Business Insurance for Entrepreneurs

If you have invented a better mousetrap and you are ready to bring it to market, get started on the right foot with the proper insurance coverage. The right insurance package can protect your business while also offering your business the flexibility to grow. Next steps can be difficult to predict. The right coverage provides a firm foundation but allows you to change your policy if your course changes.

Discuss your plan with your broker

Your business may be unique in many ways, but it also shares some similarities with other businesses. Your broker can help you identify the risks you might face and show you ways to mitigate those risks.

Service businesses need different types of coverage than storefronts, although there is also some overlap in coverage types you may need.

Liability coverage

Your business liability insurance forms the foundation of your coverage. Most businesses benefit from the following types of liability coverage:

– Bodily injury liability insurance: This coverage pays for injuries caused to others. Consider common risks, such as slip and fall accidents.

– Property damage liability: If the actions of you or your workers cause damage to someone else’s property, your business insurance policy can help pay for the damage.

– Service businesses should also consider professional liability insurance. This coverage, also called errors and omissions coverage, can pay for damages if the actions or inactions of your business cause a financial loss for others.

Business property coverage

Your business insurance policy can also protect your business property. This includes business real estate but can protect your business assets as well if you rent commercial space. Business property insurance protects supplies, equipment, inventory, and more.

Business auto coverage

If your business owns a vehicle or if you use a personal vehicle in some business applications, you may need commercial auto insurance as part of your business insurance package. Business auto coverage protects against unique risks but also offeres higher liability coverage limits then you typically find with a personal auto insurance policy.

Before you get started on your business venture, reach out to your broker to learn more about your coverage options.