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Five Types Of Insurance

Your Business Can’t Be

Without

by Michael Wancura

Starting a business is like jumping off the high dive at your
local pool for the first time. It may be nerve-racking at first,
but once you have your business insurance figured out, it’s
like having a lifeguard there to protect you if something goes
wrong.

A study conducted by Hartford Commercial Auto Insurance insurance. If you give bad advice or
Insurance found that a loss will occur fail to give advice, this policy would
within the next 10 years for 40% If your small business owns provide you with a lawyer and take
of small businesses. Knowing what vehicles, you will need commercial care of most claims made against
kind of insurance and how much auto insurance. It pays third party you. The best way to put it is, if you
you need is key for your business to claims resulting from bodily injury sell a product, you need general
succeed. Some coverages will vary or property damage for which your liability insurance. If you sell advice,
depending on the industry you are business is legally liable, up to the you will need errors and omissions
in, which is why business insurance policy limits. If your small business insurance as well to fill in some of
is so important. We will focus on doesn’t own vehicles, you could the gaps in your general liability
five important types of coverages benefit from Hired and Non-Owned coverage.
that many businesses will need. Auto coverage. This endorsement
can usually be added to your general Our agency works with multiple
General Liability liability policy and extends liability carriers that handle small business
coverage to a vehicle the company insurance and we would be happy
A general liability policy allows rents or borrows (like an employee to review it with you. We’ll help
you to protect your business from making a bank deposit with their keep your head above water. At AZ
things like property damage, lost own car). Insurance Shop, we do the shopping
income, and liability claims just for you.
to name a few. This can also be Cyberinsurance
called a business owner’s policy, or Michael is a 27-year-old Arizona
BOP for short. This is a step in the Cyberinsurance protects your native who lived in Mesa until 2009
right direction towards protecting sensitive information in case of a until he moved to San Tan Valley.
everything you have put so much data breach. Cybercriminals focus He graduated from Poston Butte
effort into creating. on small business’ websites since
their security may be less complex High School in 2012, and then from
Workers’ Compensation than a larger company’s website. Central Arizona College in 2016
Having a website in this modern with an Associate of Arts. Insurance
This would protect your employees time, especially in the last year, is an wasn’t his first path. He was bouncing
if they were to get injured while important asset to small business around multiple jobs and finished up
on the job. It covers medical owners. with retail in that same year. He was
expenses, a portion of lost wages, given an opportunity to escape retail
rehabilitation, and death benefits. Errors & Omissions (E&O) life when he was offered the chance
If you have a W-2 employee, more to work at his dad, Doug’s agency. he
than likely you will need workers’ Last, but not least, is errors and got his insurance license in the end of
compensation insurance. omissions insurance. Another
name for it is professional liability 2016 and has been here ever since.

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