Contact us

646.504.6961

Send us an email!

Contact details:

Message:

Your message has been sent successfully. Close this notice.

Car insurance Quote

Contact details:

Your car:

Your Quote Form has been sent successfully. Close this notice.

Business insurance Quote

Level of protection: $

Contact details:

Your Quote Form has been sent successfully. Close this notice.

House insurance Quote

Your house:

Contact details:

Your Quote Form has been sent successfully. Close this notice.

ChildcareQuote

Your Quote Form has been sent successfully. Close this notice.

Nail Quote

Has any product, work, accident, or location been excluded, uninsured or self-insured from any previous coverage?

Yes No
Your Quote Form has been sent successfully. Close this notice.
5 months ago · by · 0 comments

Choosing Business Coverage: The Goldilocks Method

Please follow and like us:

business coverage

One bed was too small. One was too big. Goldilocks didn’t rest until she found just the right size.

It’s crucial that you do the same for your commercial insurance coverage. A variety of policies are available, and yours should be customized to suit the needs of your business. These needs are different depending on whether your business is home-based, small, medium, or large. Your agent can walk you through the many options to determine what is best for your company. Use the following overview to get started.

Home-Based Businesses

These companies are based out of the owner’s home and typically have zero to one additional employee on the payroll. This scenario is extremely common, as many businesses start out this way. Often, the business enjoys success, grows, and relocates to a commercial setting.

In the meantime, it’s important to have appropriate insurance coverage while the business is in the home. Too often, owners assume their homeowner’s policy will cover their home-based business. This coverage may offer some protection, but it will not necessarily provide the full coverage you need. It’s important to discuss the operations of your business with your agent to determine whether you need additional limits or a commercial policy.

Small Businesses

A small business is loosely defined as one that employs fewer than 100 personnel and generates annual revenue of less than $5 million.

If this describes your business, you probably qualify for a BOP. This “business owner’s policy” combines several policies. It offers the basic coverages you need as a small business owner in one convenient policy. A BOP generally includes property insurance, general liability insurance, and business interruption insurance. Additional options are available to customize the policy further for your specific needs. This BOP provides adequate protection at an affordable rate.

Medium-Sized Businesses

If your business has outgrown baby-bear size but hasn’t reached papa-bear status, you are running a medium-sized business. This sized company typically employs more than 100 but less than 1,000 staff and earns annual revenues between $10 million and $1 billion.

Because your needs are different than those of small or large businesses, insurance providers generally offer specialized policies for medium-sized business. You may still be able to combine your property and liability coverage, but you may also need extended coverage for equipment or multiple locations. Your agent can review the specifics of your business to customize a policy that offers just the right coverage for your company’s needs.

Large Businesses

Most businesses that have more than 500 employees are considered large businesses. Their revenues vary based on the type of business. What they have in common are multimillion-dollar risks. Many have risk management professionals on staff to assess these risks and develop plans to minimize them. An insurance professional can also assist with this task.

Large businesses often require multiple policies, and coverage must be tailored to the industry. Industry leaders often have greater liability risk. Factory-based businesses may have greater personal injury risk. Your insurance agent can customize your coverage to ensure your business has the protection it needs.

Comments

Not found any comments yet.

Leave a reply

Your email address will not be published, and your website url is not required.

Enjoy this blog? Please spread the word :)