Every entrepreneur knows they need to protect what they have built with a good commercial policy. Unfortunately, far too many of them settle for more generalized coverage instead of getting industry-specific business insurance. Worst case, this can make a company vulnerable and leave its owner with major out-of-pocket expenses when a emergency occurs that is not covered by their policy. 

Fortunately, you can protect your own investment by choosing the right policy. Tailoring business insurance to your exact needs is a great way to protect what is most important without paying for anything you do not need. Ready to start paying less for more? Keep reading to discover how InsureOne can help you identify industry-specific risks and shape business insurance needs for the best policies! 

Why Industry-Specific Risks Matter for Business Insurance 

As an entrepreneur, you might think one-size-fits-all commercial policies will be sufficient for all your needs. Sadly, that is not the case because a policy only pays out in the event of a covered hazard. If something happens that is not explicitly listed in the fine print, then you will have to pay for it out of pocket. 

You do not have to settle for any generic plans, though. Once you know more about business insurance risks by industry and how risk assessment affects future plans, you can work with a reliable carrier to customize a plan suitable for your exact needs. 

Understanding How Risks Vary by Industry 

Business insurance risks by industry vary because no two companies are exactly alike. A restaurant, for example, will have to worry about liabilities, including customers slipping and falling or food poisoning, whereas a consulting firm that operates entirely out of the home does not. Meanwhile, a consultant working almost exclusively online will have to worry about things like cyberattacks, which a local restaurant generally does not have to worry about. The best way to obtain the specialized business coverage you need is to assess the unique risks that your own company faces. 

The Role of Risk Assessment in Insurance Planning 

The whole point of industry-specific business insurance is for you to have protection against the hazards your company is most likely to face. Therefore, you need to consider what your company is most vulnerable to, which may range from employee injuries to supply chain disruptions to property damage. Remember, a good carrier can help you make the assessments and help with tailoring business insurance to ensure maximum protection. 

Why One-Size-Fits-All Insurance Does Not Work for Most Businesses 

Specialized business coverage is important because it can be tailored to protect against threats you are most likely to face. A one-size-fits-all policy, by definition, will cover some of the risks you are likely to face but not others. That means you could be vulnerable to any number of uncovered hazards while effectively paying for other coverage you do not really need. 

Common Risks and Insurance Needs by Industry 

Now you know that specialized business insurance is so important because no two industries are exactly alike. However, that leads to an obvious question: Which risks are most common to which industries? 

Once you know the answer, it is easy to get the kinds of protection you really need. Below, you will discover the different insurance requirements for different industries. This will let you know exactly what policies to get to make your business as secure as possible. 

Construction: Liability and Workers’ Compensation 

Those in construction need business coverage that includes, at a minimum, liability, which can cover medical costs for those injured at your construction site and, if needed, your court costs, and workers’ compensation, which helps to support your own employees who may get injured on the job. Together, these two policies form a construction business coverage that can protect you from the most common perils. 

Healthcare: Malpractice and Cybersecurity Risks 

Those in healthcare need business coverage that includes malpractice, which pays for losses when someone accuses your business of providing substandard care, and cybersecurity, which may cover losses resulting from network breaches and system failures. Without this kind of robust healthcare business coverage, your company may be vulnerable. 

Retail and Hospitality: Property and Customer Liability 

Those in retail need business coverage that includes property, which helps pay for damage to your building and equipment, and customer liability, which helps pay for the medical costs to those injured at your business, as well as your legal fees. Without such retail business coverage, you could be a single accident away from losing your business altogether. 

Technology and Startups: Data Protection and Errors & Omissions 

Those in technology need business coverage that provides data protection, which protects against the loss of potentially sensitive company data, and errors & omissions, which protect against claims of your business offering negligent or inadequate work. From startups to large tech companies, modern businesses need these specific policies to provide the right protection. 

Manufacturing: Equipment Breakdown and Product Liability 

Those in manufacturing need business coverage that provides equipment breakdown, which protects against faulty equipment, and product liability, which protects against claims of harm due to defective product designs. Collectively, these two policies can keep your company running smoothly regardless of everything from bad equipment to consumer lawsuits. 

Transportation and Logistics: Cargo and Vehicle Insurance 

Those in transportation and logistics primarily need cargo and vehicle insurance. Such policies protect against damage to commercial vehicles as well as their cargo. Without such protection, reliable cargo transportation would be impossible. 

Food Service Industry: Food Contamination and Premises Liability 

Those in the food service industry need restaurant insurance with food contamination coverage, which protects against losses stemming from serving contaminated food, and premises liability, which is designed to pay when customers are injured and hold you liable. Without this restaurant insurance, your business may be vulnerable to many potential lawsuits. 

