Every business needs insurance. The types of insurance coverage and amounts of coverage needed will vary depending on the type of business, the size of business and the amount of risk the business is willing to assume. If your business provides personal services or if you are operating the business without a corporate structure, you must consider your personal risks as well. You may want to work with an insurance professional to make sure you have the protection you need.
Here are seven types of insurance you may want to consider.
Health Insurance
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Your Notes |
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| Providing a health insurance program can be very attractive for employees and business owners but can be expensive. To contain costs, consider sharing the cost with employees and choosing levels of deductibles and co-pays that result in lower costs. |
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| Type of plan |
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| Coverage |
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| Deductibles and co-pays |
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| Sharing of costs with employees |
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| Costs |
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| Source of policy |
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Property Insurance
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Your Notes |
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| Business equipment should be insured against damage and theft. |
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| Equipment covered – Be sure to have a list of equipment with costs, values and identification information. |
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| Deductibles |
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| Costs |
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| Source of policy |
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Business Interruption Insurance
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| If your business was displaced because of a fire, flood or other disaster, you would need to re-establish the business in another location. |
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| Business interruption insurance could provide the funds needed. Temporary space, equipment and supplies could be covered by a policy of this type. |
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| Draw up a list of what would be required in case of an emergency. |
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| Depending on the extent of your needs, a policy of this type may not be too expensive. |
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| Costs |
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| Source of policy |
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Liability Insurance
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Your Notes |
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| Claims due to employee actions or negligence can be significant, especially in an age of increasing jury awards. |
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| Some coverage may be provided through other types of policies, but you should discuss your coverage with an insurance professional. |
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| Deductibles |
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| Costs |
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| Source of policy |
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Worker's Compensation Insurance
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Your Notes |
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| This insurance provides coverage for medical and related costs for accidental injuries suffered by employees in performing their duties. |
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| The amount of coverage required varies by state. |
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| Discuss your needs with an insurance professional |
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| Costs |
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| Source of policy |
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Auto Insurance
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Your Notes |
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| Using an auto in your business, even a personal one, may require a commercial auto insurance policy. Speak with an insurance professional to determine the requirements of your business. |
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| Deductibles |
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| Costs |
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| Source of policy |
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Umbrella Insurance
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Your Notes |
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| Umbrella insurance policies fill gaps that may exist with other policies and provide additional coverage beyond those of those policies. |
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| The costs are usually relatively low, and policies are offered by many insurance companies. Some professional organizations also offer these policies. |
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| Costs |
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| Source of policy |
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If you have any questions, contact one of our experienced Arvest business specialists.
