Insurance
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I am looking for insurance for my small business. What do I need to know?
The type of insurance you need depends on the type of business you have. Here's a description of some of the main coverages. Not sure what you need? Don't worry. We will guide you through your options.
Health coverage/Employee Benefits
What information will I need to provide?
To get a quote for the proper coverage(s) for you or your business, you’ll need to have some basic information available. Here’s what you’ll need. Information needed also depends on coverage type.
General liability Coverage
General liability insurance covers third-party claims (claims made by others – not by you or your employees) of bodily injury or property damage. If someone gets hurt or their property is damaged or stolen and it’s your fault, general liability will cover the cost. Every business should have this basic coverage.
Life insurance
Life insurance provides essential financial protection for loved ones. In the event of the policyholder’s death, a lump sum, known as the death benefit, is paid out to designated beneficiaries. This coverage serves as a crucial safety net, replacing lost income, settling debts, and covering expenses. With various types of life insurance available, individuals can tailor their coverage to meet specific needs, offering peace of mind and financial security for the future.
Workers compensation insurance
Workers compensation insurance is usually mandated if you have employees, but you can also get it for yourself if you’re a sole proprietor. It covers medical costs and lost wages if an employee is injured or becomes ill on the job.
Business owner's policy
Business owner’s policy, or BOP, includes general liability coverage plus insurance for your business property. If you have tools, equipment (like computers), or office furnishings, you should consider BOP instead of general liability. You don’t need both.
Cyber security Policy
Cyber security insurance can protect you from the costs associated with a cyber incident, like a ransomware attack or a data breach. If you use computers, and who doesn’t accept credit cards or other electronic forms of payment, or collect customer data, you should have cyber security coverage.
Professional liability Policy
Professional liability insurance is also called errors and omissions or E&O insurance. It covers you if you’re sued for something you did that you shouldn’t have (an error) or something you didn’t do that you should have (an omission). If you provide advice to clients, you should have professional liability coverage.
What information will I need to provide?
To get a quote for the proper coverage(s) for you or your business, you’ll need to have some basic information available. Here’s what you’ll need. Information needed also depends on coverage type.
Basic identifying information, including your name, business name, address, phone number, email address, and website if applicable.
Whether you rent or own your location, its square footage, and whether it’s in your home. If more than one location.
The industry you are in, and the primary type of product or service you provide.
The type of business entity, such as an individual, sole proprietorship, 1099, independent contractor, partnership, corporation, etc. The date you started your business. The number of employees you have now, and the number you anticipate over the next year. Include full-time, part-time, and temporary staff. Depending on coverage chosen, your estimated payroll expense for the next 12 months.
Depending on coverage chosen, your estimated gross sales for the next 12 months and estimated gross sales from your largest single customer.
If you have all this information handy when you start your quote, you will be able to finish in just a few minutes. If not, you can always save your quote and come back to it later.
Once you’ve input your information in the request, an agent will immediately be assigned to assist you personally and answer any of your questions. And their information is available immediately to you once assigned. No guesswork. No multiple calls. One request-one agent-all your options! Your agents works on your behalf at this point. Gathering all the information needed to present the best options available. Then all you have to do is choose the option that best fits your needs and budget. Simple right? And your agent stays with you. Your first line of guidance and assistance. Not an 800 number, getting different people on the other end each call. Your agent is your insurance partner in your business. The way it should be. Much like the ongoing relationship you have with other trusted partners like your CPA. These relationships are essential to your small business success.
At any time, If you have questions about coverages or need to speak with someone about your options, your licensed agent (insurance partner) is always standing by to help.
