No matter what kind of business you run, insurance is required for many business operations.
You need to protect yourself, your investment, and your employees. Property damage, lawsuits, theft, and injuries or death of an employee are just a few things that can result in serious financial loss if you are not properly insured.
Let the Louisville business insurance experts at Lincoln Insurance Agency work with you to see that your business is adequately covered based on risks inherent to your specific industry.
Here is a breakdown of some of the most common policies available to businesses:
- Business Owners Policy (BOP) – BOPs are package policies which are created for businesses that generally face the same kind and degree of risk. While we can offer you bundled insurance package at an affordable premium, we can also customize your plan to meet other unique risks your business may face.
- General Liability – Kentucky liability insurance includes a wide variety of liability exposures. General liability covers accidents that occur on your property, products sold by your business, operations completed by your business, and contractual liability.
- Product Liability – If your business manufactures, wholesales, distributes, or retails a product you may be liable for its safety. Product liability insurance protects your company against financial loss as result of a defected product that causes injury or bodily harm.
- Property & Casualty – This type of insurance protects your organization from financial loss due to physical damage. Along with your business real estate, your office equipment, furniture, computers, and business documents are also covered.
- Information Risk Coverage – If your business stores sensitive data on internal or external networks, generates revenue online; or uses an online network to control production, manufacturing, inventory or a supply chain then you are at risk for financial loss. Data theft, viruses, network interruption, and security breaches are among a few of the things that are covered with information risk insurance.
- Professional Liability/ Errors & Omissions (E&O) – This insurance protects your business from claims if your client holds you responsible for errors, or the failure of your work to perform as promised in your contract.
- Directors & Officers (D&O) – Depending on the nature of your business, you may want insurance that protects directors and officers from liability claims arising out of alleged errors in judgment, breaches of duty, and wrongful acts related to their professional responsibilities. These employment-related claims may involve illegal conduct or mismanagement of funds.
- Business Travel Insurance – If your employees are required to travel for business, you can get limited contracts covering travel-related risks. Travel insurance can cover accidents, illnesses, injuries, canceled flights, lost luggage and inclement weather.
- Business Interruption – If your company was forced to shut down for an indefinite period of time, how much money would you lose? Business Interruption protects business owners against losses resulting from a temporary shutdown because of fire or other event. The commercial insurance provides reimbursement for lost net profits and necessary continuing expenses.
- Key Person Life – What if the success of your business relied on a few very important people? Key Person Life Insurance is designed to protect a business against the loss of income resulting from the disability or death of an employee in a significant position.
- Home-Based Business Insurance in Louisville – Many people do not realize that homeowners’ insurance policies do not generally cover home-based business losses. If you run a business from your home, you may need to add riders to your homeowners’ policy to cover normal business risks such as property damage in addition to other policies that cover general and professional liability.