How to Find Coverage to Match Your Business Size

13 Apr How to Find Coverage to Match Your Business Size

Whether you have a small, global or home-based business, you’ll need insurance to suit your needs.

All businesses know that to remain protected in this ever litigious and dangerous world, insurance must be acquired. The primary question is how much coverage you’ll need to protect you – without being a costly burden. As no two businesses are created equally, you are unable to purchase a one-size-fits-all policy.

First, consider the following:

• The industry you’re in
• The amount of property you would have to replace in the case of loss
• Total number of employees
• Total sales and payroll
• Government and state insurance and bond requirements
• Professional liability requirements

Secondly, sit down with a business insurance professional to determine what coverage you’ll need.

Home-Based Businesses

Working in the luxury of your own home can be a joy. If your home-based business consists of one or no additional employees with little revenue, don’t assume that you won’t need insurance coverage. Home insurance alone won’t necessarily cover your business against loss or liability. Secure insurance to cover equipment, liability, and more.

Small Businesses

If your company totals less than a few million dollars annually with only a handful of employees, you’re likely to be operating a small business. A Business Owners Policy (BOP) is usually available for companies with less than 100 staff members and revenues of up to $5 million or less. Coverage can be tailored to your needs and budget while protecting the company.

Large Businesses

If your business has over 500 employees, it may be considered a large business. With multi-million dollar risks, big business need advanced commercial insurance. Although there may be a team dedicated to risk management, insurance is a wise investment for any company, large or small. You may want to consider additional coverage, such as Cyber Liability Insurance and Directors and Officers Insurance.

Don’t wait until your business is at risk to find out that your coverage is insufficient. Start by talking to a professional agent at KSD Insurance Agency to secure reliable business insurance. We serve business owners in Illinois, Wisconsin, and Indiana – Contact us today to get started!