Questions You Should Ask Before Renting or Leasing Space for Your Business
Questions You Should Ask Before Renting or Leasing Space for Your Business Whether you’re venturing out with your first small steps into the realm of
As a business owner, you likely take steps to keep it safe every day. One of the strategies that you can implement is having a broad range of insurance coverages. Every business is unique, so talk to your local agent about what policies your business should consider.
Cyber liability insurance can help if your business becomes the victim of a covered cyber-attack or IT issue that puts your sensitive data at risk.
In the event of a covered claim, cyber insurance can help with certain expenses such as forensic investigations, legal fees, credit monitoring, and customer notification.
Although you try to be a good boss, lawsuits from disgruntled employees not only damage your reputation, but can also hurt your bottom line. Employment practices liability insurance (EPLI) can help protect you from claims of discrimination, harassment, wrongful termination, and more.
Remember, even businesses known to have fair and equitable working conditions may be the target of unwarranted lawsuits.
Business interruption insurance is an insurance coverage that can help to replace a portion of a business’s income in the event a covered peril occurs and causes a business to pause operations or temporarily relocate. It is important to note that business interruption insurance works with your commercial property insurance. For example, in the event that a covered loss causes physical damage to your business’s property, your commercial property insurance may help with the costs of repair, up to policy limits. If your company has to temporarily close or relocate while those repairs are being performed, business interruption insurance may cover a portion of your company’s lost income during some of that temporary period of closure or relocation.
If you use vehicles for your business, commercial auto insurance is a smart choice, even if you are leasing the vehicles. Commercial auto insurance policies typically have higher coverage limits than personal policies. If you are unsure if your business needs commercial auto coverage, consider if you use the vehicle for any of the following:
Additionally, if your business transports goods across state lines, you may be required by law to carry commercial auto insurance.
Most businesses are legally required to have workers’ compensation insurance. If one of your employees is injured on the job, workers’ compensation insurance can help to pay for the employee’s medical expenses as well as a portion of their lost wages while they are out of work.
There are many different types of business insurance that you might need depending on your industry. Ask your local insurance agent for more information.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
Questions You Should Ask Before Renting or Leasing Space for Your Business Whether you’re venturing out with your first small steps into the realm of
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