At Blue Lion Insurance Advisors, LLC, we have experience in risk management and are well-prepared to provide your company with insurance that will provide the cushion you need if things go wrong. We have found that those who feel Business Insurance is overpriced are typically those who have not yet had to file a substantial claim. Once your business has suffered extensive harm due to fire, theft, cyber attack, or a lawsuit, you are far more likely to be aware that well-chosen insurance policies are worth their weight in gold.
Contact us now at (732) 649-1600 or online for a free consultation. We will be glad to discuss the types of Business Insurance your company needs and offer you the most cost-effective options available. Because we are brokers, not affiliated with any one insurance provider, we can be objective about various policies and make your best interests our top priority. While not every company needs every type of Business Insurance, we will guide you to making the best choices to protect your assets, your employees, your reputation, and your bottom line.
Having the Right Business Insurance Will Keep Your Company Thriving and Resilient
Here’s a list of types of Business Insurance. Your company may need some or all of them:
- Business Automobile covers property damage or personal injury caused by company cars or other vehicles.
- Business Continuation enables your business to continue operating after a catastrophe by providing benefits to pay rent, payroll, debt payments, and potential relocation costs.
- Business Property covers your company funds for property damage caused by external factors, e.g. theft, vandalism, fire, windstorms, and blizzards (does not cover floods or earthquakes except with special riders).
- Cyber Security keeps you going by paying claims for reclamation of damaged or lost electronic data and legal costs if your breach has hurt third parties.
- Directors and Officers (D&O) protects the personal assets of corporate directors and officers from lawsuits brought by employees, vendors, competitors, investors, customers, etc.
- Employment Practices Liability (EPLI) covers legal costs and/or damages if your company is sued for discriminatory practices.
- Franchise and Franchisee covers franchise operations for theft, fire, and lawsuits.
- General Liability covers your company’s damage to another’s property (including property you rent), bodily harm, or reputational harm.
- Inland Marine covers products, materials, and equipment while transported on land, such as by truck or train.
- Professional Liability covers professional practices (e.g. doctors, lawyers, engineers, accountants, hairdressers) if they make mistakes that cause physical, emotional, and/or financial harm.
- Workers’ Compensation pays employees who suffer work-related injuries or illnesses and prevents them, except in extreme circumstances, from filing a personal injury lawsuit.
As you can see, some of the above, like Workers’ Compensation, Cyber Security, and General Liability Insurance, are nearly universally needed; others, like Business Automotive, Inland Marine, and Franchise Insurance, are only necessary for a limited number of businesses. In all cases, our insurance advisors are available to guide you not only to the particular kinds of insurance your company requires but to the best policies of that kind on the market.
How Not Having Business Insurance Can Put You Out of Business
Following are examples of just how costly not having the correct Business Insurance can be.
Suppose:
- Your clothing store is severely damaged by hurricane damage and you cannot use the premises for months. Without Business Continuation Insurance, you cannot temporarily relocate your workforce, pay your bills and payroll, or continue serving your customers.
- Your marketing firm has suffered a cyber attack. In addition to paying for the reclamation of lost data, you may be sued by clients for exposing private information. Without Cyber Security Insurance, your business is struggling to pay attorneys and will have to use all of its assets and close its doors if the verdict goes against you.
- You run a beauty salon and an employee damaged a customer’s hair just before her wedding. You are now being sued for a huge claim of physical harm and emotional trauma and you have no Professional Liability Insurance. You fear the settlement will bankrupt your small operation.
Each of these examples shows just how costly being without the proper insurance can be. Don’t risk everything to save a few dollars. Contact our insurance advisors now to make your company’s Business Insurance Policy is Blue Lion Strong™.