Everything you need to know about insurance basics, like coverage types, limits, cost and more.
5 Tips for Buying Small Business Insurance
You’re a business owner — and for that, you should feel proud and accomplished. One of the most important decisions you’ll make is buying business insurance. After all, it can help to protect your business from unexpected costs due to accidents or damage to your business property. The more you know about your coverage options, the better you can protect your small business.
Our five tips for buying business insurance will help you better understand what you need — in order to best protect the dream you’re working so hard for every day.
4. Determine What Coverage Your Small Business Needs
Your agent will be key in determining what insurance coverage is right for your business, but it’s important to know what the common small business coverages are and how they protect your business. Not having the right coverage down the line can put your entire business at financial risk, so be prepared and make sure your business has the coverage it needs.
Below are some coverages you’ll likely need as a small business owner. There are even more types of business insurance coverage that can help you protect your dreams, though. Learn about other common types of business insurance coverage solutions.
If your business is located in a building you own and it is damaged, property coverage works hard to help you regroup and restore. This coverage will also help cover the loss of income and extra expenses you incur while repairs are being made.
Business personal property coverage
Personal property coverage makes sure the equipment that drives your business — computers, copiers, tools, etc. — is protected in the event it is stolen or damaged due to a claim.
Business liability protection
Accidents happen. This coverage provides protection if a customer is injured at your business. For example, your business will be protected if a customer trips and falls at your business and incurs hospital expenses.
Commercial liability umbrella policy
This policy adds another layer of protection to your primary business liability coverages — by giving you extra security against legal and financial incidents that could jeopardize your business dream.
5. Get an Annual Insurance Review for Your Small Business
As your business grows, your insurance needs change. And those shifts in finances — especially when profits are on the rise — should be updated and reflected in your business insurance policies every year.
Annual insurance reviews help ensure you’ll always have the right coverage for the needs of your company. And by keeping a close eye on your evolving insurance needs, you’ll be better prepared for the unexpected and unplanned.
Protect Your Small Business with American Family Insurance
American Family knows small business. We’ve been protecting businesses like yours for more than 40 years. We’ll not only provide you quality business coverage, but also be by your side with insights and advice that can help your business avoid risk.
Take the first steps in protecting your business from the unexpected. Talk to an agent and get a quote today.