Over the many years of my career, business owners have asked me, “What’s the right way to protect my business?” I understand their air of concern because they’ve invested their hard earned money into a going concern. They want to be sure they’re protected in the event of an accident or catastrophe.
Business/Commercial insurance protects businesses, including business owners and their employees. Because a wide array of businesses exist, these policies are designed specifically for small business owners according to the type of risk/exposure they have. For instance, a Contractor would need a different type of insurance than a Log Truck Driver or a Hot Shot Driver. That’s why many small businesses choose a business owner’s policy (BOP), which combines commercial property insurance, general liability insurance, crime insurance, and other optional coverage into one convenient package.
Business owners also have the option to choose coverage based on their specific industry such as:
*Commercial Auto Insurance
*Business Interruption Insurance
*Workers Compensation Insurance
*Surety Bonds (helps contractors stick to terms of the construction)
*Cyber Attack Coverage
When it comes to choosing insurance, most business owners want to know how their business can be protected by the right coverage mixed with a fair price. In addition to what we’ve already discussed, one of the biggest factors in determining how much insurance coverage is needed depends on the business type. Other important considerations include:
*Location of business
*How many employees are present
*Years in business
*Gross annual revenue
*Whether the business owns or rents vehicles
*Whether the business owns, leases or rents the building(s) they operate from
If you’re considering business/commercial insurance, please give my office a call and ask for Toni. She’s our senior commercial agent, and she will be able to answer your questions and advise you on the best direction to protect your assets.