How to Find the Perfect Insurance Coverage for Your Business Size
The size of the business is an element that many business owners tend to neglect when thinking about insurance coverage. The size of a business can refer to the number of employees or the amount of sales made during the year. Let’s take a look at the various ways to look at size within a business and how it affects your choices in insurance.
Many of the world’s most successful corporations started with a simple dream in the spare bedroom at home. A home-based business may start off with only one or even a handful of employees. Many small business owners make the mistake of believing that their homeowner’s insurance is enough to cover them. Talk to an agent about your specific needs as a home-based business.
A small business generally has less than 50 employees and makes less than a few million dollars per year. Ask your insurance agent about a Business Owners Policy, or BOP, to protect you and your business from common risks.
A medium-sized business may have 50 to 1000 employees and have a revenue of less than $5 million. Insurance for this size business may include property and liability coverage with special consideration for businesses with multiple locations and/or special equipment.
Large businesses have more than 500 employees with a variation in its annual revenue. These businesses often have million dollar risks, thus their insurance needs are customized to suit their needs.
No matter the size of your business, it is important that all businesses find the coverage that is suitable for your needs. Please contact one of our insurance agents to learn how we can support you in making one of the best business decisions you can ever make.