I’m not a cookie cutter type of guy.  I don’t believe in one-size fits all.  To me “One-Size Fits All” means everyone is a little uncomfortable.  I have carried this belief into my insurance career and practice it with every client I meet.  No two businesses are the same which means that no two clients are the same which means that no two insurance programs should be the same.

However, (you knew there was going to be a twist) there are several coverages which I feel need to be addressed with every single client.  These coverages are basic to protecting every business.  Some may be combined and included in a Business Owners Package Policy or BOP.  Regardless, each should be addressed and if declined signed off upon.  By having the insurance consumer sign off that coverage has been discussed (and potentially declined) both parties are held accountable for the accuracy of the insurance program created.

The following is a list of 14 coverages that I discuss with every client I sit down with:

1. Building and Business Property
2. General Liability
3. Business Income
4. Crime
5. Tech Liability
6. Business Auto
7. Workers Compensation
8. Disability
9. Professional Liability (Errors and Omission)
10. Employment Practices Liability
11. Directors and Officers
12. Health Insurance
13. Voluntary Benefits
14. Employee Benefits Liability

The Rub

The are so many more insurance coverages that a Business may need.  I encourage every business owner to develop a strong relationship with your independent agent and discuss your business’s specific needs.  Use this list as the baseline for that discussion.  There is always the possibility that you will need additional protections, but addressing these coverages first will provide a solid start.

Are there any additional coverages that should be added to this list?

Disclaimer:

This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions take or not taken by the readers based upon such information.

Thank you,

Ryan H.

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