Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Why do Support Services need insurance?
This industry is made up of businesses that provide day-to-day business and organization support, excluding office administration, facilities support, employment services, business support, travel arrangement, and reservation services, security and investigation services, and convention organizing services.
Running a business comes with inherent risks. A natural disaster could destroy your property, an employee could become injured, or a client could file a lawsuit. For those and many other reasons, it is important that you protect your business assets. One way to do that is to have adequate business insurance.
What risks do Support Services face?
Risks include external factors that are out of your control like natural disasters, lawsuits, or customers suffering injuries on your property. If your business relies on transportation, then collision, personal and bodily injury risks are also high. There are also internal risks including lawsuits from injured or disgruntled employees, high turnover rate, theft or customer lawsuits for poor customer service. If your business relies on the computer to process credit card transactions or store customer information, then cyber crime can hit at anytime.
How much does insurance cost for Support Services?
The insurance for support services varies on the type of insurance you need for your business. The most common and highly recommended is General Liability insurance and it will cost around $500 annually. Health Insurance for your employees will cost around $300 in annual premiums. If you use a car for any business purposes, then you'll need Commercial Auto which costs around $400 annually.