Essential Business Insurance Coverages to Protect Your Company
As a business owner, you’ve poured your heart, soul, and resources into building a successful venture. However, one unexpected incident could wipe out all your hard work without the right insurance protection in place. Business insurance helps manage the risks involved in operating a company and safeguards your assets when the unexpected occurs.
Here are some of the most common and essential insurance coverages for businesses:
General Liability Insurance
This core policy covers your business against financial losses from property damage, bodily injury, libel, slander, and other claims by third parties such as customers or clients. It protects against lawsuits and helps cover legal fees, settlements, or judgments.
Commercial Property Insurance
Whether you own or lease your business space, commercial property insurance covers damages to your building, equipment, inventory, furniture, and other physical assets due to covered events like fire, theft, vandalism or natural disasters.
Professional Liability Insurance
This coverage, also called errors and omissions insurance, protects your business from claims of negligence, mistakes, or failure to perform for your professional services. It’s essential for any business providing advice or services.
Workers’ Compensation Insurance
Most states require this coverage to pay for an employee’s medical expenses, lost wages, and rehabilitation costs if they are injured or become ill due to a work-related cause.
Commercial Auto Insurance
If your business owns vehicles used for operations or transportation, this coverage protects against costs from accidents, theft, or damages involving those vehicles.
Business Interruption Insurance
This coverage replaces lost income and helps pay ongoing expenses if your operations are temporarily halted due to a covered property loss or damage. It allows your business to remain viable until you can fully reopen.
Cyber Liability Insurance
In today’s digital age, cyber insurance protects your business against expenses and liability costs related to data breaches, viruses, denial of service attacks, and other cybersecurity incidents.
The specific coverages your unique business needs depend on factors like your industry, size, location, and operations. An experienced insurance agent can evaluate your risks and build a tailored insurance portfolio to fully protect your thriving business from damaging losses.
ABOUT COVA INSURANCE
COVA Insurance has been meeting the needs of our customers since 2019. As a full-service insurance agency built on the foundation of customer loyalty and trust, our aim is to develop long-term relationships with our clients.
We serve the Hampton Roads Area as well as all of Coastal and Inland Virginia. We hold insurance licenses in Virginia, North & South Carolina, Tennessee, Kentucky, Pennsylvania, Maryland, and Florida.