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What Level of Business Insurance Do You Need?

Kandace Heller

July 11, 2014

Time and money are the two most important resources invested in your business. There are ways to protect and segregate your personal assets from business liabilities and debts. For instance, you can consider setting up a limited liability company in which business assets and the owner’s personal assets are treated as separate entities.

Given the competitive nature of businesses, you could still be looking for an added layer of protection. In many cases, business owners find insurance to be the hedge that protects your venture from anticipated risks. However, it is important to select the right type and amount of insurance for your business to avoid paying a lofty premium.

Types of Business Insurance Policies

There are different types of insurance policies that offer different types of coverage for a business. For instance, you could apply for coverage against damages to your business office, factory, equipment or vehicles. Additionally, there are also business insurance policies that protect your business from criminal activities, such as employee fraud or theft. Other types of business insurance provide coverage to your company in the event of lawsuit.

General Categories of Business Insurance

According to About.com, there are several broad categories of business insurance:

Business Liability Insurance: Protects from property damages or bodily injuries when the insured is responsible

Business Property Insurance: Covers the insured from financial losses due to damaged or destroyed property

Automobile Insurance: Protects your business from damages caused by vehicles

Umbrella Insurance: Provides coverage for losses that are beyond the domain of other policies

Other types of coverage plans include business interruption insurance, group life insurance, worker compensation insurance and disability insurance.

Choosing the Right Level of Coverage

After selecting a suitable coverage for your business, you also need to determine the level of coverage that matches your needs. Some factors that influence the insurance premium you pay include:

1. Finding Adequate Coverage at the Right Price: Consult some of the most reputable providers and agents, and obtain their quotes. You can also look for insurance quotes online. If you are member of your trade organization, see if they recommend a suitable insurance provider.

2. Compare Insurance Policy Details: While different carriers may use similar names for insurance policies, the coverage may not be the same. As such, it is important to go through the terms and policies of an insurance policy in detail.

3. Solutions for Home-based Businesses: If you are a small home-based business owner, then chances are that your homeowner policy should be able to cover your business ventures. Get in touch with your insurance agent and find out what solution is best for you.

TSG Insurance for Commercial and Industrial Coverage

Thomson Schindle Green Insurance & Financial Services Ltd (TSG) is an insurance provider that offers policies to safeguard your business from unseen risks and hazards. Insurance plans provide coverage from third party losses for which you are legally responsible, damages to building, business income replacement due to losses incurred by the insured, damages due to theft or employee fraud, and surety, contract and miscellaneous bonds. You can even get help from Brooks Financial Planning to see where your business needs to go in the future in order to flourish.

Conclusion

Irrespective of the type of carrier you choose, it is important that you pay an adequate amount of insurance for your business needs. Protect your business today and enjoy that peace of mind!

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