Real Estate and Property Management: Professional Liability and Property Coverage 

Those in the real estate and property management business need professional liability — also known as errors & omissions — which protects against claims of negligence and other major mistakes, and property, which protects against damage to your physical properties. With these policies in place, you can make the most out of your real estate investment. 

Tailoring Business Insurance to Fit Your Industry 

The above should give you a better idea of the different insurance requirements for various industries. Still, the recommended policies may not be sufficient for your company. That is why it is so important that you secure specialized business insurance customized to your needs. 

How can you do that? By assessing risks, customizing coverage, and finding the right carrier, it is possible to get the exact industry-specific business insurance your company needs. 

Assessing Your Unique Business Risks 

Again, no two businesses are exactly alike, so, as an example, tailored startup insurance and tailored rideshare insurance may look completely different. Tailoring for your own needs begins by assessing the risks you face, including external, such as customer liability lawsuits or allegations of fraud, and internal, such as poor computer security or outdated equipment. Only then can you request a custom commercial policy suitable for all your needs. 

Customizing Coverage to Address Industry Needs 

Most carriers, including InsureOne, will allow you to customize commercial coverage to best suit your specific industry. It may be helpful for you to consult with a colleague, such as the owner of a similar business, about which kinds of policies they rely on to stay safe. 

How InsureOne Helps Business Owners Find the Right Fit 

InsureOne pairs the best coverage with the most affordable prices and superior customer service. Their trained agents live right in your neighborhood and can help you both assess local risks and develop a coverage package that provides the industry-specific business insurance you need. 

Emerging Industry Risks and How Insurance Is Adapting 

The exact insurance requirements for industries will inevitably change over time. One reason for this is that as technology improves, companies must adapt and find new ways to protect themselves. 

For example, the modern entrepreneur must worry about cyber threats and digital commercial liability, not just general liability. Additionally, environmental regulations and compliance requirements may change over time, forcing companies to make changes as needed. 

Cyber Threats and Digital Liability 

Entrepreneurs must worry about being hacked and having their sensitive data leaked online. Additionally, both consumers and rival businesses may sue you for what you post online if they think it harms their business. Fortunately, the right cyberinsurance can help protect against both threats. 

Environmental Regulations and Compliance Insurance 

Depending on your company, you may need to comply with state and federal guidelines regarding pollution. Environmental regulations and compliance is a form of specialized business insurance that protects against the financial consequences of your company’s alleged pollution. 

Protect Your Business with Industry-Specific Insurance 

Now you know the risks that make industry-specific business insurance so important. And you know more about assessing the risks your own company faces. But do you know where to find a carrier who can give you the protection you deserve? 

Here at InsureOne, we specialize in protecting enterprising entrepreneurs like yourself. When you are ready to give your business the protection it needs against 21st-century threats, come get a quote online. You can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come find an InsureOne office near you. 

FAQs 

Why Do Business Insurance Needs Vary by Industry? 

Every industry faces its own unique risks. The right commercial policy is one that has been tailored to protect against the most likely risks for any given industry. 

Do I Need Extra Coverage for High-Risk Industries? 

Yes, the higher the risks in the industry, the more important it is to protect against damage. In most cases, that means obtaining multiple policies and increasing coverage limits as needed. 

How Does Industry Affect Business Insurance Premiums? 

Your premium is a reflection of how risky your carrier thinks insuring you will be. Some industries are more dangerous than others and command correspondingly higher premiums. 

How Often Should I Review My Business Insurance? 

It is important to review your commercial insurance at least once a year. You can typically change carriers at any time, and through a carrier like InsureOne, you may be able to get better coverage at a more affordable price. 

It is important for all business owners to have the right kind of insurance. One of the best options available to entrepreneurs is the commercial package policy. Unfortunately, many who would benefit from this coverage do not know exactly how it works and why it is so beneficial. 

How do these policies work, though? And what makes them the superior commercial business insurance solution for entrepreneurs throughout the nation? Keep reading to discover all of the answers for which you are looking. 

What Is a Commercial Package Policy (CPP)? 

CPP insurance combines multiple kinds of protection into a single plan. In many cases, this is more convenient for owners because it streamlines coverage needs, maximizing protection while minimizing paperwork. 

For many entrepreneurs, this specialized business insurance coverage is ideal. To decide whether or not it works for your own needs, it is important to know the definition and purpose of this commercial policy as well as what sets it apart from other coverage options. 

Definition and Core Purpose of a CPP 

The CPP meaning is simple: the acronym stands for “commercial package policy.” The name describes the core purpose of this insurance, which is to offer entrepreneurs the flexibility they need as well as an easy opportunity to save both time and money. 

Why Businesses Choose CPPs Over Separate Policies 

Those who purchase CPP insurance are those who would normally be buying each type of coverage separately. Buying this is like buying a bundle, allowing you to customize the types of protections you need while paying less than you would pay if you bought everything piecemeal. 

