You’ve worked hard to build your business.

What is the Right Commercial Insurance for your Business?

In the hectic, day-to-day function of a small business, it is easy to overlook the importance of insurance. Although all businesses with employees are required to carry worker’s compensation insurance, it is important to also consider commercial property insurance, general liability insurance and business income insurance as well.

Commercial property insurance protects the physical property of a business which may include buildings, tools, computers, inventory at one or more locations.

General liability insurance protects a business from the costs of a claim or lawsuit from a customer getting hurt on the company property, or from employees accidentally damaging a customer’s property while working on company property.

Business income insurance can help to replace lost income if operations must be suspended due to fire, theft or natural disasters.

How do you find the right commercial insurance for your business? Below are five hacks to finding the right commercial insurance for your small business needs:

1. Know your assets. Make a list of your assets and assess their current value. In addition to buildings and property, be sure to include current inventory, office equipment, tools and machinery used in your business operations. If you own a home-based business, review your homeowner policies to be sure they cover your business assets.
2. Assess your needs. What would happen if you needed to shut your business down for an extended period of time? What would you need for your business to survive a week, a month, or longer?
3. Value your products. If you have an extensive product inventory, you may require additional product insurance to protect your business. Know the value of your inventories and assess their protection from the beginning of production to shipment to the customer.
4. Gauge your liabilities. If you provide consulting or other intangible services, know what liabilities you may have when working with your customers.
5. Find an insurance company you can trust. Work with an insurance company that knows you and your business well and understands your unique business needs.

All businesses are not created equal, so don’t treat your insurance coverages the same way. Contact Cronk and Wisniewski Insurance Agency today for a free quote and risk assessment and you’ll be on your way to protecting the business you’ve worked so hard to create. With a comprehensive insurance plan from Cronk Insurance, you’re well on your way to protecting yourself from the pitfalls that your business faces every day.

If you have additional questions about the type of commercial insurance that is right for you, give Cronk & Wisniewski Insurance a call at (814) 456-7501