Every business has risk. Insurance can help you recover when something goes wrong. If you suffer a property loss, such as a fire or theft, insurance will help get you back to running the business. If you have liability issues - think about everyone else and should someone sue you, legitimate or not, insurance will help defend you and pay claims. Proper policies will give you peace of mind.
Absolutely! It's a cost of doing business. You'll want to understand what kind of payment options the carriers offer. When you are just starting out, be sure to keep business and personal expenses separate. This will help in determining your business assets to establish the proper coverage.
Yes! Even if you are in your living room running your business and you have very few assets, there are policies designed just for you. The most common is the BOP - Business Owners Policy.
A Business Owners Policy typically covers:
- Property Damage - a bit like your homeowner's policy, covers damage to your location whether you own or lease, equipment, inventory and any fixtures or furnishings you may own.
- Business Interruption - what if you can't operate out of your location because of a covered loss? This helps protect your revenue stream.
- Liability - Covers damages and defense costs if you are sued or held liable for accidental bodily injury or property damage arising from a covered loss.
Coverage depends on your business and your unique risks. We do a thorough assessment of what your needs may be and put together our recommendations. At a minimum, you would want the BOP, business owners policy, to provide business property and liability coverage.
Discuss with your agent, talk through what your business does and how your company works thoroughly. This will help assess your liability needs.
Yes! You and your agent should develop a strong relationship. As your company needs change and you grow, your agent should grow with you. Someone who understands what you do and knows you will be the best partner in your risk management. Work with an agent who has experience specifically in working with businesses. Our business insurance specialist has been in the industry for over a decade and has worked in risk management.
Each policy will be different. Some tips to keep costs down - do an annual risk assessment, identify ways to make safety a priority, and be as detailed as possible.