Business Insurance to fit your budget and needs

CHERYL'S TAX SHACK & INSURANCE ... Call: (706) 778-6847

Low Cost Business Insurance in Clarkesville, GA

Small Business, Big Insurance Implications
For the more than half million U.S. entrepreneurs who start a business each month, making the right insurance moves can mean the difference between a first-anniversary celebration and an inaugural-year flop. Whether you have one or a few hundred employees, sell products or offer services, or command your operation from inside or outside your home, your insurance considerations as a small business owner are quite different from those of an individual consumer. 
Five Insurance Questions to Ask Before Starting a Business

1. Where will my business reside? Property insurance needs vary greatly depending on if you operate out of your home or from a leased or owned commercial building.
2. How will I handle business transportation? Even if you use your personal car to run business errands, you may need to consider commercial vehicle insurance. 
3. Will my individual health plan still meet my needs after I’m a business owner? New risks associated with your business, and special provisions of the Affordable Care Act (ACA) make a small business health insurance check-up a must.
4. How can owning a business affect my life insurance needs? Protecting the irreplaceable roles small business owners and key executives play in the business requires special life insurance considerations.
5. How do I know if I need workers' compensation insurance? Contractors, part-time staff, interns. Make sure you understand who qualifies as a covered employee according to your state workers’ compensation laws.

Business Owner’s Policy (BOP): A Package Solution
A business owner’s policy – sometimes called a BOP – is a “package” product that typically includes property, business interruption/continuation and liability insurance. For many small businesses, purchasing a BOP can be a less costly option than buying individual policies. Many insurers also customize BOPs for specific types of businesses.
A home-based business or a company with only a few employees may start out with a BOP and then expand coverage as the company grows. However, a BOP typically does not include commercial auto insurance, workers’ compensation, health or disability insurance or liability insurance for claims of wrongful professional practices.
Not all businesses qualify for a BOP. For example, a factory or a jewelry store, because of the unique risks, usually require more customized coverage than what’s included in a standard BOP.

​Small Business Insurance Tips and Considerations
Insurance premiums are based on risk. Small business owners who take steps to minimize risk in the workplace can help keep employees and customers safe, and save money. Consider the following:

• Maintain a good driving record, and insist that employees do the same.
• Keep thorough and up-to-date records of business inventory, accounts receivable and equipment purchases. Keep one copy on-site and another in a different location.
• Have employees keep wallets and other personal items in a secure place. And keep business cash and other valuables in a safe.
• Maintain adequate lighting throughout your property.
  Keep electrical wiring, stairways, carpeting, flooring, elevators and escalators in good repair.
• Install a sprinkler system, smoke and fire alarms and adequate security devices.
• Whether you sell products, services or both, keep only a small amount of cash on-site.
• Be sure you and your employees know how to properly lift heavy objects, and how to use all necessary safety equipment.
• Finally, make sure your insurance agent is familiar with your business so he or she can confidently advise you not only on which policies to purchase but also on risk management techniques.

​Since a BOP is prepackaged, there is only one policy to review and it can be more cost effective than purchasing separate policies. Additional coverage can be added in the form of endorsements or riders.
Since a BOP insurance policy is specifically designed for small and medium-sized businesses, the type of business can influence eligibility. Normally, companies with 100 employees or fewer and revenues of up to about $5 million or less are candidates for a BOP. Some types of businesses, such as restaurants, may be ineligible for a BOP because of the specific risks inherent in the business and may need to consider buying the individual coverages separately.
Combining three insurance policies into one package
In a single, convenient package, a BOP provides the core insurance that most small businesses need, including:
Property insurance—Protection for your building or office space, as well as property owned by your business, such as equipment and inventory.
Liability insurance—Coverage for costs that arise if someone is injured at your business or by using your products or services.
Business interruption insurance—Also known as Business Income insurance, this coverage replaces lost revenues in the event that your business has to shut down due to fire, wind damage or other covered losses.
You can tailor a BOP to meet your needs
It’s important to understand that a BOP doesn’t cover all risks associated with running a small business and the coverage limits are usually lower. If you have employees, you may be required to carry workers compensation insurance, depending on your state. If you have a business-owned vehicle, you’ll need coverage beyond your personal car insurance. You might also consider insurance for relatively new risks such as computer system break-in or business identity theft.
There are unique risks associated with your small business; an insurance professional can help you find the coverages that are right for you. Here are some other types of insurance to explore and ask about:

• Professional liability insurance
• Employee practices liability insurance
• Business vehicle insurance
• Workers compensation
• Health and disability
• Flood and sewer back-up
• Cyber Risk insurance
• Terrorism insurance

Increasing your coverage with excess and umbrella insurance
You can increase the protection provided by your BOP and other business insurance policies by adding an excess liability or umbrella insurance policy. This type of supplemental policy boosts your coverage beyond the limits of your primary insurance policies. Depending on the policy, your umbrella coverage is designed to broaden and increase coverage, “filling in the gaps” left by other types of liability insurance by covering additional areas of risk and even reimbursing you for deductibles. Your insurance professional can advise you about combining an umbrella policy with a BOP or other business insurance.
It may sound like a dance craze from the 1950s, but a BOP—a Business Owners Policy—can protect your small business against today’s most common risks. Fire, burglary, liability and business interruption losses are all covered under a BOP. We invite you to “Bop” on over to our agency for a no-obligation review of your business insurance needs.