Operating your own business involves risk. Your property, your equipment, your workers, and even the flow of work itself are vulnerable to damage, injury, and interruption due to forces beyond your control. When trouble strikes, you need to be protected from lawsuits, unanticipated expenses, and delays in production or delivery that can cripple your business.

It would be ideal if every small business could afford every type of coverage on its assets and workers, but with a limited budget, you need to choose which types of insurance make the smartest investments in you company’s future.

Here are a few “must-have” policies to consider…

Property

Your real property—land, buildings, and equipment—are often both the most durable and visible assets of your business. But they can also be your most vulnerable. Fire, water damage, wind, or theft can result in substantial material losses and can impede or even eliminate your business’s ability to function. By safeguarding your business with adequate property insurance, you’re protecting more than buildings, land, and equipment—you are ensuring your business’s ability to rebound from a catastrophic loss.

Business Interruption

Business thrives on interconnection. Suppliers, warehousing, transportation, and communication can all play major roles in the way a business functions. Say, for example, thatone of your business’s primary suppliers suffers a fire at its main facility. They’re covered, but they are not going to be able to fill your pending orders on schedule. You may experience fulfillment delays or even have to suspend production while you seek an interim supplier. What if your building is affected and you can’t operate but incur additional expense to relocate? Well-crafted business interruption coverage can protect your business from losses incurred due to workflow interruptions, and keep your business on track.

Errors and Omissions/ Professional Liability

Almost every business has encountered the occasional dissatisfied client. But what happens if that client decides to pursue a claim for incomplete, flawed, or substandard workthat caused them to suffer a financial loss? Whether or not the fault is legally yours, you could find yourself—and your business—embroiled in a costlylegal battle. And without adequate protection, you could be leaving your business vulnerable to costly legal expenses and potentially, a substantial payout. A clearly defined errors and omissions insurance policy protects your business, both by clearly defining your obligations to your clients and by limiting your liability if a client is dissatisfied.

Cyber Security

The perils of the Information Age have highlighted the value in protecting your business’s intellectual property. Hackers, thieves, and even corporate spies have used the very communication networks you reply upon as a gateway to your most vital information, leaving customer data, passcodes, emails, and highly sensitive information about the operation of your business vulnerable to cyber-crime.A cyber security policy can protect your business from these types of losses and can provide the compensation you need to continue running your business while dealing with a security breach. A well-crafted policy can also help compensate your business for any losses suffered through cyber-crime.

Business Owner’s Protection

Sometimes it’s easy to get so caught up in the day-to-day operations of your business that you may forget to properly insure one of its prime assets—you! How would your company function if you were suddenly sidelined with a serious illness or injury? Business owner’s policy can help ensure the continued operation of your business if you are suddenly unable to meet your obligations. Why leave the future of your dreams to chance? Proper business owner’s protection can help sustain your business in your absence, and safeguard the investment you’ve worked so hard to build.

Workers’ Compensation

Your workforce is your business’s most invaluable asset. But even the most well-trained, experienced worker can suffer an injury on the job. Worker’s compensation is required for most employers and claims can be extremely costly, especially if your business lacks proper coverage. Even if you believe your business to be a low-risk facility for injuries, the absence of proper worker’s comp coverage can prove financially disastrous and result in significant fines from the state. Youneed a policy that protects both your employees and your business in the event of on-the-job injury or death.

Vehicle

Whether your business operates a single vehicle owned by you personally or a fleet of trucks, you need to protect those on-the-road assets from liability. Accident, theft, and loss of a vehicle due to fire or flood can severely impede your company’s ability to do business. And a claim against one of your drivers can only add to the hassles.Having auto liability with proper coverage can help protect your business’s assets whether it owns vehicles or not.

At MAGIS, we understand how important your small business is, and the effort it requires to run efficiently. Our representatives are experienced in the creation of policy profiles that minimize vulnerability and maximize protection, giving you the peace of mind you deserve. Contact MAGIS today, and discover how we can help your business navigate the world of risk with confidence.