Key Coverages Included in a CPP 

A commercial package policy offers more flexibility than a business owner policy. Therefore, no two policies look exactly the same. But most CPPs offer certain key coverages that all entrepreneurs need. 

Chiefly, this includes property and liability insurance. Beyond that, you can add additional types of protection as you see fit. Rather than having to accept a one-size-fits-all BOP, you can instead customize the commercial policy to your exact needs. 

Property and General Liability Insurance 

A commercial package policy typically comes with property and liability insurance. The property policy is designed to protect the actual building you do business out of as well as your property, furniture, equipment, and so on. Meanwhile, liability coverage protects you from clients who get injured at your business and hold you responsible. In some cases, it also protects you against slander, libel, and copyright infringement. 

Optional Add-On Coverages 

Different carriers will offer different add-ons for this unique business insurance coverage. For example, you may be able to add a commercial auto policy. Additionally, a crime rider may be available that can help protect against revenue lost to illegal activities. 

Benefits of a CPP for Businesses 

There are many benefits to choosing a commercial package policy for your business. The primary benefit is that you will likely save money buying a package rather than purchasing each type of coverage on its own. 

Streamlining your insurance like this can also save time as well as money. And the ability to customize the policy to your needs means you will only pay for protections that you actually need. 

Cost Efficiency and Convenience 

As mentioned before, this type of commercial business insurance saves money in the same way that bundling different personal policies (like homeowners and automobile insurance) does, effectively lowering the cost of each. Additionally, when you only have to deal with a single carrier for all your coverage needs, that minimizes the time you must put in to protecting your business each month. 

Customization Options Based on Business Needs 

No two businesses need the exact same kinds of coverage. With a commercial package policy, you can get precisely what you need without getting stuck with protections you will never likely need. 

CPP vs. Business Owners Policy (BOP) 

For veteran business owners, the CPP sounds a lot like BOP insurance. They are very similar in that each type of policy bundles together multiple kinds of coverage that you would otherwise have to pay for separately. 

What are the differences between CPP and BOP, though? And which one is right for you and your business? Below, you will find all the answers you need. 

Main Differences Between CPP and BOP 

The primary difference between these two polices is that a BOP cannot typically be customized, and a CPP can. Most entrepreneurs appreciate having the flexibility to decide exactly what kind of protections their businesses need. 

Which One Is Right for Your Business? 

Only you can decide which commercial insurance policy is best. If a BOP offers exactly what you need, it may be the simpler and easier choice. For entrepreneurs who need more flexibility, though, the CPP is typically the better choice. 

Who Needs a Commercial Package Policy? 

Again, no two businesses are exactly alike. And that means that CPPs are not universally beneficial. That leads to the obvious question: Who actually needs this specialized policy? 

In actuality, certain types of businesses are likelier to benefit from a CPP, and certain industries are likelier to find these policies useful. Below, you will learn more about who does (and who does not) stand to benefit. 

Types of Businesses That Benefit from CPPs 

In short, any business that incurs a high amount of risk will benefit from a CPP. That usually means any business that needs more than one type of coverage. Because of this, more established businesses may benefit from CPP, whereas BOP may be a better business insurance for startups. 

Industries Commonly Covered by CPPs 

CPPs cover a wide diversity of industries. This includes education, entertainment, real estate, restaurants, religious organizations, and more. To make sure your own industry is covered, be sure to find a carrier that offers all the protection you need. 

Get Your Custom Commercial Package Policy Quote Today 

Now you know what a commercial package policy is, including how it works, what the benefits are, and who needs them. But do you know where you can find a carrier offering all the protection your business deserves? 

At InsureOne, we are here to protect entrepreneurs just like you. Ready to get the most effective policies at the most affordable prices? If so, it is time to get a quote online. You can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come find an InsureOne office near you. 

Every great startup needs the protection of high-quality business insurance. Many entrepreneurs do not know enough about the risks they face and their specific coverage needs. And that can make even the greatest startup idea far too weak and vulnerable. 

This scenario does not have to happen to your business. What do you need to know about startup insurance in order to protect your latest venture? Keep reading to find out. 

Why Startups Cannot Overlook the Importance of Being Insured 

Every business needs good insurance. However, this is particularly important for new businesses because a new venture is so vulnerable. All it takes is a single lawsuit or accidental scandal to put would-be entrepreneurs out of business. 

Fortunately, it is just as easy to safeguard the future of your new venture. And that all begins with picking the best carrier and coverage to suit your needs. 

Essential Business Insurance Policies for Startups 

As you may already know, “startup business insurance” is an umbrella term that refers to any number of different policies. One thing new business owners need to know about commercial insurance is that your startup may need the protection of more than one policy, especially in its early days. 

Of course, you cannot know exactly what your new business needs until you know about the available startup business insurance policies. Below, you will find more info about the available policies and how they can help you best protect your business, whether you purchase everything separately or if a customized business owners policy is right for your company. 

