Five Coverages Every Small Business Should Have - Lane & Associates
post-template-default,single,single-post,postid-17384,single-format-standard,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-16.0.1,qode-theme-bridge,wpb-js-composer js-comp-ver-7.5,vc_responsive

Five Coverages Every Small Business Should Have

small business insurance people in a meeting at office - Lane & Associates

Five Coverages Every Small Business Should Have

Overlooking key insurance needs for a small business can become detrimental for a business’ survival. What they don’t know can, in fact, hurt them in the long run and even unexpectedly close their doors.

To stay open after a fire, flood or hurricane; to avoid paying the price of a failed service or a damaging product; to avoid major financial loss after a lawsuit; to easily replace stolen property; and most importantly, to relax during business operations on and off their premises — here are five types of insurance coverages every small business should have in place:

General Liability
Regardless if a company is owning or leasing an office building or working home-based, they need general liability insurance. If their company, their employees, products or services ever cause any damages or injuries to a third party, this will provide protection. In addition, commercial excess liability should be considered, because claims often exhaust the limits of the primary general liability policy.

Commercial Property
Equipment, computers, tools, furniture and all the other important items a company needs to operate should be protected. Whether a fire, vandalism, storm or smoke damage occurs, the contents of the building, the building itself and other people’s property involved in the loss can be covered. In addition, the loss of income resulting from a property loss can also be insured. Commercial Property can’t go overlooked.

Commercial Auto
Whether a small business owns autos or not, there is significant risk exposure any time an owner or employee uses a vehicle for business purposes. In case of an accident, the employees, passengers, work gear and all equipment in the car will have to be sufficiently covered.    

Cyber insurance
We live in an information-driven society, and if a small business owner believes they’re left out of the cyber risk-zone, they are sadly mistaken. Hackers don’t just go after high-profile, high-revenue businesses. They are out to get what they can. With data breach recovery and required breach notifications being extremely expensive, cyber insurance should be in place. Protecting sensitive data online, including the private information of a customer, the employees and the overall company should be a priority.

Workers’ Comp
Workers’ Compensation insurance policy provides compensation to employees for injuries and illnesses arising out of and in the course of employment. This policy typically provides payment for medical treatment, temporary and permanent disability and death benefits. Workers’ Comp is required in almost every state.

+ 1 : Professional Liability
I know we said five but many small businesses have a professional liability exposure. When a small business, such as an appraiser or barber, is negligent or fails to perform their services, they have an exposure to lawsuits. Different than other types of insurance, professional liability, also called errors and omissions insurance (E&O), protects a business if they are sued for negligently performing a service — even if they haven’t made a mistake.

With insurance, it’s all about properly limiting a company’s exposure to risks. This means a company’s insurance coverage should be strategically based on their operations and types of assets. Every owner must understand that although commercial insurance may seem expensive, the benefits far exceed the cost.

Karen Bivona is a Lane & Associates underwriter! She underwrites, quotes and services general liability accounts for contractor risks, including our online Artisan Contractor General Liability Program. She has worked with the company for more than 35 years.

Jonathan Whitaker is a Lane & Associates underwriter. One of his favorite parts about his job is the relationships and friendships he's able to extend beyond work. He enjoys golf, traveling, Saints football and spending time with his family.

Marie Hohensee is Lane & Associates Vice President of Commercial Underwriting and assists the commercial underwriters in making sound and profitable decisions in placing business for our customers, as well as underwriting her own book of business. She’s originally from California but has called Louisiana her home for more than 25 years and has been working in insurance for more than 30 years!

Brandy Lane is an Underwriting Assistant at Lane & Associates. Brandy's favorite part of her job is helping the underwriters so we can promptly get things to our agents! Brandy's hobbies include spending time with her friends, trying new restaurants and seeing live music.

Scott Landry is the president of Lane & Associates, an advocate of continuing education and has his CPCU, ASLI, AIS, AU, and AIDA. Scott is active in the insurance community, serving on Commissioner Donelon's Surplus Lines Insurance Advisory Council, The Louisiana Property and Casualty Insurance Commission and the Louisiana Surplus Lines Association. Some of Scott's hobbies include gardening and exercising.

Casey Lane is a Lane & Associates underwriter. His favorite part of his job is building relationships with the agents he serves. When he's not at Lane, Casey enjoys Saint's football, music and watching his four children's sporting events.

Chris Weego is a Lane & Associates underwriter. His favorite thing about working at Lane are his coworkers and the amazing agents he gets to work with. When he's not working, Chris enjoys playing golf, watching his kids play sports and cheering on the Chicago Cubs!

Don Lundy is a Lane & Associates Texas underwriter. Recently, he completed his CPCU designation after 15 years of off-and-on classes. When he's not working, Don enjoys photography, Star Wars, the Atlanta Braves and watching his son bowl.