Ask yourself these questions before purchasing commercial insurance.

Every business needs a certain amount of insurance coverage, whether it’s a small start-up working out of a garage or an established company that is turning profit regularly. Securing business insurance can seem like a daunting exercise, especially as there are so many policies and insurers to choose from. To help, we’ve narrowed down a few essential questions to ask yourself before buying business insurance.

Do you have employees?

If you solely run your business, you may be able to cut back on certain insurance coverages. However, as your business grows and you begin hiring a team, you will need to secure workers’ compensation insurance, which is a legal requirement in every state but Texas. It’s also a good idea to consider Employment Practices Liability Insurance (EPLI) which protects you when an employee sues you over discrimination or harassment.

Do you take credit cards?

Many businesses will take payments online or store customer data on a local storage system. If this is your business, then you could be a target for cybercriminals. If this is the case, cyber liability insurance can help to protect your business when it falls victim to a data security breach. Having the right coverage can help you move quickly to remedy the breach and recover the data.

Do you have company cars?

You may think that your employees’ personal insurance will cover them while driving the business-owned vehicle, but this is a costly mistake to make. If you have vehicles owned by the company that employees drive or you require your employees to use their personal vehicle for business, consider commercial auto insurance. Your personal auto insurance may not cover business-related incidents.

For an affordable commercial insurance policy, contact Tompkins Insurance Agencies. We can help you find reliable coverage that will move with your company.