What is Business insurance?
Coverage for businesses for protection against potential losses through unforeseen circumstances like theft, liability, property damage, and for coverage in the event of an interruption of business or injured employees.
When should you consider Business insurance?
Every company, big or small, needs some form of insurance. Yes, certain types may not be required or seem relevant to you, but one tiny mistake could leave your company in financial ruins. 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 error that causes emotional distress.
What does Business insurance cover?
Accidents, illnesses, lawsuits… If you're in business, you're exposed. While the number of risks you're exposed to is almost unlimited, you might only need a few basic coverages to start out. For example:
General liability insurance - All small businesses, old and new, need general liability insurance. It's basic liability protection that guards against things like accidents, injuries, property damage and lawsuits.
Commercial auto insurance - If you use vehicles for work, you'll need commercial auto insurance to be fully covered. Personal policies don't usually cover work related incidents. You'll save up to 5% if you combine this with General Liability! Do you need a commercial auto policy?
Most small businesses insurance needs quickly extend beyond basic liability and commercial auto insurance. Certain jobs require specific coverages, employees need protection, and a number of risks fall outside the protection of basic liability coverage.
When insurance coverages are packaged together, it's often referred to as a Business Owners Policy, or BOP. Additional coverages in a BOP might include:
Property - This can protect your commercial buildings and most of your personal property. Both of which are not covered by liability insurance. Liability normally covers other people's assets, not yours.
Business income interruption - If your policy includes coverage for property, you also have protection in the event of business interruption. For example, if you have a property claim that prevents you from operating your business, business income interruption coverage could help pay you for your lost income, employee salaries and rent expenses.
Professional liability - Do you give professional advice or provide a professional service? If so, you should probably carry professional liability insurance. This can be endorsed to your BOP.
Commercial Auto Insurance
- We insure a wide variety of commercial vehicles from cars, pickup trucks, vans, trailers and SUVs to large trucks like semis, dump and tow trucks, and more.
- With over 45 years of experience and more than 30 types of business liability and vehicle insurance coverages, we can help you customize your commercial insurance quotes with exactly what you need, when you need it.