Download your business insurance checklist
Use the checklist with clients to review or shop for insurance.
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Use the checklist with clients to review or shop for insurance.
And yet the need is there. They may be required by law to carry workers’ comp insurance, or a contract might call for general liability insurance. And the threat of cyberattacks expands every day.
Here are three tips for you as you help your microbusiness clients make informed decisions about their commercial insurance:
Your clients’ business operations, structure, and industry all affect how much insurance coverage they need. Walk through your clients’ operations at least once a year with an eye on risk. This will help them think through changes they have made to their business that they should communicate to their insurance advisor.
Use our checklists for restaurants, property managers, and consultants and contractors to help your business.
A qualified insurance advisor can help business leaders determine the type and amount of coverage they need. Below are common types of insurance for small businesses:
Protects your business from another party’s claims of bodily injury or property damage.
Bundle general liability coverage with business property insurance in one convenient package.
Covers your business from actual negligence or claims of negligence related to professional advice or services.
Often required by law. It covers employee workplace injuries and workplace illnesses, including medical costs and lost wages.
Covers immediate costs and lawsuits to minimize impact to your business operations should a cyber-attack occur.
Covers the vehicles that you use for your business and the people who drive them. Similar to personal auto insurance.
A promise by a surety company to pay a first party if a second party fails to meet its obligations, such as fulfilling the terms of a contract.
There are 33.2 million small businesses in America, which combined account for 99% of all U.S. businesses. Of these small businesses, 27.1M (84% of all US businesses) are run by a single owner and have no employees. These so called ‘microbusinesses’ make up the largest group of the commercial sector, yet many of these business owners may feel like no one is meeting their insurance needs. Traditional insurance agencies often favor larger organizations that garner higher premiums and profits with the same amount of work.
Insurance conversations happen all year round. Stay in the commercial insurance conversation by subscribing to the CoverHound monthly newsletter for financial professionals:
