Insurance Every Business Needs

By: Denise Koslowsky


When it comes to running a business you need a balance of surety and moxie.  You need to take some risks to share your message with the world while at the same time protecting your business from the potential risks that can stall growth in its tracks.  We can help you be sure that your company has the right balance of insurance coverage to survive a variety of pitfalls and it all starts with really getting to know your business.

Making sure we educate our clients on the risks associated with their particular industry is a big part of our focus here at Advocate.  We want to help you take the steps necessary to limit your risks and exposure.  Below are a few of the most important types of insurance business owners should consider.

Professional Liability

Professional Liability insurance is a must for business owners who work directly with customers either in an advisory role or by providing services. Professional liability protects the business from negligence claims for improperly offering services, mistakes that have been made or failure to perform. Sometimes referred to as an Errors & Omissions policy, Professional Liability insurance can help you cover the cost of damages associated with the allegation of losses due to your businesses errors or negligence.

Property Insurance

When the unexpected happens, the costs of replacing or repairing business assets and property that have been damaged can overwhelm a company. Putting together an insurance portfolio that includes adequate business property insurance is imperative whether you own or lease your place of business.

Advocate Tips to Lower Risk

  • Ensure that all smoke and fire alarm systems are functioning.
  • Be sure your coverage includes a replacement cost valuation and that the coverage limits are regularly reviewed for adequacy.

Workers Compensation
If you have employees, Workers Compensation Insurance is an important component for your business.  Workers Comp offers replacement income and pays for medical expenses if an employee has been injured while on the job. In exchange, the employee gives up their right to sue over a work-related injury, no matter who is found to be at fault.

Data Breach Liability

If doing business includes handling any personal information about customers, data breach liability insurance is important coverage to consider.  Whether it is a customer paying with a credit card or maintaining a database that includes personal information for a loyalty club, there are many opportunities for a data breach to occur.

Advocate Tips to Lower Risks

  • Stay on top of security protocols and keeping your systems up to date.
  • Be consistent with employee training so they can help detect fraudulent credit card use. 

Additional Coverage To Consider

A quick visit to the Business Insurance Page of our website will show you that there is a wide variety of coverage for business owners to consider.  It can be easy to feel overwhelmed and unsure of what types of coverage are the most important for your particular insurance needs.  We have reviewed only the tip of the iceberg.  Rest assured that if you work with Advocate Brokerage, we will obsess until we have put together an insurance portfolio that fits your budget and covers all your bases.  If your business has a fleet of vehicles, we can put together a Business Automobile Insurance package for you.  If you have a large number of employees then an Employment Practices Liability policy or Fiduciary Liability policy might be appropriate.  As your insurance Advocate, we want to help you manage your risks, no matter what they are. We have both extensive experience and knowledge of a variety of industries and understand the unique risks associated with them. We would love the opportunity to review your current coverage and find out if there are potential gaps in the coverage you already have in place.  Please give us a call, for a review or to ask any questions you may have about your current coverage.


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