Find the right coverage to suit your business.
Every business understands that it needs insurance. From protecting employees to rebuilding after a fire, insurance is there to cover your company when you need it the most. While it’s easy to head online and select the cheapest option available, every business needs individual insurance to cover their risks, assets, and budget. To get you started, here’s how to evaluate your required coverage whether you’re a small, big, or home-based business.
Home-Based Businesses
Typically, home-based businesses consist of one or no additional employees and have little revenue. Home insurance alone won’t necessarily cover your home-based business against business property loss or liability. Business insurance is needed to cover the equipment, your liability, and more.
Small Businesses
If you total less than a few million dollars annually and only have a handful of members of staff, you’re likely to be operating a small business. A standard small business policy, a Business Owners Policy (or BOP), is usually available for companies with less than 100 employees and revenues of up to about $5 million or less. This coverage can be tailored to your needs and budget while protecting the business.
Mid-Sized Businesses
A mid-sized company generates more income than a small business but does not have the workforce of a global business. For this sized business, you’ll need more coverage the more that your business grows, so it’s important to update your policies as revenue and staff increase. If your business owns expensive equipment or has locations in more than one state, you may also want to obtain special customized policies.
Large Businesses
If you have at least 500 employees, you may be considered a large business. With multi-million dollar risks, large companies need advanced commercial insurance. Even with a whole team dedicated to risk management, larger companies are more vulnerable to risks and threats. Insurance can step in to cover costs so that you can focus on thriving your business. You may need additional coverage, such as cyber liability insurance and directors and officers insurance.
Allow the professionals at Kurt Rolf Insurance Agency to secure the right business insurance for your growing entity! For information on how to save on your business insurance, contact the professionals at Kurt Rolf Insurance Agency, serving Minnesota, Wisconsin, Florida, South Dakota, and Arizona.
