Are you a small business owner? Are you unsure if or what type of insurance you need to purchase to protect your investment?
Let us help. Below we’ve answered a few of the questions we get asked frequently by our clients.
What are some of the types of Commercial Insurance for small businesses available?
- Professional Liability
- Worker’s Compensation
- Commercial Auto
- Cyber Liability
- Commercial Property
- Inland Marine (Equipment) Insurance
- Crime Insurance
- Commercial Umbrella Insurance
What kind of business insurance do I need?
We recommend every small business owner carry the minimum of a general liability policy. This policy provides protection for an array of incidents including bodily injuries, property damage, and advertising injuries. Any one of these unfortunate events could be detrimental to a small business, therefore, making this a crucial policy for any business.
It’s important to note, the type of coverage you purchased depends on your business and the type of risks that are presented. Working with an experienced agent is key to customizing an insurance package that meets the unique needs of your business.
What are the determining factors in the type of insurance plan I need for my business?
- What type of industry are you in?
- Do you provide services directly to clients?
- Do you own property or equipment?
- Do you store sensitive data for your clients?
- Does your company have employees?
- Where is your business located?
How does General Liability Insurance protect a small business?
General Liability Insurance offers blanket protection against common torts that small business owners may face. It kicks in when a third party (anyone who doesn’t work for your business) sues you over:
- Bodily injuries they suffered on your business premises
- Property damage you caused while completing work
- Advertising / personal injuries (slander, libel, using someone’s image without their permission, or copyright infringement)
What does General Liability typically pay for?
- Attorney Fees
- Court Costs
- Settlements or judgments (up to your policy limit)
Even the most responsible and careful business owners face claims, which is why this coverage is considered crucial to any small business insurance protection plan.
What is a Business Owner's Policy (BOP)?
A business owner’s policy (BOP) is essentially a general liability insurance policy with added property protection. It bundles a few insurance policies into a single package at a reduced rate.
They typically include:
- General liability Insurance
- Property Insurance compensates you for insured business assets that are lost or damaged by fire, theft, or windstorms
- Business interruption insurance, which reimburses you for lost income when a covered property event forces you to temporarily halt business operations.
How Do I Choose Which Policy Is Better For My Small Business?
We recommend working with an experienced agent to determine the appropriate insurance plan for your business needs.
To apply, you’ll need to provide a little basic information about your business.
That includes your:
- Business name
- Business operations
- Number of employees
How do I request a Certificate of Insurance (COI)?
Business Owners and contractors are frequently asked to provide a certificate of insurance. You may simply submit a request below and an agent will be in contact with you.