As a business owner, two of your motivators are likely profit and protection. Business insurance is a tool to help you stay on a path to financial gain and protect your property, assets, employees and customers along the way.
If you are considering starting your own business, you need to become familiar with the types of business insurance that are available to you. With help from a licensed agent, you can pinpoint the right amount of coverage for your company’s specific needs.
Learn about the purposes and benefits of business insurance. We’ve gathered different kinds of business coverage you should consider for protecting your company. Plus, find out what business insurance tips can help you prepare for shopping with an Integrity independent agent.
Why do you need business insurance?
The simple answer is: to have protection when you need it. Business insurance offers financial assistance to cover legal costs in the case of a lawsuit, medical expenses for an employee who gets hurt on the job and other business disruptions that take time and money to remediate. It also helps business owners protect their assets, repair property damage and avoid cyberattacks.
One of the best benefits of business insurance is the continuity or stability. With the right coverage, your company can continue operations without disruption from a claim.
Business insurance tips
Follow these tips to get the best value business insurance for your company:
- Pick a licensed, experienced agent who will listen to your needs and concerns about protecting your business. The right agent will create an ongoing partnership with you to answer your questions and provide assistance throughout the duration of your business insurance coverage.
- Choose an insurance company that will provide resources to help you reduce your risk of an insurance claim. You can save time and money while keeping your insurance premium at a stable rate.
- Consider the reasons you need business insurance while you’re shopping. Think about the type of liability, property and casualty coverage you want and what other protections are important to you.
- Don’t skimp on cyber coverage. As cyber criminals learn more advanced techniques to hack your systems and steal your data, your cyber insurance should offer coverage for preventative measures and remedy services.
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Types of business insurance to consider
Some types of business insurance are required by state law, but the specific rules and regulations vary state to state. Here are some of the most common types of commercial insurance:
- Workers compensation insurance
- General liability insurance
- Professional liability insurance
- Product liability insurance
- Cyber insurance
- Commercial property insurance
- Home-based business insurance
- Business owners policy (BOP)
- Equipment breakdown insurance
- Commercial auto insurance
From protecting employees who travel via company vehicle to maintaining proper cyber hygiene, there are many reasons you need business insurance. Talk to an independent Integrity agent today to find out what coverages listed are best for your business needs.
Integrity and the importance of commercial insurance
You need a partnership with an agent who has your back. Choose an experienced Integrity agent to help you navigate commercial insurance options. Your agent will walk you through different coverages and the benefits of business insurance.
This article is for informational, educational and suggestion purposes only. Implementing these suggestions does not guarantee coverage. If any policy coverage descriptions in this article conflict with the language in the policy, the language in the policy applies. For full details on Integrity’s business insurance coverages and discounts, contact your local independent agent.
Insurance Information Institute
U.S. Small Business Administration