General Liability Insurance: Your First Line of Defense 

General commercial liability coverage is the first line of defense for your startup because it covers accidents and injuries that may happen at your business location or from a product you sell. Such a policy also protects against some property damage and non-physical personal injuries on the premises. It can even cover advertising injuries, which is when rival new businesses take you to court over marketing claims you make about your own company. 

Professional Liability Insurance: Guarding Expertise and Services 

Professional liability coverage protects against the losses your clients or other third parties may face due to your alleged malpractice. If it comes to this, such insurance can keep your company in business by paying for your legal expenses, which might otherwise seriously jeopardize the health of a young startup. 

Property Insurance: Covering Your Physical Assets 

While some startups have bigger buildings and more equipment than others, all entrepreneurs need to protect everything valuable with commercial property insurance. This coverage protects the building itself and its contents — the furniture, inventory, tools, equipment, and personal property. 

Cyber Liability Insurance: Securing Your Online Presence 

Even if your startup is locked down like Fort Knox, there is always a chance hackers can access sensitive data. Such an attack can affect your new business in a number of terrible ways, but cyber liability insurance helps protect against any financial losses you may face. Additionally, this policy covers lawsuits that may arise as a result of your company getting hacked. 

Workers’ Compensation Insurance: Ensuring Employee Safety and Compliance 

Does your startup have many employees already? If so, it is important to have workers’ compensation coverage to financially protect yourself from lawsuits by workers who get injured on the job. This policy also helps protect the workers by ensuring they get proper care and compensation after a major injury. Workers’ Comp is mandatory, but your state dictates what you must have and when. 

Directors and Officers Insurance: Safeguarding the Decision Makers 

Running a startup can be a high-risk, high-reward endeavor. Entrepreneurs may hope to achieve wealth and fame, but being the face of the company may also increase your odds of being personally sued by employees, customers, or anyone else you deal with on a professional basis. 

With directors and officers coverage, you can take comfort in knowing that the personal assets of the highest company officers and their spouses will be protected from such lawsuits. 

Balancing Coverage With Budget: Cost-Effective Solutions for Startups 

If this is your first startup, you may be worried you do not know enough to fully protect your company. Here is some reassuring news — at the end of the day, insuring your company works the same as insuring your vehicle. Find that sweet spot between getting the amount of protection you need and how much you spend each month on premiums. 

Finding balance is easier than you might think. It all comes down to understanding the factors that influence your tech startup insurance costs and employing strategies to bundle and save. 

Understanding the Factors That Influence Startup Insurance Costs 

A common question among entrepreneurs is how much it will cost to insure their startup. However, there is no one-size-fits-all answer to this question because no two businesses are exactly alike. You can better understand your costs by understanding the different factors affecting your commercial premium. 

For example, the nature of your new business (the size of the company, what you are selling, and what type of business you are in) can affect the cost of startup insurance. Similarly, the office location can affect the cost, as can whether you own or rent the commercial property you are using. Finally, your history of claims may eventually drive tech startup insurance costs up or down, with insurers charging more to companies that frequently file claims. 

Strategies to Bundle and Save on Business Insurance Policies 

No matter how affordable your business coverage is, all entrepreneurs would like to lower the costs even further. And just as with your personal insurance, the quickest way to drive costs down is to bundle whenever possible. 

As noted earlier, you are likely to need more than one type of policy to protect your business. You can bundle different policies (including general liability, professional liability, workers’ compensation, and more) through the same carrier. This drives the cost of all your coverage down while also saving time because you can manage all your commercial coverage needs through the same carrier. 

Evolving With Your Startup: When to Upgrade or Change Coverage 

With any new business, the ultimate goal is to grow the business into something even bigger and better. Hopefully, your business will be much larger in a few years and well on the way to even more expansion. 

However, the bigger your business grows, the greater your need for protection, which is why it is so important to upgrade or change your coverage over time. 

Recognizing Investment Triggers and Scaling Insurance Needs Accordingly 

The biggest sign you need to upgrade your startup business insurance is that you have moved into a larger workspace or otherwise expanded the company. At a minimum, you need enough coverage to rebuild and replace everything, including recent upgrades. 

On a similar note, you will need to add commercial automobile insurance if your company expands and you need to make deliveries or otherwise use vehicles for work purposes. Should you add any new products or services, those will similarly need to be covered. In some cases, prospective new clients may require additional coverage as part of the cost of doing business. 

In short, you will need to scale your coverage up to account for major changes to your company or client demands. In some cases, you may also want to add directors and officers insurance as a way to lure the best talent to your growing startup. 

Get Started Covering Your New Business 

Now you know how to protect your latest new company with the right startup business insurance. You also know about the most important policies and the difference they can make. Furthermore, you know when it is time to upgrade coverage. But do you know who you can trust to protect your company? 

