To find and purchase the ideal business insurance policy for your company is everything but an easy task. The number of options and coverages out there make this process a complex one, where being informed becomes fundamental while making the right choice.
We’ve prepared a small guide for you to find out about the available offers while introducing you to the many affordable options Insureist has prepared for our clients.
Buckle up and read until the end to protect your business as never before!
What exactly does my business need?
The first question to ask oneself is which kind of business security insurance might be needed. There are 4 types of basic commercial insurance policies out there, each one serving a specific purpose. Let’s go through each of them.
First, there is property insurance. This policy will let you sleep comfortably as your life’s work will be safe from any kind of accident through business establishment insurance. Your whole inventory, office furniture, and computers will be covered from expenses among other things within the insured location. Fires and thefts are no longer a life-ending catastrophe.
Then we have liability insurance, a type of policy that keeps you off the hook if someone sues your company. Let’s assume you lost a legal case and are forced to pay for the damages caused. By having liability insurance, the coverage includes the payment. Besides, if one of your workers gets injured during work hours, medical bills will also be covered.
Business car insurance is the right call for those whose companies rely on transportation or delivery services. If there is an accident involving one of the company’s vehicles, the coverage is automatic. This also applies if you use your personal car for business purposes. If you have an accident, the coverage also activates itself to pay for the damages.
Finally, worker’s compensation insurance is ideal if you employ more than 4 people (not to say is mandatory in some states). This policy covers any injuries suffered within the establishment or when doing work-related tasks for the business, while the victim will also receive a fraction of the wage during their recovery.
Do small companies require Business protect insurance?
The wise answer would be: yes. Regardless of how small your company is, the smartest choice is to protect your business from any possible accident or undesired outcome. Even when it’s not mandatory (for businesses with less than three employees), there’s a high risk when not purchasing an adequate insurance policy.
For small to medium-sized companies, there is a type of policy that has proven to be exceptionally helpful: the Business Owner’s Policy (BOP)
This program allows you to be safe in most situations, as it covers major liability while protecting the property from accidents. BOP combines additional coverages into one single bundle at affordable prices.
This package includes:
- Property damage
- Business interruption insurance
- Business income insurance following a disaster
- Expenses you may incur while operating from a temporary location
Final tips when choosing the proper insurance policy
One must always avoid two things: being either underinsured or overinsured. The best thing to do when selecting the right business security insurance is to thoroughly understand the assets of one’s company, comprehending the risks, and getting familiar with the state’s laws.
As when buying any kind of product, the smart thing is to always compare the options on the table. Make a pros and cons list of each one and consider reaching out to insurance experts to get professional quotes.
Spoiler alert: most of them will tell you that getting a package policy is the wisest choice, as it will cover pretty much every risk while not having to pay for each type of policy separately.
If you decide to protect your work’s life, don’t hesitate to contact Insureist for the best insurance policy. You’ll receive a quote in only minutes: 888-470-1550.