Big Tips for Small Business

Stay up-to-date on all things small business, from best policies to best practices and everything in between.

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A Business Owners Policy (BOP) is ideal for small and medium-sized businesses.

This comprehensive policy includes property, business income and liability insurance, all in one conveniently packaged policy. These can also be extended to include specialized coverage, ranging from professional liability to data breaches.

Protect your company vehicles with a commercial auto policy.

Commercial auto insurance covers many types of vehicles used for business purposes and protects you from liability when using your own vehicle for business. It can cover multiple drivers and multiple vehicles.

Running a large business? Consider a commercial umbrella policy.

A commercial umbrella policy extends your liability limits beyond basic liability contracts. Some commercial contracts may even require a business to have a commercial umbrella policy

All churches need property insurance.

Property insurance covers not only the building itself, but also the grounds and anything inside the building, such as equipment or supplies. This also protects church-owned structures, such a pastor’s residence or community center.

You can cover the costs of certain legal fees with business liability coverage.

Business liability insurance helps cover the costs of legal fees — including medical payments — if someone is injured on your premises or at your job site. It can also cover property damage in case you damage someone else’s property.

True or False?
The majority of small businesses in the U.S. have at least five (5) full-time employees.
Sorry, the correct answer is False.

Actually, most businesses in the U.S. have fewer than five employees. Source

Next Question
Small businesses employ nearly half of the American workforce.
Sorry, the correct answer is False.

As of 2022, small businesses are responsible for 47.3% of our country’s workforce. While the definition of a small business is broad, the impact they have on our communities is hard to deny. These businesses generate jobs; provide tax revenue for local government; and allow for a creative, thriving community. Source

Next Question
Workers’ compensation policies are designed to solely benefit employees.
Sorry, the correct answer is False.

Workers’ comp protects your business and its employees. It can provide medical treatment, both temporary and permanent, and death benefits for employees. It can also protect your business from legal exposure. Source

Next Question
Commercial property policies may include loss of income coverage.
Sorry, the correct answer is False.

Commercial property policies protect the building and contents of a business. It may also include loss of income, which will help pay the income you would lose during the time your business is inoperable after a covered loss. Source

Next Question
Employee dishonesty coverage protects businesses against an employee theft of money or property.
Sorry, the correct answer is False.

There is also employee-related practices coverage that provides protection for wrongful acts such as harassment, wrongful termination, and failure to promote. Source

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