Veterans entering the business world have access to a number of resources. These include the Small Business Administration, Veterans Affairs Office of Small and Disadvantaged Business Utilization (OSDBU), the SCORE Veteran Fast Launch Initiative, and American Corporate Partners (ACP).
One essential aspect of running a business is having adequate insurance coverage to protect your interests. The type of business insurance you need to protect your veteran-owned company will depend in part on the nature of the business you are operating.
Protections for Veteran-Owned Businesses
The types of protection your business needs will depend on your operations and the risks you are facing. A veteran-owned business may need coverage for:
Assets of the business
This may include buildings, equipment, inventory, and supplies. Commercial property insurance can help protect your business assets against damage from fire, theft, vandalism, and other covered perils.
Accidents can happen in a growing business, onsite or offsite. If a customer or other third party is injured, your business may be liable. General liability insurance can help cover medical bills and other damages, as well as your legal fees if a lawsuit is filed against your company.
Errors and omissions
You may need protection in case you or one of your employees makes a mistake in providing professional services that causes a client to lose money, or in case you are sued for negligence. Professional liability insurance, also known as errors and omission (E&O) insurance, can help protect your business in such a situation.
Vehicles used in the business
Whether you use your own car to conduct business, have employees who use their own vehicles to perform job duties, or have a fleet of company-owned vehicles, you need commercial auto insurance protection. This coverage can provide protection against damage to vehicles belonging to the company and from liability for vehicle accident-related bodily injury or property damage caused to others.
Employee on-the-job injuries and illnesses
If your business employs workers, you probably need workers compensation insurance protection in case an employee is injured on the job or develops a work-related illness. This coverage is legally required in most cases. It pays for employees’ medical expenses and partial replacement of lost wages. Workers comp insurance also protects employers from being sued by their workers for injury or illness related to their employment.
Most businesses today use technology to store personal information for customers or clients and employees. Cybercrime is on the rise, and attacks on small and medium-sized businesses are increasing. A data breach can be extremely costly in terms of liability and lost business. Data breach insurance can help cover the costs of notifying customers and employees, providing credit monitoring services to victims, and hiring a public relations firm to help repair your company image.
Package Your Veteran-Owned Business Insurance
You can save money by purchasing different types of business insurance in a packaged policy. A packaged business owner’s policy (BOP) can give you a good start toward protecting your veteran-owned business. Our knowledgeable agent can help you tailor a BOP to suit your unique needs.
September is Life Insurance Awareness Month.
It’s the perfect time to remind ourselves to plan ahead for the ones we love.