At Safeguard Insurance, we love small business. After all, we are family-owned small business ourselves. Our owners have lived in Las Vegas since 1975 and been involved in several small businesses over the decades. We understand the needs of small business owners and, most of all, we know small business insurance. Our goal is to make sure that small businesses have the right coverage, at a price they can afford. So, here are some small business insurance tips to help make sure you are properly covered:
- Don’t forget about business income coverage. This essential coverage is often overlooked by business owners but can keep your operations alive after a claim. Business income coverage provides for your lost net income, plus ongoing expenses. Many BOP type policies automatically include this coverage, but best to always verify.
- Consider a higher deductible. Raising the deductible on your property insurance may yield significant savings, especially considering claims happen fairly infrequently. Of course, make sure you have enough cash reserves to pay a larger deductible in the event a claim does occur.
- Buy as much liability coverage as you can afford. Does $1,000,000 of liability coverage seem more than adequate? It may not be, considering the size and complexity of injury and property damage claims continue to increase. Some insurance carriers will offer a $2M occurrence limit, or a commercial umbrella policy with limits of $10M or more. The cost of an umbrella policy is surprisingly affordable and the protection it provides is invaluable.
- Data breach insurance is important. If you keep customer information on file, including name, address, phone number, credit cards, or other similar data, you need data breach coverage. Federal and state laws make the custodian of records liable for the damage that may occur if that data is stolen, lost or otherwise unintentionally revealed. Data breach insurance and cyber liability will pay for defense costs, notification expenses, and possible lawsuits.
- Have employees? Buy employment practices liability coverage. Otherwise known as EPLI, employment practices liability protects you from claims made by employees. Accusations can include wrongful termination, harassment, discrimination, failure to promote or hire, and many other claims. Some insurance policies have the option of including EPLI coverage, or you may find a stand-alone policy better fits your needs.
Lastly, the best tip we can offer is to work with a professional and experienced agency – like Safeguard Insurance. If your current agent does not seem to understand the insurance needs of your small business, call Safeguard at 702-638-0022 or request a quote online.