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Business Insurance

Customer-friendly BUSINESS Insurance choices

Many business owners are unsure of what type of coverage they are legally required to have and what they can do to cut down on their insurance costs.

Coverage Minimums

The amount of coverage that is considered legally the minimum varies between states and the kind of business being insured. The bigger the business and the more potential risks there might be, the more coverage will be needed. At the bare minimum, most owners of a business should have at least property, casualty, and general liability insurance. If your business has employees, then you will likely need some kind of group health insurance and workers’ compensation coverage. If vehicle for business use are purchased or if private cars are utilized for your business, you will need to also purchase a commercial auto policy as well.

The Risk of being Underinsured

Many business owners are under the mistaken impression that by lowering their total coverage they can safely and easily cut their costs. This might be true until the need for your insurance actually arises. Should any accidents or injuries occur, the business owner will likely rue the day he or she cut those costs. Meeting only the minimum requirements could turn a minor problem into a costly ordeal. Once the minimum coverage amounts are reached, the owner’s own finances or the company’s assets can be threatened depending on the kind of business.

Better Ways to Lower Costs

One of the least problematic ways to decrease costs without the sacrifice of coverage protection, is to choose a business owner’s policy, aka a “BOP.” BOPs are designed with the concept of bundling all forms of necessary business coverage all together at one, discounted price. As the business changes and the insurance change with it, the policy can be amended and altered to meet new risks or to contain costs on past risks that matter no longer. Business owners should really take the time to ensure that they have a proper and comprehensive policy before even thinking of opening their doors to the public or taking on clients.

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