Top Questions We Get Asked About Small Business Insurance (and Answers, Too)

questions about small business insurance

Small business insurance is complex which is why Coterie Insurance believes in connecting small businesses with the expertise of a licensed insurance agent or broker. That said, before you reach out to speak to someone, you likely have some more general questions about small business insurance. Check out the top questions we receive about small business insurance to learn more.  

Do I need small business insurance? 

Very likely you do need small business insurance to secure your investment in your business. Even if you’re a home-based business or new business, you likely have assets you want to protect. By speaking with an agent or broker, they can help you better understand if you need insurance coverage, and what specific type of policy (or policies) would be best for you. 

Does my business owner’s policy include adequate commercial property insurance? 

A BOP is a collection of coverages that addresses several needs of business owners. This includes commercial property coverage. However, depending upon the limits, you might not have enough if a big loss occurs. Review your policy and speak to your agents to see if your coverage needs to be expanded. Every small business is different.  

How do I find a licensed agent or broker in my area? 

Coterie Insurance offers a Find an Agent search function on our website. You can also ask trusted friends and family for recommendations. Word of mouth can be a great way to find an agent or broker. You can also search for an agent or broker online and read reviews to find someone. Take time to speak to several agents to find one that’s a fit for you, and don’t hesitate to ask for a copy of the agent’s license.  

How much does insurance cost? 

Insurance includes a premium and deductible. The premium is the annual cost of your insurance policy. The deductible is how much you need to pay before your coverage starts. Make sure to speak to your agent or broker to see if your premium and deductible will work for you.  

What does business insurance NOT cover? 

Understanding what your insurance policy does not cover is critical. Make sure you speak with your agent and review your policy closely to understand what is covered and what is not covered. For example, flooding is not covered and needs a separate policy. Depending on your area and risk, your insurance agent or broker can help you secure your business against floods and other specific risks. 

What happens if I experience a loss? 

The claims process can seem overwhelming. At Coterie, we collect all initial reports of claims to make the process easy on you. We also serve as your contact for all claims. Learn more about our claims process.

What does hired and non-owned auto insurance cover? 

Hired and non-owned auto insurance provides coverage for personal, leased or rented vehicles driven for business. It provides financial protection against lawsuits in the case of an accident. 

What’s the difference between general liability and workers’ compensation insurance? 

Workers’ compensation and general liability insurance policies are designed to protect against very different losses. Learn more.  

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