Determining the amount of business and liability insurance your company requires is critical to ensure you are protected in the event your company is sued. If your company has too much insurance, you are overpaying; not enough insurance, and you may not be protected. Let the experts at Kleppinger Insurance in Bethlehem, PA, help you find the right policy for your situation.

Here’s how to determine how much business and liability insurance your company needs:

• Required Coverage To Purchase: At the minimum, your company should have property and business interruption, general liability insurance, workers’ compensation, and, if employees are using company vehicles while on the job, commercial automobile insurance. The last point is especially critical for construction or delivery companies that use vehicles regularly.
• How Much To Spend On Coverage: When developing your business plan, you should be thinking about your business insurance options. A general budgeting rule is to use between 20 and 30% of predicted gross sales as the baseline for comprehensive coverage.
• Optional Coverage To Consider: As with any type of insurance, there are numerous business insurance add-ons that can be purchased, with the most popular being employment practice liability (EPL). Your industry, amount of risk involved in your business, and the structure of your management will determine the types of additional insurance needed.
• How To Buy Business Insurance: The internet has made it much easier for companies to research insurance quotes and purchase the most comprehensive coverage at the lowest cost. There are many professional organizations that have group rates as well, so check with your local Chamber of Commerce to see if they have discount options.

When you’re ready to buy business insurance tailored to the specific needs of your company, call the Lehigh Valley’s own Kleppinger Insurance at (484) 357-1485 for a consultation. You can also visit their website for additional information.