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Business Insurance

Almost every business no matter the size should have the appropriate business insurance in place. While the cost of insurance and the breath of coverage of insurance can vary depending on your company size, the basics of procuring insurance are pretty standard across the board.

Usually the foundational pillars for business insurance would be that of providing coverage for   liability, loss of income, property, and protecting your employees. The small business owner might only need the liability coverage if they have a home based business. When you go into the marketplace to solicit your business insurance quote you might as well address the four pillars of insurance upfront so that you can plan your budget accordingly. If you decide that you only need the one pillar of liability insurance you at least know the cost for the other basics of insurance as your business expands in the future.

One of the many caveats in procuring business insurance is that you should not assume that the broker understands the nuances of your industry and/or your specific business. Many small business owners are under the incorrect assumption that by not disclosing all of their exposures that they will have coverage for those exposures in the future. It is generally true that the less exposures your company has the premium will be less; it will not necessarily be in your best interest to fail to disclose all of those exposures. Failure to disclose and/or to conceal those exposures could void your contract or at the minimum not provide the coverage that you are seeking in the future. Identifying all of your exposures to risk within the four insurance pillars of liability, property, loss of income and protecting your employees is tantamount in crafting the proper business insurance quote for your company.

As we indicated at the beginning of this article while premiums and coverage can vary greatly for small and large businesses that procuring the insurance is basically the same process for all size companies. If you are a small business owner, resist the urge to only get a general liability insurance quote. Getting quotes for the four main areas of insurance exposures might protect the entirety of your assets in the long run. If you start out with a more complete insurance portfolio proposal, you can always pair down the coverage for just the general liability coverage. There are at least two advantages of getting a broader insurance portfolio proposal in the beginning. The first advantage is that it helps you as the owner think about what you’re putting at risk by not insuring all aspects of your business. The second advantage of getting a broader proposal is that it will force your broker to assess the totality of your exposures and place your coverage with the appropriate carrier. This can pay big dividends for you in the future because if you’re placed with the wrong carrier in the beginning, and as you expand, the carrier might not be able to expand with you in your growth. Knowing the process can help you obtain the best possible premiums for your business.

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