Large companies hire people to manage the risks associated with the business. However, owners and manager of smaller companies often have to handle risks themselves — along with taking care of the day-to-day issues of running an office and directing staff. Commercial insurance is the ideal solution. What can it do for your business?
1. Property Insurance: Just as with personal property, your business property needs to be protected against loss, liability and damage. Consider if you have any of these types of property that need coverage:
- Buildings or other structures (owned and/or leased)
- Furniture and equipment (owned and/or leased)
- Inventory, money and securities
- Machinery and boilers
- Computers and other electronics/media
- Papers documents
- Outdoor signage
- Mobile property and vehicles
2. Equipment Breakdown Insurance: When you have jobs to do, the last thing you need is your equipment to break down. This type of insurance covers the sudden and accidental breakdown of machinery, boilers, equipment and often electronic equipment — such as computers and phones. Coverage usually includes reimbursement for property that may be damaged as well as expediting expenses — such as faster shipping costs for new parts. The coverage can also cover loss of business due to the breakdown.
3. Employee Theft Coverage: Unfortunately, your employees may not always be trustworthy. This crime coverage will protect you against losses you may experience because of an employee's dishonesty.
4. Accounts Receivable Coverage: In case of loss or damage, financial records of what customers still owe your business may be lost. This type of additional insurance will pay all the amounts owed to your company which cannot be collected because of the lost documentation. Collection expenses may also be covered.
5. Liability Insurance: This type of insurance protects your business assets if your company is sued for something the business did (or failed to do) that caused bodily injury or damage to another person's property. Liability coverage also pays attorneys’ fees and other costs for defending against the lawsuit, whether your company is at fault or not.
6. Cyber or Internet Coverage: Many businesses think they have enough firewall and cyber protection in place, but the risks to businesses in this arena are escalating. This type of insurance covers crisis management and hiring a public relations firm if there is a data breach. The insurance can cover the costs of repairing computer systems that have been hacked.
7. Employment Practice Liability Insurance (EPLI): This insurance provides an attorney if a suit is brought against your business for wrongful termination, sexual harassment and other forms of discrimination.
Get the coverage you need. Call Cypress Insurance at 954-771-0300 for more information on Dallas business insurance.