Coverage Options Based on Your Business Operations
Small business insurance is a general term for the commercial policies used to address a company’s property, liability, employee, vehicle, equipment, and operational exposures. It is not a single type of insurance policy.
The appropriate combination of coverage depends on the nature and size of the business, its locations, employees, property, vehicles, services, and contractual requirements.
Common Small Business Coverages
Depending on the business and its eligibility, an insurance program may include:
- General liability insurance
- Commercial property insurance
- Business income coverage
- Workers’ compensation insurance
- Commercial auto insurance
- Commercial inland marine insurance
- Commercial excess liability insurance
- Other coverage appropriate for the company’s operations
Each policy addresses different exposures. Coverage availability is subject to carrier guidelines, policy terms, and underwriting approval.
Business Owner’s Policy
Certain eligible businesses may qualify for a Business Owner’s Policy, commonly known as a BOP. A BOP may combine:
- Commercial property insurance
- General liability insurance
- Business income coverage
A BOP does not automatically include every coverage a business may need. Workers’ compensation, commercial auto, inland marine, excess liability, and other specialized coverages generally require separate policies or endorsements. BOP eligibility may depend on:
- Type and size of business
- Annual revenue
- Number of employees
- Property values
- Business location
- Off-site operations
- Claims history
- Requested limits
- Carrier underwriting requirements
Examples of Small Business Exposures
Commercial insurance may be relevant when:
- A customer is injured at a business location.
- Equipment, inventory, or furnishings are damaged by a covered event.
- A covered property loss temporarily interrupts operations.
- An employee experiences a work-related injury.
- A company-owned vehicle is involved in an accident.
- Tools or equipment are damaged or stolen away from the primary location.
- A covered liability claim exceeds the limit of an eligible primary policy.
Whether a loss is covered depends on the applicable policy, endorsements, limits, exclusions, and circumstances of the claim.
Reviewing Coverage as the Business Changes
A company should review its insurance program when it:
- Hires employees
- Purchases vehicles or equipment
- Opens or closes a location
- Adds products or services
- Begins operating in another state
- Enters into contracts with new insurance requirements
- Increases revenue, payroll, or inventory
- Changes its ownership structure or operations
Information Commonly Requested
A business may be asked to provide:
- Description of operations
- Ownership and business structure
- Years in business
- Annual revenue and payroll
- Number of employees
- Business locations
- Property and equipment values
- Vehicle information
- Use of subcontractors
- Prior insurance and claims history
- Contractual requirements
- Requested limits and effective date
Request a Commercial Insurance Review
Helga Rivera Insurance works with small business owners to understand their operations, review their current coverage, and evaluate available commercial insurance options.
Request a Commercial Insurance Review Call (571) 743-0156
Insurance availability, pricing, limits, coverage eligibility, and the ability to bind coverage are subject to carrier guidelines, application requirements, policy terms, risk characteristics, and underwriting approval.