At InsureOne, your business is our business, and we are here to protect you every step of the way. Are you ready to build a future for your new venture and know that it has the protection it deserves? When you are ready to safeguard everything you have worked so hard to build, get a quote online from InsureOne. Of course, you can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to find an InsureOne office near you. 

For many people, operating their own company from home is a dream come true. However, what many of these entrepreneurs do not know is how badly they need business insurance for home-based businesses. 

Some of the ones who need this most avoid getting it because they do not know what it is and why it is so important. Ready to learn more about how this policy can protect your bottom line? Keep reading to discover everything you need to know. 

The Importance of Insurance for Your Home-Based Venture 

If you do not already have small business insurance, chances are that you are asking if you really need business insurance. The truth is that every company benefits from this kind of policy, even if you are effectively the boss and all of the workers rolled into one. 

For example, if you ever have customers visit your house, then you need liability coverage. Similarly, if you keep the products you make in your house or store valuable equipment there, you may need commercial property coverage. Should you happen to use your vehicle for work (perhaps making deliveries or otherwise carrying products around), you may need a commercial auto policy. 

Those are just a few types of protection offered by a business policy. Below, you will find more info about each of them that will help you decide whether your business needs this added level of protection. 

Understanding In-Home Business Insurance Essentials 

For both entrepreneurs and individuals, the specifics of a commercial policy can be more than a little confusing. That big list of different coverage types can be intimidating, and you may be stuck asking simple questions like “What does this even cover?” In particular, new business owners have much to learn about commercial insurance. 

By understanding more about each part of a home-based business policy, you can better understand the value of the policy as a whole. And you might be pleasantly surprised by the reasons why liability insurance is vital for your business. 

What Does General Liability Insurance Cover? 

The primary function of general liability coverage is to financially protect you in the event of a lawsuit. How would a lawsuit happen for a home-based business? If customers ever visit you at the house, there is always a chance they will get injured and hold you responsible. Should they try to sue, this will help pay for your legal fees. 

Primarily, this policy is made for situations where someone claims that your actions caused them bodily harm or even property damage (for example, someone slips down your stairs, breaking both a phone and an elbow). If you are a property owner, you likely already have this kind of liability protection via your home coverage. That said, some entrepreneurs choose to insure both their business and their house separately for additional financial protection. 

The Role of Professional Liability Insurance in Protecting Your Business 

While general liability insurance is made for situations where a customer thinks you caused them bodily harm or property damage, professional liability coverage is made to cover a wider range of claims. For example, you are protected if a customer sues you for breaking a contract, doing substandard work, being negligent, or making errors and omissions. 

It is generally harder for someone to prove that you did any of these things. For example, whether an owner perfectly upheld a contract or did a job to industry standards is often in the eye of the beholder. However, the abstract nature of such claims will not necessarily prevent customers from filing a lawsuit against you, so it is important to have protection in place ahead of time. 

Types of Insurance Every Home-Based Business Should Consider 

When it comes to getting in-home business insurance, there is good news and bad news. The good news is that you have many different policies to choose from, allowing you to customize a policy suited to your hustle. The bad news is that most entrepreneurs do not know enough about the types of coverage available to make the best choice. 

Below, you will find a quick explainer of the most common types of policies that small companies like your own need. This should allow you to determine whether you need such a policy and, if so, just how much coverage is necessary. 

General Liability 

General liability helps cover legal fees if a customer claims that you caused them bodily harm or property damage. In short, if you ever have clients or third parties visit your house during the course of doing business, you likely need this coverage. Likewise, if you make and sell granola and someone claims they broke a tooth on your product, this coverage helps to protect you financially. 

Professional Liability 

Professional liability protects against customers suing you for things like breach of contract, delivering substandard service, making errors and omissions, or otherwise being negligent. Most entrepreneurs who deliver products or regularly sign contracts need this coverage because you never know what a customer will sue over, and this policy offers you multiple layers of protection for different situations. 

Commercial Automotive Insurance 

As the name implies, commercial automotive insurance is a form of car policy for vehicles that are used for work purposes. Like a more robust personal auto policy, this can provide liability, collision, and comprehensive coverage that pays for repairs to your vehicle as well as any damage you may cause. Whether an entrepreneur needs this level of protection mostly comes down to whether they ever use a car in the course of doing business. 

Business Owner Policy 

A business owner policy (BOP) offers several kinds of protection that a home-based company might need. For example, it offers protection for the structures on your property as well as protection for your equipment above and beyond what a homeowners insurance offers. It can also financially protect you if inventory inside your house gets damaged or destroyed or you face a temporary loss of income. Collectively, these reasons are why a BOP may be right for your business. 

