Small Business Insurance protects you and your business for replacement coverage for your building, contents and signage, replacement income for up to 12 months, theft of money both on premises and off, and employee dishonesty.
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Contact Frost & Remer today to schedule an appointment for your full risk assessment.
As a small business owner, you’ve invested hard work and taken on risks to run your business. To ensure that the work continues to pay off, it’s important to protect what you’ve already established.
Small business insurance can be customized to meet your unique business needs. To avoid unnecessary losses, it can protect you and your business from potential expenses such as replacement coverage for your building and its contents, replacement income for up to 12 months, theft of money both on premises and off, employee dishonesty, professional errors, damages and lawsuits from accidents, damages from natural disasters, and more.
What insurance do I need for a small business?
Depending on your business needs, there are several forms of insurance that can provide you with the right coverage. Because your business is unique, you’ll likely want to choose multiple types of coverage.
The two broad coverage areas are:
- Liability insurance, which covers incidents when your business is held responsible for damages, injury, or loss.
- Property insurance, which pays for repair or replacement of damaged or stolen business property.
- Business Income & Extra Expense, provides a continuation of income when normal business operations are suspended due to a covered property loss.
- Business Auto, provides bodily injury, property damage and physical damage protection to the covered auto. (personal auto insurance excludes most business use activities).
- Property of others, Also known as “Bailees Coverage”. Property that you do not own that is in the care, custody and or control of the business owner.
- Other important coverage consideration:: Ordinance & Law, Utility Building & Contents protection, Spoilage, Equipment Breakdown, Cyber & Workers’ Compensation.
General Liability Insurance
The most common coverage type for any small business, especially those that interact with clients in person, is General Liability Insurance.
It protects against financial loss from the following:
- Bodily injury
- Property damage
- Medical expenses
- Defending lawsuits
- Settlement bonds or judgements
Additional coverage types
As your insurance needs differ based on your business’s needs, there are many different types of insurance coverage that you may need in addition to General Liability Insurance. These could include the following:
- Home-Based Business Insurance: If you run a business from your home, this coverage can be added to your homeowner’s insurance to protect a small amount of business equipment and liability coverage for third-party injuries.
- Business Income Insurance: Helps to replace lost income if you have to temporarily shut down your business because of damage, theft, or other covered losses.
- Professional Liability Insurance: Helpful if you offer services to customers. It protects against financial loss from malpractice, errors, and negligence.
- Cyber Liability Insurance: Protects against computer-related crimes and losses, which helps businesses that accept digital payments, keep medical or financial data, and store confidential customer information.
- Product Liability Insurance: For businesses that manufacture, distribute or sell products it protects against financial loss that can result from a defective product that causes injury or bodily harm.
- Commercial Property Insurance: For businesses with a significant amount of property and physical assets, this protects against the loss and damage of company property from events such as vandalism, storms, fire, and smoke.
Bundle your coverage
A Business Owner’s Policy (BOP) combines common coverage types into bundled coverage for your business, often saving you on insurance costs.
This can be especially beneficial for home-based business owners, as it combines general liability insurance with property insurance to protect your own losses of equipment or other property, in addition to the losses of your customers.
The best way to know what insurance coverage you need is to speak with an insurance agent. Frost & Remer can help you determine your coverage needs with a full risk assessment.
Contact us to discuss a Business Owner’s Policy, Surety Bonds, Commercial Auto Insurance, and Worker’s Compensation for your business.
Schedule a virtual appointment for your full policy review and risk assessment from Frost & Remer. We’ll make recommendations to ensure that you can provide the necessary coverage to protect your business.