I Started My Own Business. What Insurance Do I Need?
October 18, 2022
Congratulations on starting your business! Whether in the professional services or consulting industries, retail, manufacturing, or construction, companies need business insurance. And having the right coverage can help protect you from expensive damage and lawsuits. As a business owner, you have plenty of options.
Common Types of Business Insurance
The type of business insurance your specific business needs does not have a simple answer. There’s not a one-size-fits-all policy to cover every situation. It depends on what your company does, its size, how long you have been in business, and several other factors. Also, the state where you run your business may have laws that require specific coverage. While the following list isn’t exhaustive, it provides an overview of some of the most common insurance types:
- General liability insurance. This type of business insurance is for companies of all kinds. It protects against financial loss from bodily injury, property damage, and medical expenses. It also protects against libel, slander, and lawsuits.
- Cyber insurance. Protect valuable data and infrastructure from internet-related threats. Nearly every company today relies on information technology to conduct business.
- Product liability insurance. This coverage can help protect against claims of property damage or bodily injury from your products.
- Professional liability insurance. In cases of errors, negligence, and malpractice, this coverage protects against financial loss.
- Commercial property insurance. Businesses with significant property and physical assets may consider this insurance to protect against property loss and damage.
- Home-based business insurance. As a rider, you can add this coverage to a homeowner’s insurance policy. Once in place, it protects a small amount of business equipment and liability coverage for third-party injuries.
Additionally, commercial umbrella policies can add additional coverage beyond your other liability coverage limits. That means the umbrella policy can take over when you reach your other coverage limits.
Steps for Selecting Business Insurance
To determine the right type of business insurance, first, identify your risks. Think about natural disasters, lawsuits, or accidents that could damage your business. The following are three other steps to take:
- Find a reputable insurance broker to work with. Brokers, like Cell Brokerage, have the experience and resources to help you find the right policy to meet your needs. Also, they can help confirm your identified risks and provide information about others you may not have considered.
- Look at different policies. Benefits and prices can vary depending on coverage. Take time to compare benefits, rates, and terms.
- Reassess annually. As your business expands, your liabilities will grow. Contact your insurance broker to discuss changes and how they affect your coverage.
Explore Your Business Insurance Options
As a new business owner, it’s vital to be protected. Be proactive and talk to an experienced insurance agency about a business insurance policy with the proper protection. At Cell Brokerage, we help companies find the right coverage and maximize their policy dollars.
For more information, contact Cell Brokerage today at 844-440-4222.
Talk to an Insurance Pro
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