Small business, serious risk. Make sure you’re fully protected.
Small business owners have a lot on their plates, from ensuring that day-to-day operations run smoothly to implementing strategies to drive business growth. Sometimes, risk management falls by the wayside. Without an insurance strategy, a single disaster, lawsuit, or cyber incident could threaten everything you’ve built. Don’t settle for generic insurance. Protect your business with a tailored small business insurance package that precisely meets your needs.
Specialized Insurance Protection
Small businesses within the same industry share many of the same risks and regulatory considerations. An insurance partner who is experienced with your industry can help you access specialized carriers and tailored insurance programs to optimize your small business insurance coverage and rates.
Each Business Is Unique; So Are Its Insurance Needs
Your location, size, structure, industry, supply chain and customer types are all variables to consider when putting together a business insurance package. Most small businesses need multiple policies to cover their risks. Overlooking even a single coverage type could leave your business exposed to significant losses. A thorough risk analysis will uncover the policy types that are most important for your business.
Common small business insurance coverages include:
Employee Benefit Packages for Small Businesses
When you have employees, insurance isn’t just about managing your risks – it’s also about taking care of your team, supporting a positive workplace culture, and achieving your employee recruitment and retention goals with employee benefits.
Yes – employee benefits are important for small businesses, too. Many workers expect their employers to provide employee benefits. If you don’t, employees may not want to work for your company – at least not for long. You have to compete with larger companies for the best talent in your industry. Offering employee benefits is a critical part of staying competitive.
Fortunately, we make it easy. You can count on Mavrix for group health insurance and retirement savings plans.
Frequently Asked Questions
What type of insurance does my business need?
Most small businesses need commercial property, auto, and general liability insurance. Cyber insurance has also become important since most businesses depend on the internet and/or store sensitive data these days.
If you have employees, you many also need workers’ compensation insurance and employment practices liability insurance. If you offer professional services, you probably need professional liability insurance. You may need additional coverage types, too, such as directors and officers insurance. Reach out to us to discuss your coverage needs.
What’s the difference between general liability insurance and a business owner’s policy (BOP)?
Commercial general liability insurance is a standalone policy, while a business owner’s policy is a bundle that contains a few different coverage types.
- Commercial general liability insurance covers third-party claims involving bodily injury, property damage, advertising injury, or personal injury. If a customer sues you because they were hurt on your premises or someone accuses your business of defamation or copyright infringement, your commercial general liability insurance policy kicks in to help with your legal defense costs and any resulting damages, up to the policy limits. (It’s important to note that commercial general liability insurance doesn’t cover all types of lawsuits that could be filed against your company, such as those involving car collisions or employment decisions. That’s why you may also need other types of liability coverage.)
- A business owner’s policy (BOP) typically combines commercial general liability insurance with commercial property and business interruption coverage. For many small businesses, these are some of the most critical policy types, so a business owner’s policy provides an easy and affordable way to secure the coverage you need, all in one policy. Since different carrier’s business owner’s policies provide slightly different coverage types and combinations, it’s important to read your policy to find out exactly what your BOP covers.
Is business insurance a legal requirement?
Some types of business insurance are required by law. For example, most employers must carry workers’ compensation under state law. States may also mandate certain businesses maintain general liability insurance as part of the licensing requirements. Auto insurance is also a requirement under state law. Other types of insurance are often optional under the law, although they may be required under contract or business loan terms.
Can I bundle different insurance policies?
Yes, it may be possible to bundle certain business insurance policies. A business owner’s policy that combines property, general liability, and business interruption insurance is a common example. Other bundles may also be possible. In many cases, bundling coverage can help you secure more affordable premiums, which may also make the claims process easier because you don’t have to figure out which insurer is responsible.
How much does small company insurance cost?
Business insurance costs depend on a number of factors. Location is one issue. Property insurance rates tend to be much higher in disaster-prone areas, which may impact your premiums. Industry is another factor. Some companies have greater risks due to the nature of their business, meaning they pay more for insurance. Size is also important. As your company grows, you’ll have more assets to protect, more liability exposures, and more employees, which means more business insurance costs.
However, business insurance often isn’t as expensive as small business owners assume. Plus, it tends to be far less expensive than facing a loss without coverage. Reach out to us for a business insurance quote for additional details.
Why do I need multiple types of business liability insurance?
Many business owners mistakenly assume that their general liability insurance policy will cover them for everything. Unfortunately, this is not the case. For example, general liability insurance excludes claims involving auto collisions, employees, professional services resulting in financial loss, and executive decisions. Auto liability, employment practices liability, professional liability, and directors and officers insurance cover these risks, respectively. Likewise, cyber exposures such as data breach or cyber crime may also require a separate cyber liability policy.
The bottom line: Different types of exposures require different types of liability insurance, so it’s important to work with an experienced agent who can guide you through the process and explain the coverages you do and do not need.
Do you also provide personal insurance?
Yes! Purchasing insurance takes up precious time. By sourcing all your insurance from one partner, you’ll minimize the hassle.
We’ve got you covered with our one-stop insurance services. In addition to business insurance and employee benefits, we offer personal insurance. While you’re taking care of your business insurance needs, we can help you with:
Where can I find small business insurance agents near me?
Right here at Mavrix! Find an agent near you.