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Get to Know Insurance: Business Insurance Part One

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Our goal with our blog is to educate our followers on the many aspects of insurance, exciting stuff right? While it may not be all that exciting, we believe that it is extremely important and valuable information. Insurance isn’t something we hope to use, the old saying is “well, you got your money’s worth.” The policies and products we sell certainly provide a tremendous amount of value, but we still hope that you never need it. That’s the conundrum of insurance, it’s one of a very small number of products we buy without the intention of using.

Insurance comes in many forms depending on what it is you would like to insure and, these days, it seems like you can insure just about anything. The most common types of insurance policies are for our cars, homes, healthcare, life insurance and businesses. Some of these policies are pretty straightforward but as the markets grow, so do our options. Those options can be overwhelming when shopping, or even when we’re not shopping, to evaluate. We’re constantly being marketed to, so it can be hard to know if we’re “getting what we pay for” or if what we’re seeing is just a marketing gimmick.


That’s why we’ve decided to start a weekly blog series called “Getting to Know Insurance” and this is volume one, part one. Over the next few weeks we will be going over the different types of business insurance options and how they are used. Insurance needs for businesses vary from business to business, generally companies within the same industry have very similar needs but even then, the needs of one business may be completely different from another.

Insurance for businesses is typically known as Commercial Insurance. As we said before, the insurance needs of a business depend on a few factors. First, the type of business determines a lot of coverage needs. Construction companies / contractors, retail stores, small businesses and professional services, like lawyers, doctors and accountants, all have different needs. A contractor may have hundreds of employees, they may have several subcontracting companies they regularly work with and their exposure to accidents is far greater than a small business providing a service like dry cleaning.

Almost every single business needs liability coverage of some kind. Even an online-only business selling a product will need liability coverage for the products they sell and the payment information they collect, which are just a couple examples. A retail store needs liability for their employees as well as the customers that visit their locations on a daily basis. If someone slips and falls on their property, including the parking lot, or is hurt by merchandise falling off a shelf, that business is liable.

There are many forms of liability insurance for businesses, too many to go over in just one blog post. Again, the liability needed depends on the type of business.  The best way to determine what kind of liability insurance you need is to sit down with one of our agents to go over your business so they can help you identify your insurance needs.

A business that owns any kind of automobiles, whether they’re for a delivery service, transporting clients or employees, or used to facilitate their business in any way needs business auto coverage. Business auto coverage is similar to personal auto coverage only it covers vehicles used to generate revenue or carry out operations, something most personal policies exclude. There are a few different types of auto coverage, depending on what the vehicles are used for, whether they’re leased, owned or rented, and how many drivers the company has.

Businesses also need to insure the property they have. Whether it’s property they own and operate their business on / from or the tools and equipment needed to complete their work. There are many coverages available for the various types of property businesses own to keep their operations going and they can typically be packaged together to keep premiums lower. In fact, most commercial coverages can be packaged together to keep billing and documentation simpler.

Today we’ve gone over liability, business auto and the various types of property coverages available for businesses. Next week we will go over Cyber Liability, Workers Compensation and Crime Coverage. This will be a three-week series before we start the next series for Nonprofit Insurance. We would love to hear your feedback and / or questions about insurance for businesses so leave a comment! We would also be happy to schedule a consultation or provide a quote for your business free of charge!

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