Matching Your Business With the Right Business Insurance Policy

Home business or small business? Every business is unique, but every business needs coverage. Here’s how you can match your business with the right business insurance policy. 

The type and amount of insurance that you need in order to best provide coverage for your business depends on several factors. What kind of business do you own? Where is located? How many employees do you have?

You can evaluate your insurance needs by first considering the overall size of your business. While these definitions may vary, these numbers are typically based on the number of employees, total sales, and earnings of a business. Here are a few ways you can match your business with the right business insurance policy.

. . . On Home-Based Businesses

Many successful businesses have started in the safety of a home. These home-based businesses consist of one or no employees and earn very little revenue. But just because your business is in your home does not mean it should go uninsured. Your homeowners’ insurance will not cover any business-related equipment that is damaged in your home. Depending on the size of your home-based business, you may be able to add a rider policy to your homeowner’s insurance, or simply purchase business insurance to cover your (typically) smaller needs.

. . . On Small Businesses

Does your business make only a few million a year? Do you know all of your employees by name? If so, you may fit the definition of a small business. The SBA defines a small business as one that is independently owned and operated, is organized for profit, and is not dominant in its field. A Business Owners Policy (BOP) can cover your small business.

Let the experts make sure you’re covered by contacting Scautub Agency. We serve businesses in Scotia and throughout the surrounding New York area by helping them get the protection they need. Get the right business insurance; call us today.