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If you’re considering starting a small business, one of the major decisions you face is selecting the insurance coverage you'll need to protect yourself.

While I encourage you to seek the advice of an agent that specializes in business insurance, I believe the following “Insurance Basics Part 1” will give  you some basic information to ask the questions to get the answers for your specific business insurance needs.  Before you can make that selection, you’ll need to understand some insurance basics.

Most businesses need to purchase at least the following types of insurance:                

  • Property Insurance

  • Liability Insurance

Property Insurance – Property insurance compensates you if the property you use in your business is lost or damaged as the result of various types of common “perils” such as fire or theft. Property insurance covers not just a building or structure but also what insurers call “personal property,” meaning office furnishings, inventory, raw materials, machinery, computers and other items vital to your business operations. Property insurance can do more than protect your physical assets. It may also provide operating funds during a period when you are trying to get the business back on track after a catastrophic loss. Depending on the type of policy you have, property insurance may include coverage for equipment breakdown, removal of debris after a fire or other destructive event, some types of water damage and other losses.

Liability Insurance – Any enterprise can be sued. People may claim that your business caused them harm as the result of, for example, a defective product, an error in a service or disregard for another person’s property. Or someone may allege that you created a hazardous environment. Your liability insurance pays damages for which you are found liable, up to the policy limits, as well as attorneys' fees and other legal defense expenses. It also pays the medical bills of any people injured by your business.

There are two other important coverage's you may need depending on your business:

  • Business Vehicle Insurance

  • Workers’ Compensation Insurance

We'll  cover these coverage's in the next “Insurance Basics Part 2” blog. Once you have an understanding of the types of insurance available, you and one of our business agents can discuss  customizing your coverage's to meet the specific needs of your business.

Call us if you'd like to know more  or would just like a little help about how to protect you business contact us at (920)898-5731 


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