Insurance Policies to Protect your Business

Proper planning and protecting your assets and investment are two core aspects of managing a business. Take advantage of this summary to identify which insurance policies are available to your business. After what we’ve gone through in recent years, you know and have witnessed that a catastrophic incident or event can negatively impact our lives and finances. However, with the appropriate insurance policies, in addition to protecting your assets and covering losses in your business, you would be able to indemnify third parties for damages suffered on site or due to the operation of your business. Basic insurance to protect your business:

1. Commercial Property Insurance - With a policy against fire, hurricane, theft, and earthquake you can protect your commercial property premises. This includes the building structure, its content and inventory, as well as the signs, fences, poles, and even the electrical substations that may exist in your business.
2. Equipment Breakdown Insurance - It protects your company’s equipment and machinery against damage from breakage, including expensive repairs to any specialized machinery. You have the option of extending the protection to other equipment such as air conditioners, refrigeration equipment, certain types of motors, pumps, transformers, and compressors, among others.
3. General Liability Insurance - Protects your business against lawsuits for damages caused on your property to third-parties, should you be deemed legally liable. This insurance covers legal and medical expenses in cases of falls or accidents suffered by clients, neighbors, or visitors.
4. Business Interruption Insurance – This policy will reimburse you for lost income if your business must cease operations partially or totally due to any of the covered events, such as hurricanes, earthquakes, vandalism, or fire, among others. In addition to loss of income, this policy can cover the business’s operating expenses, such as payments for contracted services when charges continue, even if you have temporarily closed.
5. Commercial Crime Insurance – This insurance protects against financial losses due to criminal acts caused by third parties, collaborators, or business employees. Under this product, there are a series of coverages to choose from: employee dishonesty, loss of money, signature forgeries, and transfer of funds, among others.
6. Commercial Auto Insurance – This policy protects all motor vehicles used exclusively for business purposes. Coverage includes damage caused by these vehicles to third parties, should you be deemed legally liable.
7. Employment Practices Liability Insurance – If you are an employer, you expose yourself to legal claims from your employees and former employees, whether due to unfair dismissal, discrimination, or harassment. This insurance aims to pay filed lawsuits, allowing you to focus on continuing to manage and grow your company.
8. Inland Marine Insurance – This policy insures your property in land transit, whether inventory or equipment, against damages it could suffer during the journey before reaching its destination.
9. Cyber Liability Insurance – The Cyber Liability policy offers coverage for damages to the company or third parties as a result of a security and privacy breach. The policy includes payment for the following concepts: forensic investigations, legal counsel for violations, managing extortion efforts during the crisis, notification to customers, and customer credit monitoring services, among others.

For in-depth, tailored information on insurance for your business, call Popular Risk Services at 787-731-6900 or email PRSsales@popular.com. Popular Risk Services’ team is always ready to serve you. Insurance products are offered by Popular Risk Services, LLC., a subsidiary of Popular, Inc. and an affiliate of Banco Popular de Puerto Rico. Insurance products are not insured by the FDIC or other government agencies; they are not deposits or obligations of, nor are they guaranteed by, Banco Popular de Puerto Rico or its subsidiaries and/or affiliates. Some insurance products may lose value. The contents of this article do not constitute legal, tax, accounting, financial or investment advice and is for informational purposes only.  The information provided in this article should be used only as a guide and not as a source of professional advice. Popular, Inc. (“Popular”), its subsidiaries and/or affiliates do not offer a warranty of the accuracy and applicability of its content for any particular purpose. The information contained herein is provided as of the date hereof and does not consider future changes. Popular, Inc., and/or its subsidiaries, affiliates, or related entities are not responsible for losses or damages, direct or indirect, that may result from the use of the information contained herein. All information provided in this article, or any other related topic should be confirmed and corroborated with your own advisor.