Insurance for small business. How much is your time worth?
Embrace the easy with Coterie Insurance. We work with insurance agents and brokers so small businesses can get the coverage they need, and then get back to what they do best – running their business!
Insurance for small businesses: Every single professional needs GL coverage
About general liability (GL) policies
General Liability is the most common form of insurance for small businesses, as every single professional is required to have some form of general liability coverage.
Coterie offers both standard, year-long policies for small businesses, as well as flexible duration, project-based coverage through our partners.
Why do you need it?
General liability insurance protects you and your small business against another person or business’s claims of bodily injury or property damage. GL can help pay for medical expenses and attorney fees that you are legally responsible for.
Consider this: a customer comes by your office and trips injuring themselves. If that customer decides to sue you, your GL coverage will step in to pay for the damages. Your GL coverage does NOT pay for injury to yourself or your employees. Liability always pays for “the other guy.”
Insurance for small businesses: Protect both your business and your property
About business owners policies (BOP)
A Business Owners Policy (BOP) is more versatile and protects both a small business owner’s business and property – all in one package (typically combining General Liability and Property Insurance). This type of insurance for small businesses can reimburse the policyholder for damaged personal property.
Why do you need it?
A GL policy does NOT protect you from your OWN property. This is one of the main reasons why you would need to consider a BOP.
Most companies mistakenly believe that if they have General Liability insurance, their own losses are covered along with the losses or accidental harm of their customers. However, this is not the case.
For example, a BOP would cover if a customer trips on an uneven front step, if an employee accidentally harms a customer’s property, if a product accidentally harms a client, if a break-in happens at the business owner’s property and equipment is stolen, and the list goes on.
Insurance for small businesses: Insure the work you do, and the advice you give
About professional liability (PL) policies (aka E&O policies)
Professional Liability (PL), also known as Errors and Omissions, is a type of liability insurance that covers your small business for failure to uphold contractual promises in mostly service-based professions.
Why do you need it?
Professional Liability is the insurance for small businesses that insures the work that you do and the advice that you give. If your work is incomplete, inadequate, or not delivered on time and a client sues you, PL will cover the cost of the lawsuit and any damages that are awarded.
For example, attorneys, accountants, architects, engineers, designers, photographers, financial advisers, real estate agents, and other such professions usually need some form of PL insurance.
Common small business insurance questions
Answering question after question about your business just to obtain the insurance you need is a waste of time. Coterie offers policies you can purchase on a monthly, or annual basis.
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.
A BOP is a collection of coverages that addresses several needs of business owners, including commercial property coverage. However, depending on 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.
Coterie Insurance offers a Find an Agent search feature 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.
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.
Understanding what your insurance policy does not cover is critical. 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.
The claims process can seem overwhelming. At Coterie, we collect all initial reports of claims to make the process easy for you. We also serve as your contact for all claims. Learn more about our claims process.
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.
Workers’ compensation and general liability insurance policies are designed to protect against very different losses. Learn more
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