WEDNESDAY, MAY 19, 2021
Small businesses can range from a single business owner/employee all the way up to 100 employees. No matter the size, insurance is a necessary expense to offset the potential high costs associated with many covered events that lead to repairs, medical expenses, etc. Different businesses have different needs and it’s recommended that you call an independent insurance agent to help you choose and secure the appropriate policy. Popular small business insurance options include the following types of policies: 
Policy Rider: A home-based business operated by a single person, such as a tax accountant, can simply purchase a rider (also called an endorsement) on his or her homeowners policy that generally extends the business’ property coverage from $2,500 to $5,000. This is a good choice for businesses that don’t own a lot of equipment or necessitate many business-related visitors.
In-Home Business Policy: Some home-based businesses require expensive electronic equipment that exceeds the value of many policy riders. The owners of these businesses can purchase an in-home business policy, which typically extends property coverage to $10,000 and includes liability coverage (offered in preset increments up to $1 million), which is not an option with a policy rider.
Business Owner’s Policy (BOP): This policy is best for small businesses not located in a home. It combines the most necessary coverages into one policy to offer comprehensive protection. Most policies include property and liability coverage, but are also customizable with a variety of other common coverages, such as loss of income, medical payments, equipment breakdown and data breach coverage. Commercial auto insurance and worker’s compensation will likely need to be purchased separately, if needed by the business.
An insurance agent can evaluate the unique needs of your business and help you decide on the necessary coverages in order to offer you the best protection for the lowest price.
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