Owning a business isn’t just some 9-to-5, working-for-the-weekend endeavor. It’s a carefully crafted, self-invested game plan to do something you’re passionate about … and to build a small fortune.
This makes finding the right coverage incredibly important. Our independent insurance agents know the ins, outs and all-arounds of small business insurance and will help you find the protection you need to keep your high-stakes hobby secure.
Boiled down, it’s a contract between a business and an insurance company where the insurer will pay to repair, replace or recover the value of whatever the business has under coverage. These lifesavers (policies) will keep you afloat if a few waves of bad luck tip you over.
Instead of picking each policy separately, a small business (that meets certain criteria) can purchase a package that includes the protection of multiple policies. This makes the price and process ideal for a newly budding business.
This little bundle of joy is called a business owners policy (or a BOP). You’re going to want to remember that.
Every business, big or small, needs some form of insurance. Yes, certain types may not be required or seem relevant to you, but one little whoopsie could bring down your growing empire.
Bad things that could happen to your business:
It has the same concept and coverage options as standard business insurance, but with that little tiny twist we mentioned before, the BOP. However, companies will most likely need coverage outside of what’s included in a BOP to meet unique risks, which can be purchased through standalone policies.
A business owners policy will usually include the following:
Common standalone policies can include the following and more:
Are you thinking to yourself, “Hmm, I’m not technically a business, so I probably don’t need insurance?" Well, think again. Any continuous activity with a profit motive is “technically” a business and could be held responsible for the same risks as a small business.
To find your insurance sweet spot, you’ll have to figure out what coverage makes sense and determine whether the benefits will outweigh the premium costs. In order to find accurate info and make the search process easier for you and our insurance agents, you’ll need to know your industry type and business classification. Find that sweet info here >>>
It’s simple. Literally. Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, they’ll cut the jargon and clarify the fine print so you know exactly what you’re getting.
Plus, independent agents work for YOU and not one insurance provider. Actually, they’re the only agents who can check policies from multiple carriers. AND, you’ll never outgrow an agent; they have the flexibility to find the right coverage as your business continues to expand and evolve.
Most importantly, they’ll be there to help you when claim time comes. The outcome of insurance claims can be strongly impacted by how the process is approached and handled.
The cost of business insurance policies depends on the coverage and a number of other factors like the size, location and materials used in your business. So an adorable strip mall bakery might only pay $200 a month, whereas a chainsaw-carving wood sculptor could pay $2,000 a month. Basically, the safer and smaller the company, the cheaper it is.
For starters, combining policies and raising your deductible are two easy ways to drive down cost. You can also get lower rates and discounts if you pay annually and increase your safety measures. More on business insurance discounts >>>
Our gifted insurance agents will review your business needs and help you evaluate the commercial coverage options that make the most sense. They’ll also compare policies, packages and quotes from multiple insurance companies to make sure you have the right protection in place. So you’ll have that going for you.
We have a very, very large amount of info and insights on small business insurance. If you’re ready to learn more, here is the gateway/page that will guide you to the information you seek.
https://newsroom.thehartford.com/releases/the-hartford-reports%3A-more-than-40-percent-of-small-businesses-will-experience-a-claim-in-the-next-10-years© 2019, Consumer Agent Portal, LLC. All rights reserved.