Every morning you open for business, there’s the opportunity for a lot of things to go right. Most days, they do. But every so often, you’ll have a day when something goes wrong. When it does, having the right insurance coverage will be important.

Today’s businesses face many different kinds of risks, making the need to carry several different types of insurance a must. With Lockton Affinity, you’ve got options that are tailored to the unique risks your business faces. Our insurance solutions can provide affordable and comprehensive risk protection, so that you can get back to focusing on your business.

Tailored insurance options for your business

Here’s a look at your insurance options from Lockton Affinity, including information about what these policies cover and why they may be necessary to protect your business.

Property coverage

Your business’s property is a key exposure that requires specific protection. Property coverage is designed to protect against the physical loss or damage to your building and its contents. Policies are available that can help you protect your leasehold improvements, specialty equipment, off-premises property, accounts receivable and valuable papers.

You may need Property insurance if:

  • Your business operates out of a physical space.
  • You have inventory, equipment or other assets.

General Liability

Your business can face third-party exposures from your normal operations, finished products and professional services, plus any incidents that occur on your business premises. General liability insurance is designed to protect against these common commercial risks and covers bodily injury, property damage, personal injury and other related claims.

You may need General Liability insurance if:

  • You work directly with customers or their property.
  • Customers or other third parties visit your place of business.
  • You advertise.
  • You have a contract in place with another business.

Professional Liability

Businesses that provide certain professional services may face additional liability risks that aren’t covered by a general liability policy. Professional liability is designed to cover the cost of certain legal fees, judgments and settlements brought against you for the services you provide. Negligence, professional mistakes, breach of contract claims and more are typically covered.

You may need Professional Liability insurance if:

  • You provide professional services to your customers.
  • You offer advice to your customers.
  • Third parties require proof of your coverage.

Sexual Abuse and Molestation coverage

Because of the intimate nature of services offered by WellBiz franchisees, your business can face allegations of sexual misconduct, abuse or molestation. Sexual Abuse and Molestation insurance covers legal defense costs, settlements, and judgments arising from allegations against the organization and its employees or representatives.

You may need Sexual Abuse and Molestation coverage if:

  • Your employees work with customers who are not fully clothed.
  • Your employees are alone with customers.

Workers’ Compensation

Even for businesses with great safety records, injuries on the job are all too common. Workers’ compensation insurance exists to protect both workers and the businesses they work for in the event of a work-related injury or illness. This insurance coverage is mandated by most states and covers lost wages and medical treatment for your employees. On-the-job incidents are covered regardless of who is at fault. Workers’ compensation policies are written to follow individual state laws.

You may need Workers’ Compensation insurance if:

  • You have full-time or part-time employees.

Business Auto Liability

Transportation accidents are a common occurrence, not only for private vehicle owners but for commercial businesses as well. A commercial auto policy is a must to protect your company vehicles as well as your business assets. Commercial auto insurance covers you in the event a company vehicle incurs physical damage or causes physical damage or bodily injury to third parties. Hired and non-owned coverage can also be obtained to cover vehicles you hire, rent or borrow, and vehicles owned by owners, when used for business purposes.

You may need Business Auto Liability if:

  • Your business owns company vehicles.
  • Your employees drive on behalf of your business’s operations.

Umbrella Liability

Historically, liability claims have varied widely. Most can be settled relatively quickly at a modest to moderate expense. Yet every year, there will be a few businesses that face an extraordinarily lengthy and costly claim. In these situations, having an umbrella liability policy in place can make all the difference. An umbrella policy is designed to shield your business from claim amounts larger than the limits offered by your primary insurance policies. After the primary policy responding to the claim has been exhausted, an umbrella policy can respond, providing additional coverage for losses which your business would otherwise face alone.

You may need Umbrella Liability if:

  • You have contractual obligations that require higher limits.
  • You want peace of mind of high limits.

Cyber Liability

Cyber Liability insurance helps protect against financial losses caused by cyberattacks and data breaches, like ransomware, malware, phishing and more. Coverage helps your business with costs of business interruption, data recovery, breach response, regulatory fines, notification costs, legal expense and more.

You may need Cyber Liability insurance if:

  • Your business records and data are critical to your daily operations.
  • You collect and store personally identifiable information about customers.
  • Your business process credit card payments on behalf of your customers.

Employment Practices Liability

There are a number of risks your business takes on when you hire employees. Employment laws are complex, and businesses can be sued by an employee for a variety of reasons. Employment practices liability insurance or EPLI is designed to protect businesses from claims made by their employees and certain other claims made by third parties. This type of policy protects against employee claims of wrongful termination, workplace discrimination based on legally protected characteristics such as sex, race, age and disability, as well as other employment-related issues. EPLI can also provide protection for claims of discrimination brought against your business by third parties who are not your employees.

You may need Employment Practices Liability insurance if:

  • You have full-time or part-time employees.

Additional Benefits with Lockton Affinity

Whichever policies your WellBiz franchise needs, Lockton Affinity can build a package of coverage tailored to protect against the risks you face.

And with Lockton Affinity, you receive more than great insurance. Our friendly and knowledgeable representatives work with your business to provide answers and get you coverage quickly and efficiently.

Contact Lockton Affinity’s dedicated insurance representatives today at (866) 597-1346 to get started. They’ll be happy to talk through your risks and insurance needs.