Recently, a frantic call was taken from a woman who was starting a medical billing business and had signed a lease for a small office. A friend, who happened to own a courier business, had shared information about her insurance premium costs with our frantic friend, and she wanted to know why office insurance was so expensive.
After calming down, she and the insurance professional discussed the business renters insurance options available to the new entrepreneur.
The first fact discussed was that every business is going to have different needs, risk, and exposure. Her friend with the courier service had a number of employees and company vehicles, so naturally her coverage would be different then a single owner start up company.
Every business needs a combination of liability insurance, business property insurance, and workers or employee insurance. The discussion included business owner’s policies insurance coverage, commercial umbrella policy, boiler and machinery or equipment breakdown coverage, commercial vehicle insurance, Professional and many different options.
As you read this, much like the no longer frantic caller, you’re probably recognizing there are many options available to business owners.
Working with your licensed insurance professional, let them guide you through the coverage options available to you now, and as your business grows.
Make sure you are totally honest with your agent regarding the assets of your business, how much travel will be involved from driving to flying, and a review of any lease you be considering. Together, you will create an commercial insurance package that works for you.