4 Coverages Your Business Needs in 2023 by pexels-rakicevic-nenad-769525

4 Coverages Your Business Needs in 2023

Business owners know that they need to have some basic policies in place, such as liability insurance, business insurance, and even coverage in case of a loss of business for any particular reason. However, as the calendar year shifts into 2023, it’s clear that the ways that businesses operate and insure themselves have changed.

How do you ensure you’re on the right path? In order to stay as protected as possible, consider enrolling in one of these four business insurance options.

1) Cyber Liability Insurance

Although tales of big companies having their websites taken down by hackers make all of the news headlines, small businesses are actually more likely to be hacked. Many smaller companies don’t have the IT departments and super secure encrypted networks and programs that larger ones do, making them an easier target.

If your business is targeted by cybercriminals, you could end up with a bad reputation, some expensive repairs, and even having to pay out of pocket to provide protection for any customers who had their information exposed. Thankfully, cyber liability insurance can help with this, provided that you have opted for the coverage.

2) Insurance Options for Employees

In the past, basic insurance options for employees, such as health insurance, life insurance, and so on were enough to make them happy. Now, people are opting for more complicated options, including pet insurance, financial and legal insurance, and even supplemental life insurance. If you want to attract qualified workers, it helps to offer these options as well. It’s a good idea to get in touch with your business insurer to see if you can make these coverages an option for your employees.

3) Workers’ Compensation Insurance

Workers’ compensation insurance is always a good thing to have. This insurance kicks in when an employee is injured on the job, covering their hospital and doctor’s bills, as well as a loss of salary and other things, if the company is found to be at fault for the accident. According to statistics, the odds of a worker getting injured on the job go up quite a bit if they are within their first year of employment at a company. Since many workers are new and still learning their jobs post-pandemic, this means that you should have worker’s compensation insurance, just in case.

4) Commercial Property Insurance

Your business probably already has commercial property insurance. However, the beginning of the year is a good time to review your coverage to make sure that it’s high enough to replace your building in the event of a catastrophe. Plus, if you’ve upgraded the building to include things like sprinkler systems and security cameras, you might qualify for a policy that costs a little less. It never hurts to ask.

Want to Check Your Insurance Coverage?

If you think that you may need additional business insurance plans, or want to opt into any of these newer, very popular options, then contact Spivey Insurance. Our highly trained agents can help you determine what you need at a price that you can afford.

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