Every business should be insured, but as a first-time business owner, you may find it hard to navigate through the maze of plans and providers. Speaking with fellow entrepreneurs is a good start, but commercial insurance agents are familiar with a wide range of business needs, and can provide insight into what’s best for your company. Here are four tips from insurance agents for small business owners:
Start with a business owner’s policy
For affordable, broad-spectrum coverage for your new business, it’s best to start with a business owner’s policy (BOP), said Judy Coblentz, chief underwriting officer at Travelers Insurance. This type of policy combines both property and general liability insurance, and typically covers events that cause suspended operations, property damage or lawsuits. Depending on the type of business you own and the number of employees you have, you may need additional specific types of insurance, but a BOP will at least provide basic protection from common business losses.
“It’s important that small business owners have a conversation with an insurance agent about what a BOP policy does and does not cover, and determine whether the business’s needs call for additional coverage [types],” Coblentz told Business News Daily.
