Do you think your business is too small to need business insurance? If so, you should keep in mind that even starting a tiny business can still mean that you have plenty to lose. One mistake or accident can turn into an unsustainable loss — that is unless you’ve already taken the prudent step of protecting yourself. Here at Binford Insurance we help businesses of all sizes manage risks with affordable and sensible business coverage.
Common Solutions for Small Business Insurance
As you discuss your business with an experienced agent, you might consider the following kinds of coverage:
Business Owners Policies
Typically, businesses with one to 100 employees and less than $5 million in annual sales can qualify for a business owners policy, or BOP. A BOP will usually give you a package of such common kinds of coverage as business liability, property, and business interruption insurance. Because you’ve bundled this insurance in a package deal, insurers will discount the price from the cost of buying each one separately. Having policies bundled together can also simplify renewals and claims.
A BOP doesn’t offer the best solution for all small businesses. Still, it’s a common choice to cover the basics. Some insurers offer options that allow you to customize your protection and add optional coverage as your business grows.
You can purchase commercial car insurance to protect any vehicles that your business owns. If your business relies upon personal or leased vehicles, you can also buy non-owned car insurance.
You can’t rely upon your personal car insurance when you or employees drive for business. Most business owners wouldn’t dream of driving their own cars without insurance; however, some mistakenly do so when they use their cars for work.
Basic property insurance might help reimburse you for the loss of computers and other hardware. At the same time, it probably won’t help you recover from the loss of information or downtime you might suffer if your network or website gets hacked or attacked. These growing threats have devastated many small businesses because they could never recover after they lost valuable information.
You can buy cyber insurance to cover the value of your business information or losses you might incur if you lose your website. Some insurers may even allow you to add this to your BOP.
Other Small Business Coverage
These are a few examples of other kinds of small business policies that may be vital to your unique business:
- Depending upon the nature of your business, you may also need professional liability insurance, which is different from the general liability insurance you may get in a BOP.
- Some types of companies are also valued more for their intellectual property than physical property, so you will certainly want to protect your research, trademarks, and other kinds of intellectual property.
- You might need such employee benefits as disability, health, and workers compensation.
- Very small businesses usually depend a lot upon one or a very few key players, so they buy key man insurance to protect themselves in the event the owner or another important individual unexpectedly dies or is disabled.
How to Figure Out Which Small Business Insurance You Need
Here at Binford Insurance in Indianapolis, IN., we will take the time to learn about your growing business. We will help you analyze risks and then find the most affordable and sensible ways to protect yourself and your company. Get started by calling today to start a conversation with us.