Businesses possess many assets, spanning from buildings and furniture all the way to quality employees and profits. These assets are likely to effect the success of a business and therefore, they should be protected. Luckily there are many forms of business insurance to offer specialized protection to match the needs of your industry. At its core, the purpose of insurance is to transfer an affordable risk (premium payments) to cover an unaffordable risk, such as damages, loss and theft. Consider the following coverages when planning your business portfolio:

• Commercial property insurance: Covers business-owned property that has been damaged, lost, stolen or destroyed in a covered event. This can include buildings, furniture, computers and hardware, inventory, raw materials etc.
• Commercial liability insurance: Covers third parties who suffer a bodily injury or property damage on business-owned property. This can cover medical and legal expenses.
• Commercial auto insurance: Covers vehicles owned or operated by the insured business. This can include liability, collision, comprehensive, medical expense and uninsured/underinsured motorist.
• Errors and omissions insurance (E&O): Covers the insured business in the event that a third party claims an error or omission in work performance. Lawyers, engineers, consultants, realtors, doctors and other professions that perform services have a higher risk of E&O liability.
• Commercial umbrella insurance: Expands overall coverage beyond individual policy limits to protect against covered events resulting in extraordinarily high expenses.
• Loss of income insurance: Covers lost income in the event that day-to-day business operations are interrupted as a result of a covered loss. This can include financial obligations such as rent and payroll.
• Equipment breakdown insurance: Covers equipment that fails or gets damaged due to a covered loss, such as computers and break room appliances.
• Employee healthcare: Offering inexpensive healthcare to employees is not only appealing to quality workers, but it may also be mandatory under the ACA, depending on the size of your business. Investing in your employees is vital to a successful business.
• Workers compensation: Covers employees who suffer a bodily injury on the job. Coverage can include medical expenses, wage replacement and benefits to dependents of workers who die as a result of performing their job.

Your independent agent can evaluate the unique needs of your business in order to help you build a portfolio that provides the right amount of coverage for the right price. Protecting your business and all of its assets is well worth the cost of insurance, which, as a bonus, is generally cheaper than most people expect.