Evaluating Your Home Business Risks 

Still on the fence about getting insurance for your home business? Some entrepreneurs hesitate because they already have property owner coverage and wonder whether they need both home and business insurance. Others hold off because they are wondering how getting a new policy will affect the general cost structure of their company. You may even be wondering, “Does my insurer need to know if my business is home-based?” 

Below, you will find the information necessary to answer these questions. After that, you should have a better idea of how your own company can benefit from this coverage. 

Assessing Whether Your Homeowners Insurance Is Enough 

If you own both your house and a business, then you probably already have homeowners insurance. In that case, you are probably wondering whether you really need to take out an entirely separate policy or if your existing house coverage will offer enough protection. 

The truth is that for most entrepreneurs who work from their house, a homeowners policy is likely not enough. For one thing, your existing plan will likely only cover about $2,500 in professional equipment. If you have specialized equipment or even just a robust computer, monitor, and printer, this might not be enough to protect you if that equipment is damaged, stolen, or destroyed. 

Additionally, your property owner policy is primarily designed to protect the house and the property inside. While the liability protection of such a plan can help protect you if a visiting customer gets injured and blames you, this will not protect you from lawsuits alleging breach of contract, negligence, or making substandard products. 

Cost Management Strategies for Home Business Insurance 

Do you want the protection of insurance while saving as much as possible on your policy? In that case, there are a few proven cost management strategies you can utilize. 

For example, you should always consider bundling all your policies through the same carrier. This is a great way of saving when you have, say, a property owner and an automobile policy. By rolling commercial coverage into the bundle, you can automatically save even more. 

As with a personal policy, you can also tweak the deductibles on your policy to best meet your individual needs. A good carrier can help you customize the plan so that you have the exact protection you need without having to pay for unnecessary extra coverage. 

Speaking of policies, the single best way to save on commercial insurance is to not get more than you need. Not every home-based company needs commercial automotive coverage, for example. By speaking with a reputable carrier, you can get only the policies you need and never have to worry that you are paying too much for something you will never really use. 

Taking the Next Steps: Securing Your Home-Based Business Insurance 

Now you know how to secure your hustle with home-based business insurance. But do you know who you can count on to help protect your company? 

At InsureOne, we have always supported the dreams of entrepreneurs like yourself and are ready to offer the insurance you need to safeguard everything you have built. When you are ready for both protection and peace of mind, come get a quote online. Of course, you can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to find an InsureOne office near you. 

Wind and rising water damage resulting from a hurricane strike are not standard for most commercial property insurance policies. But you can find hurricane insurance riders to cover businesses in specific locations.

Learn where hurricane damage is likeliest to occur and what you can do to minimize the risk to your business and everything of value in your commercial property.

The Top 10 Hurricane States

It will come as a surprise to precisely no one that Florida takes the top spot for hurricane strikes. Here are the ten states where your business and your buildings are at the most significant risk of sustaining hurricane damage, in descending order:

1. Florida
2. Texas
3. Louisiana
4. North Carolina
5. South Carolina
6. Alabama
7. Georgia
8. Mississippi
9. New York
10. Virginia

If your business or commercial building is located in any of these states, hurricane coverage is essential. But, unfortunately, you might not have the coverage you need, even if you assume that you do.

Are Your Hurricane Damages Covered?

Your commercial property insurance protects against fire, lightning strikes, wind damage, theft, and vandalism. So you would naturally assume that you could also turn in a claim for hurricane damage, right?

After all, that destruction is just wind and water damage. You’re covered for strong winds, and if a pipe bursts and floods your property, you’ll be reimbursed for the water damage. So why should hurricanes be treated any differently?

The truth is, almost no insurance underwriters will offer a business or commercial client coverage against hurricanes as part of a standard policy. You’re also probably left similarly exposed to damages due to earthquakes and floods.

But don’t worry. If the location of your business puts it at risk of any of these natural disasters, you can buy riders to cover any threat. That includes hurricane protection. A rider, sometimes also known as a clause or an endorsement, is an add-on to an existing policy to cover an area of exposure not mentioned in the standard policy.

You can also purchase a business interruption rider. Think of how long your business would be down if a hurricane flattened the building. Consider, for instance, that yours is a retail operation with significant inventory levels, and all of it was lost to rising water damage from a hurricane. You’re out of business, but your insurance claim for business interruption can keep your company going.

You Need Hurricane Coverage Even if You Don’t Own the Building

If you rent space in a commercial building, hurricane damage won’t affect your roof, electrical, plumbing, or HVAC systems. The damage might disrupt your business, but your landlord’s insurance company should cover needed repairs to the physical layout of the building.

But you’ll still have to worry about the effect of high winds and rising water on your equipment, office automation, inventory, supplies, or whatever of yours the building houses. That’s why you need a hurricane insurance rider even if you don’t own the space.

