What Type of Insurance Do I Need for My Small Business?

Businesses of all sizes need insurance to protect their owners, employees and assets. Small businesses may be tempted to forgo coverage, but one costly incident could have catastrophic consequences. Every business should have a robust insurance policy to prepare for the unexpected, such as theft, vandalism or natural disasters.

Common Insurance Options for Small Businesses
Insurance needs vary, but most businesses–regardless of size—should consider the following four types of coverage:

• Property insurance can help compensate a business if its property is damaged due to a covered incident. It may cover the business’s physical building or structure, furniture, inventory, raw materials, machinery, computers and other items critical to normal operations.
• General liability insurance can help pay for losses and/or medical bills if the business causes property damage or bodily harm to a third party.
• Business auto insurance can help cover costs for bodily damage or property damage resulting from an accident involving a company-owned vehicle. Coverage for an employee’s personal vehicle used for business purposes may also be available.
• Workers’ compensation insurance can help provide replacement income and medical benefits to employees injured or ill due to a work-related incident.

Should My Small Business Have a Business Owners Policy? 
Small businesses can also consider a business owners policy (BOP). A BOP is a business insurance policy usually reserved for small to medium-sized businesses. It typically combines property, general liability and business interruption insurance in one comprehensive policy. A BOP is also customizable to meet any small business’s insurance needs, and you can also add coverage such as cyber liability and equipment breakdown.

How Much Does Insurance Cost for a Small Business? 
The following are some of the key factors that influence the cost of business insurance:

• Industry and business type
• Business size and revenue
• Geographical location
• Claims history
• Coverage limits and deductibles
• Employee count and payroll
• Risk management practices

How to Get Business Insurance in Bethpage, NY 
Whether you own a startup or an established enterprise, having the right insurance coverage can provide the peace of mind and security you need to navigate the unpredictable business landscape. Contact James V. Funaro Agency today to discuss your business insurance needs. We are proud to serve Bethpage, Levittown and many other communities in New York.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.