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Your business insurance should cover every possible risk for your operation. It may surprise you that as a basic calculation, the entire range of business insurances, including commercial liability, commercial property insurance, health insurance for employees, workers’ compensation, and other insurances should be budgeted at about 20 to 30 percent of expected gross sales. Smaller businesses can expect to budget far less.
Every industry, and every business is unique, and business insurance should be custom-tailored to suit the needs of the company.
The type of business insurance you purchase will reflect the size of your activity, number of employees, your facilities, vehicles, and the value of all your business assets, along with the inherent risks in your industry. Smaller businesses can invest in a general business insurance policy. The right policy will cover a range of risks, including injuries to customers, vendors, or others, damage to another’s property, and pay the cost of defending against lawsuits, up to the policy limits. Larger operations will require a more comprehensive set of insurances, which could include:
When choosing your business insurances, the reputation of the insurance company is important. A great online offer may not be the best way to find a provider you can trust to come through when you need it. It is always advised that you work with an insurance agent who understands what you do and can advise you about the coverages you need. A professional can search for the most affordable business insurance policies on the market that offer the best coverage. Connect with our local agent for a customized approach to business insurance.Filed Under: Business Insurance | Tagged With: Business Insurance