Even if you operate your business out of your home, you should ask your agent about the benefits of carrying a commercial property insurance policy. Of course, ask about the benefits of obtaining a hurricane rider, too.

Actual Cost Value or Replacement Cost Value?

One critical decision you’ll make as you price your insurance and your hurricane rider has to do with how you’ll be compensated for your lost or damaged property. Here’s the difference between the two main types of coverage.

Actual cost value. This method of calculating what your insurer will pay you for your claim considers the current value of the items lost. For instance, if your destroyed copier is eight years old, you’d be paid what you’d get today for an eight-year-old copier.

Replacement cost value. If that eight-year-old copier is destroyed due to hurricane damage, you’re probably not going to find a used copier of the same age to replace it. Under replacement cost value, your insurer would pay you what it would cost to buy a new copier of the same make and model as the one you lost.

As you can imagine, a replacement cost value policy costs more than an actual cost value policy. That makes sense since your insurer will pay you more for a replacement cost value claim. It might well be worth the additional investment when you think of all of the out-of-pocket costs you’d have to come up with to pay the difference between what you’d receive for actual cost value coverage and what you’d have to pay to buy new equipment.

In addition to actual or replacement cost value coverage, you can choose cheaper coverage to protect only certain aspects of your business. The downside, of course, is that it will leave you exposed to loss in areas of your operation not covered by your policy. But, again, this should be a part of the discussion with your insurance agent.

Call Your Insure One Agent Today

When are commercial property insurance and hurricane coverage right for your business? Your Insure One insurance agent will be able to answer all of your questions and help you obtain the business insurance policies that are uniquely right for your operation. Get an online quote in minutes, or call us at (800) 836-2240.

The Facts About Commercial Property Insurance

Commercial property insurance is also sometimes known as business property insurance. It provides reimbursement for various costs associated with physical damage to your enterprise from sudden or unpredictable actions.

Think of the costly damage that could occur from fires, floods, high winds, electrical surges, vandalism, and countless other natural and human-caused calamities.

It’s not just the building that’s at risk of ruin or high-expense repair, either. Virtually everything inside that building could be damaged or destroyed, often at a high cost. In fact, depending on your line of work, the contents of your building might virtually define the entire business.

For instance, consider a building that consists of a retail operation with significant warehousing of inventory. You might literally be out of business if major destruction were to hit your premises. So your commercial property insurance policy is also likely to cover the important contents of your business.

In other words, if a range of unexpected outside actions can set your business back financially through physical damage and upend it for some time, the incidence might well be covered by your commercial property insurance policy.

The Kinds of Commercial Property Insurance Policies

Policies of this nature are usually customized to meet the distinct needs of your individual operation. What that means is that you can start by defining your own most serious threats. So you might get a policy with a focus on natural disasters or, more specifically, on fire protection if the business is in a region where brush fires are common.

Your policy might reflect different challenges if hurricanes or flooding are likelier risks.

There are generally two ways of recovering losses through settlement of your commercial property insurance policy: based on actual cost value or replacement cost value. Actual cost value reflects a settlement paid at the rate of the item’s current worth. That would take into consideration the age of the item. For instance, if a 4-year-old computer were destroyed, you’d be compensated at the current value of a device of that age.

Replacement value, on the other hand, compensates for the cost of replacing the item. So your old computer would be paid off based on the price of that computer without obsolescence or depreciation built in. You’d receive the value of a new computer of the same model and series. Your policy costs will be based, in part, on which settlement option you choose.

Your commercial property insurance policy might also be obtained in conjunction with business interruption insurance. Ask your insurance agent what both of those policies entail and whether your business should be covered by both.

Specifics About What Your Policy Offers

The exact form of your commercial property insurance will be determined by its specific coverage package. As stated, that is likely to include your physical surroundings as well as significant property inside. This might mean computers, copiers, printers and other office automation, as well as the fixtures, machinery, tools, inventory, and furniture.

Furthermore, your policy might also include coverage for what’s known as the property of others in your control. For instance, if your business takes in computers or other expensive components for repairs, your policy might cover those possessions of other companies or individuals in the event of covered damage to your property.

Your company might hold a commercial property policy even if you rent or lease your space. That might be important not only to protect what you own of importance in the building, but your lease might also hold you responsible for maintaining this form of coverage for the building itself.

What’s Likely Not Covered

The key here is simply predictability. It’s the unexpected actions or events that your commercial property policy is likely to cover. That means that you’re still responsible for maintenance. The expected damage from daily wear and tear is also not covered.

Damage from acts of war is also not typically covered, and neither are common acts of robbery or burglary. Motor vehicles and boats are not usually part of your coverage,so you might consider an add-on policy to cover this threat.

Also, exterior items not directly connected to the building, including fencing, landscaping, and outdoor furniture, are likely not part of your policy.

