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 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.
What Is Small Business Insurance?
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 were to tip you over.
How Is It Different from Standard Business Insurance?
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 more ideal for a newly budding business.
These little bundles of joy are called Business Owner’s Policy or a (BOP). You’re going to want to remember that.
Why Do I Need Small Business Insurance?
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:
- You could lose your stuff: damage or loss of your property, equipment and inventory
- You could be sued: product or service causes damage or bodily harm to a customer
- You could make a mistake: professional error that causes emotional distress
Top 10 Common Claims for Small Business Owners
Reference: from our friends at the Hartford
What Does Small Business Insurance Cover?
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 Owner’s Policy will usually include the following:
- Property insurance: covers loss or damage to your stuff due to fire, storms and other causes
- General liability: covers claims for injuries to other people
- Business income insurance: covers the loss of income if operations are interrupted
Common standalone policies can include the following and more:
- Professional liability: covers your mistakes that cause physical or emotional injury
- Employer insurance: covers Social Security, unemployment and workers’ compensation
- Commercial auto: covers work vehicles and certain damage they cause
- Group insurance or employee benefits: Covers health, life, short-term and long-term disability
Top 10 Most Expensive Claims for Small Business Owners
Reference: from our friends at the Hartford
Not Sure If You’re BIG Enough to Need SMALL Business Insurance?
Are you thinking to yourself, “Hmm, I’m not technically a business, so I probably don’t need insurance”? Well, think to yourself again because any continuous activity with a profit motive is “technically” a business and could be held responsible for the same risks of a small business.
How Do You Find Insurance Specific to Your 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 agents, you’ll need to know your industry type and business classification. Find that sweet info here >>>
What’s So Great About an Independent Agent?
It’s simple. Literally. Independent 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.
How Much Does Small Business Insurance Cost?
The cost of business insurance policies depends on the coverage and a number of other factors like size, location and materials used. 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.
Where Are All the Small Business Insurance Discounts Hiding?
To start, 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 as well as increasing your safety measures. More on business insurance discounts >>>
Comparing Small Business Commercial Insurance Quotes
Our gifted 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.
Thirsty for More Small Business Insurance Info?
We have a very, very large amount of info and insight 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.