Small, home, or large business – Know how to choose the right insurance coverage.
When you’re looking for business insurance coverage, you will be asked about your company. From the size of it to the industry to the location to the number of employees, the insurer will need to determine its needs and potential areas of risk. You can help to evaluate your needs by first considering the size.
If you run a business from your home, be aware that your homeowners insurance may not cover your business property. This means if your inventory, stock, and equipment are damaged in a home fire or other accident, your home insurance policy may not pay out to replace these items. That is why securing specific home-based business insurance is a must! Typically, these businesses consist of one or no additional employees and has very little revenue. Even if your home-based operation isn’t small, it will still need suitable commercial coverage.
Small businesses range from one to 50 employees and often make less than a few million dollars annually. A common small business policy (Business Owners Policy, or “BOP”) is usually available for companies with less than 100 employees and revenues up to about $5 million. This package means that your business is better protected against the most common risks.
Typically, large businesses have at least 500 employees. The revenue requirements are dependent upon the type of business. Most of these large businesses have multi-million dollar risks, and commercial insurance needs to be tailored for the company’s unique needs.
Keep your business, whatever the size, well protected by securing the right coverage. For the right commercial insurance policy contact Tompkins Insurance Agencies. We can help you find reliable coverage that will move with your company.