Hayek Insurance Blog
Many people think that business is taking a gamble to win or lose. However, business is not a gamble for successful entrepreneurs; instead, it is an educated plan towards victory. Even the risks that may threaten the future of your business can be prevented. There’s no need to worry because here’s a run-through of the basics you need to ensure the company for its success:
Business Owner’s Policy/ BOP
What if one of your customers claimed that she got injured in your store? Or maybe a burglary happened inside your business? No worries because BOP got your back.
The BOP includes protection for both significant business properties and general liabilities in a single package. Commercial Property Insurance will cover lost or damaged business properties caused by fire, burglary, or events specified in the policy. At the same time, General Liabilities Insurance protects you from lawsuits that claim physical harm to customers or customer’s property damage.
Business Interruption Insurance
Unanticipated events are alarming, especially when it may result in the sudden shutdown of your business. Like in this pandemic situation, almost 31% of small businesses in the US are currently non-operational.
“That’s what you have this type of insurance for. If your business gets shut down, you can continue to employ people,” stated the Chief Executive of ACAC, Mr. Greg Wells, in the Washington Post.
This insurance helps to overcome the crisis when business is halted. It can help replace income loss and cover expenses like taxes and employee wages.
Professional Liability Insurance
Insurance is dedicated to professionals such as a doctor or a lawyer who has a professional service business. Nevertheless, it has more coverage policies than General Liability Insurance, which could protect you against lawsuits like negligence, malpractice, or misinterpretations.
Online business is excellent as it can cater to an overwhelming number of consumers. However, there are also risks in the online platform. Small businesses can also suffer from a data breach that can put the business, business owner, employees, and customers at risk. That’s why Cyber Insurance is here because cyber crimes are real.
Cyber Insurance covers business liability and protects confidential information from a data breach. Restoring customers’ or employees’ breached personal identities and recovering detailed data are also covered by insurance.
There is no gamble in a successful business, only well-planned decisions. Risks and threats may come at any time anywhere. Thereby, insurances are not just created for another expense but to ensure the company and its success.
At Hayek Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote.