Insurance for Your Business

As a business owner, you’ve worked hard to make your dream a reality. But you know that your hard work doesn’t end here. In fact, it’s just getting started.

Now that your business is up and running, it’s time to protect your dream with the right insurance coverage. But you probably have questions. Maybe you’re even wondering why you need insurance, or what types to consider. We’re here to help clear up any confusion and get you in the know about how you can best protect your business.

What Does Business Insurance Cover?

Accidents happen. And that’s where business insurance comes in. It protects the finances and future of your business when the unplanned happens.

When it comes to finding the right insurance for your business, the insurance you need depends on the type of business you have. Here are just a few of the coverages any business should consider:

General liability. Accidents happen — even at work. Make sure you’re protected from any bodily injury, property damage coverage and/or personal and advertising injury expenses that arise from your business operations.

Business personal property coverage. Make sure the equipment that drives your business — computers, copiers, tools, etc. — is protected too.

Building insurance. Ensures the building you operate your business in is covered.

Business auto policy. A business auto policy gives you that much-needed liability, collision and comprehensive coverage your business vehicle needs.  Learn more about the differences between a commercial auto policy vs. personal.

Commercial liability umbrella policy. This policy adds another layer of protection to your primary business liability coverages by giving you extra security against legal and financial incidents that could jeopardize your business dream.

But that’s not all. There are many other types of coverage that can protect your business. Take a look at more types of business coverage American Family Insurance offers.

Is Insurance Required for My Business?

It depends on the state you live in and your product, but most states require that you at least have workers compensation coverage. Though it may not be required, having business insurance is one of the smartest things you can do for your business, since it protects everything you work hard for. Imagine if you lost all of your inventory in a fire or your building was destroyed. It’d be expensive covering the cost to repair or replace damages. Business insurance gives you peace of mind that you can keep your business goals on track.

How Do I Get Business Insurance?

When shopping for the right business insurance, knowing where to begin the process goes a long way in finding the best coverage. The Insurance Information Institute lists these recommendations:

• Assess your risk, including all business property, inventory and equipment.
• Talk to an insurance professional who knows your industry.
• Compare rates, using comparable coverages, endorsements, exclusions, limits and deductibles.
• Evaluate insurers, making sure they are reputable, licensed and in good enough financial condition to pay claims.
• American Family offers loss control articles, checklists and guides to help you implement a risk management program that minimizes losses from fires, theft and injuries.
• Review your risks and insurance needs at least annually.

Limited Home Business Coverage

Do you run a small business from your home? We have coverage for that, too. Our home business insurance coverage is an optional coverage you can add to your homeowners insurance policy to safeguard your investment. Learn more about home-based business insurance.

The right business insurance can protect your building, your property, your vehicles, even your reputation. Without it you could be putting your business, and your dreams, at risk. Have any questions about insurance for your business? Check in with an American Family agent (Opens in a new tab) to find out how you can best protect everything you work so hard for.