September 28, 2022

Protect Your Small Business

Congratulations on owning a small business! Running that small business is no small feat.  You’ve worked hard to get to this point and you’re ready to grow your business and watch it thrive. But what are you doing to protect it? Being properly insured can help safeguard your investment not just for today, but for years to come.  The professionals at BayCoast Insurance can customize an insurance strategy that works specifically for you and your business.  

Here’s a brief overview of the different types of insurance coverages available for small businesses:

General Liability

This kind of insurance protects your business in the event of a lawsuit. If a customer is injured at your place of business or by your product, if they have their property damaged, or if they claim an ad of yours stole their ideas, they may decide to sue. General liability insurance will cover any legal costs, as well as any costs to settle the suit. For example, General Liability insurance can help cover medical expenses and attorney fees resulting from bodily injuries and property damage for which your company may be legally responsible.

Professional Liability

You’re only human, and sometimes, even the most conscientious worker can make a mistake.  Professional Liability insurance, also known as “Errors and Omissions”, can help cover costs associated with claims or lawsuits of negligence.  To put it simply, Professional Liability can protect your business in case a customer sues over a mistake that has been made by you or one of your employees.  For example, if you’re an accountant and you make an error that costs a client money, or sensitive information your company has been entrusted with somehow gets leaked to the public, Professional Liability insurance can help cover legal fees and awards.

Crime/Employee Dishonesty

This kind of insurance protects your business from financial losses due to a theft or the dishonest or criminal acts of one or more of your employees. This could include a thief breaking into the company in the middle of the night or an employee slowly embezzling funds. It could also cover vandals destroying important equipment.

Employee Practices          

Hiring employees can also open a business owner up to certain risks.  With Employee Practices insurance, you can cover your business in case a current or former employee decides to sue over claims alleging harassment, discrimination, wrongful termination and other employment-related issues. These lawsuits can damage both your business’ finances and reputation, so you can’t afford to ignore this product.


Property Insurance protects you in case any of your physical assets are lost, damaged, or destroyed. That could include your store catching fire, a machine melting down, or a large batch of inventory sustaining water damage. Without property insurance, any one of these catastrophic events could sink your small business financially. 

Cyber Liability

This kind of insurance protects your business in the event of a cyberattack or data breach. If your company has a database of sensitive customer information, a breach could leave those customers vulnerable to financial or identity theft. They might then sue your business for allowing the breach to occur. Your reputation is everything, so safeguarding your business is essential. Cyber Liability insurance can cover expenses such as credit monitoring, legal fees, and fines.

In addition to these individual insurance types, you can also purchase package deals. Business Owners insurance, for example, combines several different kinds of liability and property insurance into a single policy that costs less than buying each of them separately.

No matter what type of insurance your small business needs, our experts at BayCoast Insurance can help customize the right policy for you and your business. Please contact us, and let’s get started today!

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