Small Business Insurance, What Risks You Have and What You Need to Know About Them
Mark Maliepaard, Morris Insurance Agency
There are more small businesses that dot the landscape than larger or internationally known corporations, but that does not mean your insurance needs are any less important. Small and medium market insurance agents differ from larger business agents because they generally are willing to better serve your specific needs, answer more questions, and work with you one on one to make sure you have the right coverages for your needs. One of the biggest challenges small business owners face is a full understanding of their risk exposures, and in turn, knowing exactly what coverages they need to protect their business and themselves.
A great way to develop an insurance package for your needs may start with a Business owners’ policy (BOP). These can be uniquely designed to serve a small business owner. Although BOPs typically include general liability, property and business interruption coverage, some insurers can customize the BOPs for your particular business. Separate policies that can be written to cover risks that a BOP does not provide coverage for are: professional liability, auto insurance, cyber liability, workers’ compensation or health.
As you very may well know, the average small business owner is often pressed for two things: money and time. This can be a catch-22 because if a loss occurs, you may not have the financial backing to defend yourself. This is one of the most important reasons to allocate funding for a manageable insurance premium to cover major exposures.
Ask your current agent for a review of your policies to make sure they meet your needs at least every other year. If you have any other questions or would like another agent’s opinion, feel free to contact me and I would be happy to go over all of your insurance requirements.
Mark Maliepaard is a lifelong Ripon resident. He is an Independent Insurance Agent within Morris Insurance Agency providing personal and commercial insurance options. He enjoys being a member of the Ripon Rotary, a board member for another local club, and volunteering whenever possible. Mark can be reached at 1408 W. Main St., Suite B in Ripon, at 209-599-0707 or at email@example.com.