Discuss Policy Terms with Your Agent

Your primary takeaway might be that every commercial property policy is different, and designing a policy that’s right for your business can be a complex undertaking. Since every company has unique threats and challenges, your first step should be to discuss your needs and specific exposure with your insurance agent.

Your agent at InsureOne will help you find the best commercial property insurance for your needs and budget. Adequate coverage will enhance your feeling of safety and financial security and prime your business for continued success.

If you’re wondering: “can I run a business without insurance?”, We’ve got answers. Let’s look at the basics of small business insurance, including some common policies to consider.

Why is Small Business Insurance Important?

If you’ve never considered getting covered due to cost, hassle, or confusion, you’re not alone. In fact, 44% of small business owners have never had insurance to cover them, their customers, or their business. 

Let’s face it—anything can happen at any time. These unexpected events can cause expensive lawsuits, property destruction, business interruption, and more. Getting the coverage you need for your business can save yourself from legal nightmares and unplanned costs.

Risks of Not Having Small Business Insurance

What happens if you’re not covered, and the unexpected occurs? 

You may be breaking the law

Most states require workers’ comp insurance at the bare minimum. Depending on where you live, your city may require specific policies such as general liability for natural disaster lawsuits.

Your employees are unprotected and at risk

If your employee gets hurt at work, workers or comp insurance can help cover their medical bills and income loss. An injured employee can also sue you if you don’t have insurance.

You could lose your business property and assets

In the event of a fire, flood, theft, explosion, or natural disaster, your business and assets could potentially be destroyed. However, business insurance—including restaurant coverage—could save what you own.

You could suffer financial loss

Not having small business insurance can cost you a lot of money if there is an accident or unfortunate event.

Types of Small Business Insurance Coverage

• General liability insurance. This basic protection can help cover your business against negligence claims, accidents, copyright infringement claims, and more. The amount of coverage you get depends on your type of business.
• Workers’ compensation insurance. This coverage helps pay for medical care, lost wages, disability benefits, and funeral expenses if an employee has an illness or injury that is work-related.
• Cyber insurance. Data breaches significantly impact small businesses, and the consequences can be expensive. If customers’ data is stolen or compromised, cyber insurance can help with the costs associated with a breach.
• Business interruption insurance. This type of coverage can help pay for lost income, temporary office locations, and more if an even interrupts your business. 

Get the Coverage You Need for your Business

If you’re shopping for small business insurance, you’ve come to the right place. InsureOne compares quotes from top companies to get you the coverage you need at an affordable price. Start your free quote online, over the phone, or at one of our offices near you.

Based on these challenges, businesses should look for ways to minimize loss of income. So, will business liability insurance cover your company if the COVID-19 pandemic impacts it? 

What is Business Disruption Insurance?

Business disruption insurance—also known as pandemic business interruption insurance—can protect you against losses after a suspended period of operation during the coronavirus outbreak. Keep in mind that commercial liability insurance covers the actual loss after the suspension of operations. Most insurance companies are facing the challenge of evaluating whether the insured has lost income as a result of damage or physical loss. 

Below are some tips on how to read the policy when considering business interruption insurance and coronavirus coverage.

Insured Physical Damage

Some shareholders are linking the virus to property damage. The specific language is analyzed when the insured submits a claim after the coronavirus event. The factual issue is whether the property is physically affected by the outbreak or not. Make sure you understand whether the coverage includes the actual loss or damage. 

The Property Must be Physically Affected by the Virus

While the virus is believed to spread through sneezes and coughing, it can also spread when an infected person gets into contact with objects or surfaces. This means that properties such as restaurants, spas, bars, and other places may be physically affected. 

Does the Policy Have Non-Physical Damage Extensions?

Some insurance companies require that you sustain physical damage or loss. Thankfully, some policies have extended the coverage relating to the epidemic. Be sure to look at the provisions within the plan and the extent of the physical damage. The waiting period also matters. 

Restoration Period

Some property policies take into consideration the restoration period. This is the period of an accidental physical loss at the described premises that ends when the property is repaired. When calculating the business interruption insurance cost, the insurer will consider potential shutdowns, periods of delays, and prolonged physical activity.  

The first page of the insurance policy contains declarations. It summarizes relevant information like the type of coverage, duration of the policy, and limits of coverage. Be sure to read the policy definitions. 

Analyze the policy insuring agreement. Look for business liability insurance coverage that has a section on businesses being affected by unexpected circumstances. Be sure to review the exclusions, limitations, and conditions carefully. And don’t skip on the small stuff. Pay attention to specific language like and, or, always, never, etc. 

Business disruption insurance costs will vary, so do research to find which company and policy work for your business. It’s important for policyholders to fully understand what kind of coverage you have so that you can be prepared.

Don’t’ let emergencies take you by surprise, protect yourself with a business owner insurance policy from InsureOne. Get a free quote online or over the phone today.