What Is Business Insurance?
Why Do I Need Business Insurance?
Every company, big or small, needs some form of insurance. Yes, bound varieties might not be needed or appear relevant to you, but one tiny mistake could leave your company in financial ruin. All because you didn’t want to shell out a few hundred bucks for coverage.
Bad things that could happen to your company:
- You could lose your stuff: theft or damage of buildings, personal property or equipment
- You could be sued: product or service causes damage or bodily harm to a customer
- You could make a mistake: professional errors that cause emotional distress
What Does Business Insurance Cover?
Since every business is a bit like a snowflake, they all have their very own unique set of things that can go wrong. It’s important to know what your business values the most and will benefit from its coverage.
Basic business insurance coverage can include the following and more:
- 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.
- Professional liability: Covers your mistakes that cause physical or emotional injury.
- Commercial auto insurance: Covers work vehicles and certain damage they cause.
- Cybercrime insurance: Covers the loss of customers’ sensitive data.
- Employer insurance: Covers Social Security, unemployment and workers’ compensation
More coverage options
Group Insurance and Employee Benefits
You may also want to offer or provide certain types of coverage to your employees. You know, so they think you like them and value their existence.
- Employee health insurance
- Short-term or long-term disability insurance
More employee benefits info
What Kind of Business Insurance Do I Need?
To find your insurance sweet spot, you’ll have to figure out what coverage makes sense and whether the benefits will outweigh the premium costs. To do this, you’ll have to answer heaps of questions and make tons-o-decisions, but your patience and effort will be rewarded with peace of mind.
Example: You’re the proud owner of a thriving banana stand franchise with twelve locations unfold across the nice state of Nebraska. Do you wish thievery coverage, even though your equipment, ingredients and stand materials only total $10,000? Yeah, that’s just a taste of the kind of questions you’ll be answering.
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Company Size Is a Huge Factor
One of the most important value and method factors for locating insurance depends on the scale of your company. A small startup can face a far easier method than a giant corporation with multiple locations.
Types of companies:
- Small – Sole proprietors, S Corps or LLCs: This will be a more decision-friendly process. You can get a Business Owner’s policy (BOP) and packages that offer a number of check-the-box options. More Small Business info
- Big – Major corporations, franchises, and conglomerates: Here is where the doors blow off the hinges from all the different coverage options. Certain locations may need different types of coverage, and with a larger workforce, you might want more appealing benefits to attract talent.
Not Sure If You’re Big Enough to Need Business Insurance?
Are you thinking to yourself, “Hmm, I’m not technically a business, so I probably don’t need insurance”? Well, think again, because any continuous activity with a profit motive is technically a business and could be held responsible for the same risks as a small business.
How Do You Find Insurance Specific to Your Business?
To find accurate info and make the search process easier for you and our independent agents, it’s important to know your industry type and business classification. Find that sweet info here
What’s So Great about an Independent Insurance Agent?
It’s simple. Literally. Independent insurance agents alter the method by looking at and scrutiny 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, they’re the sole agents WHO will work with multiple carriers, which gives you more options for finding ideal coverage. It’s one of the biggest reasons why we do so well, especially in this market.
Most importantly, they’ll be there to help you when claim time comes. The outcome of insurance claims is powerfully wedged by however the method is approached and handled.
How Much Does Business Insurance Cost?
The cost of business insurance policies depends on the coverage and variety of different factors like size, location, and materials used. So a small children’s book publisher might only pay $550 a year, whereas an underwater oil drilling company could pay $550,000 a year. The safer and smaller the company, the cheaper it is.
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Where Can I Find Business Insurance Discounts?
To start, combining policies and raising your deductible are 2 simple ways to drive down value. 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 Commercial Insurance Quotes
Our gifted independent insurance agents will review your business needs and help you evaluate the commercial coverage options that make the most sense. They’ll conjointly compare policies and business insurance quotes from multiple insurance firms to form positive you’ve got the proper protection in situ. So you’ll have that going for you.