Commercial risks you should be aware of.

If you’re a business owner, you may already know that you need insurance. But how much and what type can vary greatly depending on your type of business, resources, assets, and specific needs. To help you understand what insurance your individual business needs, first consider the risks and coverages.

  • Data and cybersecurity

If your company works with sensitive client data, you need to protect yourself in case a serious data breach occurs. If your business relies heavily on technology, you may consider broader cyber insurance coverage in case a virus or other tech problem causes disruption to your business activity.

  • Business interruption

If you had to close your business temporarily because of weather, property damage, theft or a natural disaster, could it survive the loss of income and necessary repair expenses? Business interruption insurance can help to get your business back on its feet after the unexpected happens.

  • Employees

Most businesses are required by federal law to have workers’ compensation, disability, and unemployment insurance to protect their employees. Ensure you understand the requirements for your type and size of business.

  • Property

Your business’s property can include the physical building as well as all the equipment and product. There are different types of coverage to cover damage or loss to your property for a variety of reasons.

  • Liability

Even small, home-based businesses can benefit from liability coverage. If you or your products cause harm or injury to others, liability coverage can help to pay for costs associated with that damage. There are also other specific types of liability coverage, such as professional liability and product liability, to consider, too.

Whether you need insurance for a start-up or an established small business, the team at Tompkins Insurance Agencies are ready to assist. Contact us today for help getting started on your tailored business insurance.