Insurance shares commercial insurance add-ons you should budget for to get the best out of your business insurance coverage. Besides the mandatory required workers’ comp and commercial auto insurance coverages, other add-ons you can consider for your business insurance include:
- Commercial property insurance: It covers your business assets like the building, inventories, computer equipment, and furniture from risks like theft, vandalism, fire, and other natural calamities. You can bundle this coverage with business interruption insurance to protect your revenues when your business operations are in jeopardy.
- General liability insurance: Whether an online, home-based, or traditional business, you need general liability insurance to protect your business and employees against bodily injury, property damage, and advertising injury caused to third parties.
- Business owner’s policy (BOP): This insurance bundles property insurance and business general liability coverage. Businesses looking to save costs on insurance can consider BOP since it’s more affordable.
- Cyber liability insurance: If you store sensitive customer data, this coverage protects you when there is a data breach.
- Professional liability insurance: This coverage protects your business from alleged negligence or missed deadlines when rendering professional services. This coverage is applicable for businesses like accounting, legal, auditing, and investment professions, where stakeholders rely on your professional advice to make decisions.
- Umbrella insurance: You are aware that expensive lawsuits can wipe your assets, eating away all the gains you have made over the years. Thankfully, umbrella insurance provides an extra layer of liability protection for claims exceeding your typical commercial insurance.
Would you like to boost commercial insurance for your Hope Hills, NC business? Please contact Cross Creek Insurance for a personalized quote.