Once your doors officially open for business, so will the opportunity for different types of risks. We’re here to help make sure you check off all the boxes when it comes to getting the right insurance coverage so you aren’t caught off-guard by a surprise loss and can continue to run your operations.

Checking for Basic Coverage

While every business is unique and requires different coverage options, as a rule, these are the types of commercial insurance every business should consider:

1. General Liability Insurance

   This coverage helps cover claims that your business hurt someone or damaged another person’s property. This coverage is critical for running most types of businesses. In addition to the coverages provided under a General Liability policy, businesses may require:

• Cyber Liability Insurance: Protects against financial losses and expenses resulting from data breaches, cyberattacks, and other digital risks.
• Employment Practices Liability Insurance (EPLI): Protects against claims from employees, vendors, and customers for wrongful termination, discrimination, harassment, and other employment-related issues.

*Automatically included with Rockford Mutual’s General Liability policy.

2.  Commercial Property Insurance

   Providing protection for your physical business location, equipment, inventory, and other assets against perils like fire, theft, vandalism, and some natural disasters.

   At Rockford Mutual, our Commercial Property Insurance also offers coverages critical to protecting your business in the event of a loss:

   • Business Interruption Coverage: Replaces lost income and covers extra expenses if your business is forced to temporarily close due to a covered peril.
   • Equipment Breakdown Insurance: Covers the cost of repairing or replacing essential equipment that breaks down due to mechanical failure. RMIC automatically provides Equipment Breakdown with all Commercial Property policies.

3. Workers' Compensation Insurance

To provide your employees benefits if they sustain a work-related injury or illness

4. Commercial Auto Insurance

Provides protection for damages to your insured commercial auto and for liability arising out of the use of the covered autos.

5. Crime Insurance

Helps protect your business against losses due to employee dishonesty, such as theft, fraud, or embezzlement.

6. Inland Marine Insurance

Covers business property while in transit or stored at a location other than your primary business premises (e.g., tools, equipment for contractors, etc). In addition, Builders Risk coverage is a key class in a Commercial Inland Marine program.

7. Commercial Umbrella Insurance

Provides an extra layer of liability protection by covering losses that exceed the limits of your other policies (like General Liability or Commercial Auto). If a settlement costs $2 million but your primary policy only covers $1 million, the Umbrella policy provides coverage for the difference.

Why This Checklist Matters

• Holistic Protection: It helps you consider all aspects of your business, from your physical property to your digital data and your relationships with employees and customers.
• Identify Gaps: Go through each item and honestly assess if you have appropriate coverage. You might discover vital areas where your business is currently exposed.
• Informed Conversations: This checklist empowers you to have more productive discussions with your independent insurance agent, ensuring they understand your specific needs and can tailor policies accordingly.
• Future-Proofing: As your business grows and evolves, so do your risks. Regularly reviewing your insurance ensures you're always adequately protected.

Opening and running a small business is a big investment and you’ll likely face challenges along the way. Don't let a single unforeseen event derail your hard work and vision. Take the time to review your current insurance policies against this checklist.