Business Owner Insurance

What Is It?

Business insurance is a method of risk management that transfers some risks of losses by the business to an insurance company through a periodic premium payment.

While insurance is necessary for any sized business, it can be especially crucial for small business owners. Many small business owners have their own personal financial well-being tied up in the company. Without proper insurance, small businesses are susceptible to events that can interrupt business functions, cause financial losses, or even bankruptcy.

While a large company might have one or more people devoted to risk management and purchasing insurance, at a small business that often falls to the business owner. Working with an insurance agent, a small business owner can determine what potential liabilities are and tailor insurance needs to those liabilities. The type of business and its associated risks factor into how much insurance a business might need.

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Business

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What Are The Different Types?

There are several types of business insurance. A business might purchase many different types or bundle them into a Commercial General Business Liability plan.

Liability

Liability insurance comes in two forms: general liability and product liability. General liability refers to business-related injuries suffered by employees or customers that are determined to be caused by a company’s negligence. Product liability occurs when merchandise is defective or services are poorly performed.

Property

Property insurance covers losses incurred due to theft, physical damage or other events that disrupt operations.

Workers Compensation and Disability

In most states, businesses with employees are required to pay for workers compensation and sometimes also disability insurance.

Vehicle

Just as individual car owners need insurance, so does a business that owns any vehicles.

Loss of Key Employees

Businesses can be covered in the event of the disability or death of an essential employee.

Business Disruption

With the rise of e-commerce comes business disruptions from hackers. Similarly, a brick-and-mortar business might need this type of coverage to pay its costs while the business is interrupted.

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Lakewood, CO 80227