How Can My Small Business Benefit from a Policy with Connect Insurance?
Every business, big or small, needs insurance to protect its assets and resources. Small business insurance can cover damages stemming from accidents, natural disasters, professional errors, workers' compensation claims, and more. Working with Connect Insurance can help you identify the best policy for your needs besides obtaining business insurance.
Types of Business Insurance
A business insurance policy (BOP) is the popular policy you'll encounter in every insurance quote for business owners. It features three types of coverage; business property insurance, general liability insurance, and business interruption insurance. Each has unique merits and shortcomings. Businesses can also purchase additional coverage to customize the policy based on specific needs. Popular types of small business insurance include:
1. Business Property Coverage
This popular insurance policy for small business owners pays for property damages like roof repair/replacement in case of fire. The insurance will also pay for office computers, furniture, machinery, artwork, and other items. Some carriers list the policy as commercial property insurance. It protects owned/rented physical buildings and the equipment/tools therein.
2. General Liability Coverage
Some policies also list the general liability coverage as a commercial general liability (CGL). It protects the business from claims of personal injury, bodily injuries, and property damages made by others. If a person slips or gets injured at your business and breaks their laptop, the general liability coverage will pay for the provable medical bills and property damages. Some policies can also cover libel and slander claims.
3. Business Interruption Coverage
Business interruption coverage or business income insurance is another standard insurance policy for small business owners. The BOP covers your lost income if the business cannot operate because of covered damage, such as fire, wind, and theft. Business interruption coverage will pay for lost income and other expenses, such as the cost of renting a temporary office after a peril.
Other Small Business Insurance Policies
Small businesses may require additional coverage as they grow. The best business insurance providers have many policies customizable to the policyholder's demands. Simply talk to your agent to determine the specific business insurance needs. Typical insurance coverage for small business owners features several extras, including:
- Errors and omissions insurance/Professional liability insurance
- Data breach/compromise insurance
- Business/Commercial auto insurance
- Equipment breakdown coverage
- Workers compensation insurance/ Employment practices liability coverage
- Outdoor property coverage
Small Business Insurance Cost
Insurance for small business owners has no standard pricing. Each company has unique needs, and owners usually go for a custom small business insurance policy. The cost will vary depending on many factors, including:
- The kind of business insured
- Optional coverage chosen
- Deductibles and limits set for each coverage
Businesses will pay for the coverage included in the policy, and some risks require higher amounts. You can request a small business insurance quote to review the different policies. Make sure you involve a specialist from Connect Insurance to help figure out what needs coverage and customize the quote to those specific needs.
Working With an Independent Agent
An independent agent can help you obtain small business owner insurance and a quote customized to your needs. There are many reasons why you should work with independent agents instead of handling everything alone. An agent can help you:
- Shop Around: Independent agents work with many insurance companies and can get you the best BOP for your risks.
- Save Money: The agents aren't tied to a single company, so you can choose from different prizes to save more on your quote.
- Become the Priority: Independent insurance agents are advocates for customers and don't follow the stringent requirements of a single company.
- Get Professional Advice: An independent insurance agent will help you understand the different risks and policies, including deductibles and limits, to make informed decisions.
Engaging a professional is critical if you seek insurance policies for your small business. Don't navigate the process alone; work with Connect Insurance professionals to find out more about obtaining business insurance and quotes. We're based out of Mansfield, TX.
Small Business Insurance FAQs
1. What type of insurance is sold to small business owners?
Small business owners can purchase a BOP (business owner policy) which features different liabilities and coverage. The insurance can pay for accidents, natural disasters, professional errors, product liability, workers' compensation, and optional extras.
2. What is covered under a business owner's policy?
A business owner policy has three main types of coverage; business property insurance, general liability insurance, and business interruption (lost income) insurance. Refer to the section above for what each coverage entails.
3. What are the 4 types of business insurance?
General Liability Insurance, Commercial Property Insurance, Business Income Insurance, and Professional Liability Insurance are the four popular types of business insurance. Product liability is another coverage that makes up the top five small business insurance.