Business insurance: Understanding your options

Owning and running a business represents a significant investment. And, it only takes an accident, a natural disaster, or some type of business interruption for you to lose your business and all of your financial investment, not to mention the hard work that you’ve put into it. Business insurance can protect your business against risks such as fire, theft, and liability.

The type and amount of insurance coverage you need for your business basically depends on the its size, but insurers also take into account the type of business you’re running and its location. The size of a business is usually defined by its number of employees, total sales, and earnings. Sizes range from smallest home-based businesses to large companies with 500+ employees.

Insurance carriers offer a wide variety of coverage options including property, liability, workers’ compensation, and auto insurance. Depending on the type of business you run, your policy can be “customized” with additional coverage options.

Getting the right type of coverage

One popular option for small to mid-sized businesses is a “Business Owners Policy” or “BOP”. This is a prepackaged policy that is a combination of property, liability, and business interruption insurance. This package policy works best for businesses that have less than 100 employees and revenues of less than $5 million. You have the option of adding on coverage to suit your particular business situation. For example, you may be required by law to carry workers compensation insurance or may need additional auto insurance coverage on any of your business vehicles.

A BOP may not be the best option for larger companies because they generally have more risk due to increased revenue amounts and the number of employees. These businesses can opt to purchase a commercial package policy which can, again, be customized with additional insurance options to ensure that your company has the best protection.

Insurance solutions for your business

Running a business takes a lot time and energy. The last thing you need to do is spend added time and energy trying to find the right business insurer. Daniel Fraisse, independent insurance broker and agent, can take the hassle and frustration out of shopping around for business insurance. With more then 30 years of experience working with many of the major carriers, Dan is knowledgeable about all of the different types of coverage as well as the packaged policies.

Once he determines the needs of your specific business situation, he will compare and contrast different policies with respect to the features that they provide and the premium prices. He’ll work hard to get your business the best coverage for the most affordable rates.

Call or click today and let Daniel Fraisse starting working for you.