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What Is Business Insurance?
Business insurance protects you against the financial losses that your business can experience as a result of a wide range of events. Business insurance includes many types of coverages that you purchase separately in order to protect your business and its assets against any or all of the following:
Many states require businesses to purchase certain types of business insurance. Companies may choose to buy other types of insurance based on their structure, risks, and specific needs. An insurance agent can help you decide which coverages to purchase and guide you through the purchase, renewal, and claims processes as necessary.
Standard Business Insurance Policies
Most small businesses need to purchase at least the following four types of insurance.
Property Insurance
Property insurance compensates a business if the property used in the business is lost or damaged as the result of various types of common perils, such as fire or theft. Property insurance covers not just a building or structure but also what insurers refer to as personal property, meaning office furnishings, inventory, raw materials, machinery, computers and other items vital to a business’ operations.
Liability Insurance
Any enterprise can be sued. Customers may claim that the business caused them harm as the result of, for example, a defective product, an error in a service or disregard for another person’s property. Or a claimant may allege that the business created a hazardous environment.
Business Auto Insurance
A business auto policy provides coverage for autos owned by a business. The insurance pays any costs to third parties resulting from bodily injury or property damage for which the business is legally liable, up to the policy limits.
Workers’ Compensation Insurance
In all states but Texas an employer must have workers’ compensation insurance when there are more than a certain number of employees, varying from three to five, depending on the state. Workers’ comp insurance, as this coverage is generally called, pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury.
Other Types of Business Coverages
You may also wish to purchase one or more of these business coverages.
Errors and Omissions Insurance/Professional Liability
Some businesses involve services such as giving advice, making recommendations, designing things, providing physical care or representing the needs of others, which can lead to being sued by customers, clients or patients claiming that the business’s failure to perform a job properly has injured them. Professional liability insurance protects the business from financial loss (up to the policy limits) as the result of these lawsuits.
Employment Practices Liability Insurance
Employment practices liability insurance covers (up to the policy limits) damages for which an employer is legally liable such as violating an employee’s civil or other legal rights. In addition to paying a judgment for which the insured is liable, it also provides legal defense costs, which can be substantial even when there has been no wrongdoing.
Directors and Officers Liability Insurance
Directors and officers liability insurance protects directors and officers of corporations or not-for-profit organizations if there is a lawsuit claiming they managed the business or organization without proper regard for the rights of others.
Key Employee Insurance
Life or disability income insurance can compensate a business when certain key employees die or become disabled. These coverages cushion some of the adverse financial impact that results from losing a key employee’s participation.
Umbrella Policies
As the name implies, an umbrella liability policy provides coverage over and above a business’s other liability coverage. It is designed to protect against unusually high losses. It provides protection when the policy limits of one of the underlying policies have been used up.
Frequently Asked Questions
Learn more about auto insurance by exploring the answers to common questions, and then contact us for additional information.
- Look at quotes side-by-side
No more contacting multiple carriers to get comparable quotes. As a one-stop shop for insurance coverage, our experienced team gathers the very best deals for the customized coverage you need so you can choose from among many competitive offers. Easy-to-compare quotes and tailored coverage make getting the right insurance easy.
- Consider more than price
As a full-service insurance agent, SafeGuard is committed to tailored insurance solutions. No more finding quotes that offer too much or too little coverage. No more comparing quotes based only on price. Our dedicated team finds the solutions you need so you can look beyond price to get total peace of mind.
- Is business insurance required by law in Texas?
With multiple competitive quotes to choose from, you can easily compare the benefits, discounts, and prices of each to find the very best deal. Our team uses our established relationships with carriers to get you the lowest rates and the most favorable discounts. All you have to do is consider your options to find the perfect insurance solution for you.
- What types of business insurance do I need?
The business insurance coverage needed varies from business to business. You should discuss your needs with your insurance agent. We work hard to help you find appropriate coverage for your specific situation.
- How do I save money on business insurance?
One of the most effective ways to save money on business insurance is to compare quotes and use a reliable agent who can help you get the coverage you require, without extraneous and expensive additional coverages.
- Reevaluate your coverage with life changes
Life happens. When it does, your insurance needs may change. What life changes may lead to insurance changes? Marriage, divorce, home renovations, purchasing or selling a house, starting a business, buying a luxury item or vehicle, getting a pet, and more. Here at SafeGuard, our professional team is ready to adapt your coverage at any time. Just give us a call!
- Weigh the benefits and discounts
With multiple competitive quotes to choose from, you can easily compare the benefits, discounts, and prices of each to find the very best deal. Our team uses our established relationships with carriers to get you the lowest rates and the most favorable discounts. All you have to do is consider your options to find the perfect insurance solution for you.
- Does business insurance cover my home if I own a home business?
No. Business insurance will not cover your home or personal belongings if you own a home business. You may need to purchase as separate homeowners insurance to protect your residence against damage, thefts, and other incidents.
- Does business insurance cover my vehicles?
Yes, if you purchase business vehicle insurance.
- What factors determine my business insurance premiums?
Many factors can affect how much you pay for your business insurance premiums. The size, condition, and location of your business, and the industry your company occupies can all influence the cost. Your insurance agent will help you navigate these factors to get coverage that works with your budget.
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