What Type of Business Insurance Do You Need

Restaurant and Bar Insurance

One of the most important insurance policies that you need for your business is business insurance. This insurance is designed to ensure that in the event of an unexpected event, your business is protected. Whether you have an office, a retail store, manufacturing equipment, or a service business, this insurance can help protect your business financially.

There are essentially four different types of business insurance that you should carry in your business:

  • General Liability
  • Property Insurance
  • Business Auto Insurance
  • Workers Compensation

Some of these policies may be offered by the company that you work for, or they can be purchased elsewhere. It is important to consult with an insurance agent who knows the type of business and understands the coverage required for your industry. So, what type of business insurance do you need?

Does your business operate motor vehicles? Business auto insurance is a must.

What Type of Business Insurance do You Need?

1. Depends on your industry

2. Depends on your business

3. Do your research independently

4. Avoid being underinsured by seeking out a local insurance broker to help you make final purchasing decisions

It is important to note that insurance agents who work for companies have a vested interest in the company! They are trying to sell you the highest dollar amount of insurance that they possibly can. If there is no profit for them, they lose their commission dollars and therefore will not be so interested in helping you make well-informed purchasing decisions. Every business deserves the proper coverage to be prepared for any obstacles ahead.

Finding a Policy for You

The best way to find affordable insurance coverage for your corporation is to shop around and ask the hard questions. You can begin by asking friends or trusted professional business resources that review a range of businesses in their industry. It is crucial you find an inexpensive, reliable, and trustworthy company that will protect you against any challenges the future may bring.

Contact Prince Insurance today for a quote.

Risks of Running a Business Without Insurance

If you’re starting a new business, one of the first things you’ll want to do is consider the different types of insurance coverage you need. A business owner can protect against a number of common risks, including property damage, injury, and liability. You’ll need to protect your personal assets (your home, car, and personal belongings) from business-related liabilities, and you’ll also need coverage to protect your business assets from claims by customers and other entities.

Risks Without Business Insurance

Running a business without insurance is never a good idea. Not only can you potentially put your personal assets at risk, but you may also be putting your business at risk as well. There are several risks to running a business without insurance, including the risk of lawsuits, property loss, and liability issues. In case anything goes wrong, having business insurance could save your business.

While you may think that protecting your assets would be enough to get your business started, you can’t afford to overlook the other legal obligations that comes with opening up shop. For instance, you may need to cover your employees with workers’ compensation insurance, which is a state-mandated insurance plan that covers medical expenses and replaces lost wages in case of work-related injuries or illnesses.

office team
Insurance gives you peace of mind that you, your employees, and customers are all protected in the event of an accident occurring on the physical premises.

Business Insurance Benefits

Business insurance is not only necessary for protecting your personal assets, but there are many financial benefits of owning a business that can be protected by insurance. Business insurance protects your company’s physical assets and financial assets, including your building, equipment, inventory, and income. And it protects you from liability for personal injury and property damage.

Get a quote for a business insurance policy today.

What Is BOP and How Does It Work?

Business owner’s policy (BOP) refers to a suite of insurance coverage. It’s a smart way for business owners to ensure that every aspect of their liability is covered. By grouping their coverage into a single package, they can often access a better price, too. BOP is not available to all businesses, however. You may need to speak with an agent to understand if your business can qualify. It will depend on the business’s needs, operations, and risks. But you should definitely inquire about a business owner’s policy (BOP) because it could bring you huge benefits.

Business owners should bundle their insurance to get the lowest premium for the most coverage.

BOP popular plans

Some of the most popular plans for BOP include premises liability, business income insurance, crime insurance, and coverage for inventory loss. You need to be protected in case an unforeseen event occurs that disrupts your business for weeks or even months. For instance, a crime onsite could make it impossible for you to do business. A flood could destroy your inventory and interrupt hundreds of customer orders. Your BOP could cover these types of situations, lending protection to you and your business against disasters.

Selecting the best policies & finding an agent

You should only get the coverage that you need, of course. Work with a great agent that can help you select the policies that make sense for your business. If you don’t work near water, then you shouldn’t be sold any marine insurance. But your agent should remind you that anyone can fall victim to a fire or onsite medical disaster. Remember, insurance is there to cover you when the unexpected happens. You do need to exercise some judgement when it comes to selecting policies for your business. Make sure that you select coverages and amounts that will actually protect you for any possible event. There’s no sense in having a policy that doesn’t cover the full amount of damage.

To speak with an agent about your options, contact our office. Our friendly team of professionals can help you understand what’s available, so you make the best choice for your business.