How To Match Your Insurance To Your Business
If you have a home-based business, a small business or a worldwide business, read closely about how to select the right coverage for your company. Choosing the right type and amount of insurance for your business can be tricky at times. This is why we created InsuranceHub. We help match your business with the appropriate coverage.
How do we do that? First, we help you answer these questions:
- What type of business are you in?
- Where is it located?
- Do you have employees?
- How many employees?
To get you started, we offer the following definitions to describe the 4 most common business sizes:
- Home business
- Small business
- Mid sized business
- Large business
Are you a home based business? It’s a fact that many successful business launches start at home. Thankfully, you still recognize the importance of insuring your business, even though 6 out of 10 home business owners don’t! Every business should be insured against risk. Your standard homeowners insurance will simply not be enough. If you work at home and have less than 3 employees, then here are some options to insure your home-based business. Remember to protect your liability!
How can you tell if you have a small business?
- Is your business independently owned?
- Do you have less than 50 employees?
- Are you doing under $5 million dollars in business?
Then congratulations, you have a small business. You might want to look at a BOP or Business Owners Policy. While you may need customized insurance to cover your specific niche of business, your insurer probably offers a standardized small business policy that allows you to affordably protect your company against the most common risks.
How can you tell if you are a mid-sized business? Here are a few questions to answer:
- Is your small business is growing?
- Do you have more than 50 and 1,000 employees?
- Do you have an annual revenues between $10 million and $1 billion dollars?
If you answered yes, then you have a mid-sized business. The good news is that InsuranceHub has has special policies designed specifically for you that combine property and liability coverage. Be sure to tell us about any special equipment that you have and any locations that you might have in more than 1 state.
Typically, large businesses have at least 500 employees. Since they have multi-million dollar risks, they need commercial insurance that is customized to meet their specific needs.
Large companies usually have employees dedicated to risk management
- Analyzing potential causes of accidents or loss
- Recommending and implementing preventive measures
- Devising plans to minimize costs and damage
To manage your risk, you have to know what kind of business you have to get the proper insurance coverage. Whether you are a home-based, small, medium or large business, InsuranceHub is at your service to help you protect your best interests. Contact us today so that you can get the proper coverage.