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Insurance for Every Stage of Business: Are You Covered?

Employee Benefits
Article
06/22/2017

Growing a business is accompanied by growing needs. Make sure all your needs are covered as you reach each new milestone by reevaluating insurance coverage and options at each stage. As you enter each new stage of business, assess your current coverage, and add additional coverage as appropriate to meet your business’ new needs.

Starting Up

Build your business’ foundation by protecting yourself and your assets.

  • Business Owner’s Policy – Cover a range of property and liability exposures with one single plan.
  • Errors & Omissions Insurance – Keep your business safe from claims made by clients for negligent actions or inadequate work.
  • Individual Health Insurance – Identify affordable health care options amidst rising health insurance costs.
  • Health Benefit Accounts – Health care options that help you and your employees contain costs while accessing competitive benefits through tax-preferred accounts.
  • Commercial Auto – Protect you and your business with the vehicle you use for your business from liabilities and claims that may not be covered under a personal auto policy.

Building Your Team

Once you begin to hire your first employees, consider purchasing insurance to help safeguard your business from legal claims, while also building a benefits package that will attract top talent.

  • Workers’ Compensation – Stay compliant with state-mandated coverage by providing wage replacement and medical benefits to employees injured on the job, and protect yourself from any legal action.
  • Employment Practices Liability Insurance – Safeguard your business from damaging claims leading to litigation.
  • Group Health Insurance – Select a carrier and a plan that meets both the needs of your employees and your budget.

Securing Your Business

Keep your business healthy by protecting its future.

  • ERISA Bond – To comply with the Employee Retirement Income Security Act of 1974, plan sponsors must understand the bonding requirements and ensure that the bond provides appropriate coverage.  
  • Cyber Protection – Relatively new types of coverage that protect your company’s digital assets and customers’ information in the event of a cyber attack or data breach. 

Growing Operations

Maintain your growing operations, and give productive employees even more reasons to stay.

  • Umbrella Coverage – Extend the limits on your general business liability, commercial auto coverage, and other business insurance with a single umbrella policy.
  • Commercial Auto – Keep your assets on the road safe by covering all commercial vehicles.
  • Employee Voluntary Benefits – Attract and retain top talent by offering voluntary benefits such as health, life, dental, and vision insurance.

If you’ve experienced multiple stages of growth, it may be time to streamline your insurance to make it easier to manage. Online benefits administration can simplify complex HR tasks, and give you more time to focus on your thriving business. A licensed insurance agent can help ensure that your current insurance programs meet the evolving needs of your business.

 

This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.
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