Questions Every Business Owner Should Ask About Their Insurance Coverage

Protect your business by making sure you have the right insurance.

  For businesses large or small, start-up or established, business insurance is key. Policies help to protect your hard work and livelihood and are there for you when the worst happens. Yet, far too often, business owners find themselves in the aftermath of a disaster thinking that the damage would be covered when it is not. To protect yourself from ending up in this unenviable position, be sure to ask questions about your insurance coverage early on.   Do I have the right policies for my industry? Coverage requirements will vary by industry. A software company will need different insurance than a laundromat. Although there are many different coverages to choose from, don’t let this deter you. Work with a trusted Tompkins Insurance advisor who knows your unique risks and coverage requirements.   How do I know if I have the right coverage? Remember that no one is entirely protected from every event possible. That’s why it’s important to make sure you have reliable coverage against the most common claims. Look at your coverage limits. Are they high enough? Does your growing company need more coverage? Discuss the adequacy of your current limits with your trusted advisor.   What other policies should I know about? There could be many different policies that your specific business should know about, but almost every business should consider these two additional coverages:

• Employment Practices Liability Insurance – protects a business against lawsuits filed by employees or potential employees, for example, wrongful termination, discrimination or sexual harassment.
• Cyber Liability Insurance – protects a business against facing costs related to a cyber attack or hacking. It can help with the forensic investigation, recovery of details, and damage repair.

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