How a Business Owner’s Policy Protects Small Businesses
If your business is classified as low-risk, you may be eligible for bundled Property Insurance and General Liability Insurance coverage in a specialized, affordable policy known as a Business Owner’s Policy, or BOP.
In some cases, a BOP also offers business interruption coverage, which provides you with income and helps cover the expenses you incur as a small-business owner should your business suffer a covered property loss and is forced to close down temporarily.
Talk with one of insureon’s small business insurance experts to verify your eligibility and find the Business Owner’s Policy that fits your work!
Do I need workers' compensation coverage?
In general, you need to carry workers' compensation insurance if your company has employees. Without coverage, you may be sued by an injured worker for medical and disability costs, plus damages. Workers' comp requirements vary from state to state. Each state has its own workers' comp laws, as well as its own administrative and legal structure for handling claims and disputes. Contact your state's insurance commissioner's office to find out what the requirements are where you are located.
Does my small business need insurance?
Yes. Not having insurance - or not having the right kind of coverage - can put your business at risk. Without adequate insurance, a fire, theft, employee accident, or lawsuit could destroy your business and might even consume your personal assets.
In fact, your business may be legally required to have certain kinds of insurance. For example, if you have employees, your state may mandate that you carry workers' compensation coverage, or you may have to prove you have specific types of coverage in order to get a state or local business license. In addition, people such as landlords or suppliers may require you to have coverage as part of a contract. For all your insurance needs NYC Insurance Brokerage is ready to help.
Do I need liability insurance if my business is incorporated?
While certain business structures such as incorporation are designed to protect owners' personal assets in cases of liability, they do not exempt companies from insurance needs. In fact, incorporation typically does not protect you personally from professional malpractice and other liabilities. Although incorporation makes your company a separate legal entity, an attorney could find ways to strip away your corporate shield and make you personally liable in the event of a lawsuit. Not only would your business be at risk by not having insurance, but your life savings could also be devastated.
Errors & Omissions Insurance
How Errors & Omissions Insurance Protects Small Businesses
Errors & Omissions Insurance (also called E&O Insurance and Professional Liability Insurance) protects small businesses and startups from lawsuits brought by unhappy clients. Even if the lawsuit is frivolous and the plaintiff is unlikely to win, the cost of a legal defense can top tens of thousands of dollars.
A startup without Errors & Omissions Insurance can find its assets drained by a single lawsuit, making it unable to continue operating. The experienced agents at insureon are deeply familiar with the unique challenges small-business owners face. They’re ready to help you identify the risks that your business may face and determine how E&O Insurance can keep your assets safe.
If your business is classified as low-risk, you may be eligible for bundled Property Insurance and General Liability Insurance coverage in a specialized, affordable policy known as a Business Owner’s Policy, or BOP.
In some cases, a BOP also offers business interruption coverage, which provides you with income and helps cover the expenses you incur as a small-business owner should your business suffer a covered property loss and is forced to close down temporarily.
Talk with one of insureon’s small business insurance experts to verify your eligibility and find the Business Owner’s Policy that fits your work!
Do I need workers' compensation coverage?
In general, you need to carry workers' compensation insurance if your company has employees. Without coverage, you may be sued by an injured worker for medical and disability costs, plus damages. Workers' comp requirements vary from state to state. Each state has its own workers' comp laws, as well as its own administrative and legal structure for handling claims and disputes. Contact your state's insurance commissioner's office to find out what the requirements are where you are located.
Does my small business need insurance?
Yes. Not having insurance - or not having the right kind of coverage - can put your business at risk. Without adequate insurance, a fire, theft, employee accident, or lawsuit could destroy your business and might even consume your personal assets.
In fact, your business may be legally required to have certain kinds of insurance. For example, if you have employees, your state may mandate that you carry workers' compensation coverage, or you may have to prove you have specific types of coverage in order to get a state or local business license. In addition, people such as landlords or suppliers may require you to have coverage as part of a contract. For all your insurance needs NYC Insurance Brokerage is ready to help.
Do I need liability insurance if my business is incorporated?
While certain business structures such as incorporation are designed to protect owners' personal assets in cases of liability, they do not exempt companies from insurance needs. In fact, incorporation typically does not protect you personally from professional malpractice and other liabilities. Although incorporation makes your company a separate legal entity, an attorney could find ways to strip away your corporate shield and make you personally liable in the event of a lawsuit. Not only would your business be at risk by not having insurance, but your life savings could also be devastated.
Errors & Omissions Insurance
How Errors & Omissions Insurance Protects Small Businesses
Errors & Omissions Insurance (also called E&O Insurance and Professional Liability Insurance) protects small businesses and startups from lawsuits brought by unhappy clients. Even if the lawsuit is frivolous and the plaintiff is unlikely to win, the cost of a legal defense can top tens of thousands of dollars.
A startup without Errors & Omissions Insurance can find its assets drained by a single lawsuit, making it unable to continue operating. The experienced agents at insureon are deeply familiar with the unique challenges small-business owners face. They’re ready to help you identify the risks that your business may face and determine how E&O Insurance can keep your assets safe.