Starting a business is one of the most exciting feats you can accomplish, but it does come with a lot of responsibility. If you love what you do, it’s worth it, as is getting business insurance to keep your investment protected. The friendly and experienced team at Hummel & Plum Insurance Agency in Chillicothe, OH, provides top-of-the-line coverage for companies of all sizes and industries. Below, they share answers to four of the most common questions about business insurance to help with your startup.
Business Insurance FAQs
What Does It Cover?
There are four basic types of coverage that fall under the “business insurance” category: general liability, worker’s compensation coverage, auto insurance, and property insurance. A comprehensive policy will cover all of them, but you don’t necessarily need the full suite. For example, if you have just started your company and don’t plan on hiring any employees yet, you don’t need to pay for worker’s compensation coverage. An insurance agent can help you decide which coverage you need to include in your policy.
How Is My Premium Calculated?
Premiums depend on different aspects of your business. The most important factors will be the total value of your company, including all assets, property, and income, and annual revenue. The more your company is worth, the more it will cost to insure it. In addition to value, your insurance agency will consider how high risk your business is and if it’s well established.
Are There Different Options for Different Business Types?
Agencies understand that the needs of a mechanic aren’t the same as those of a nail salon. While some types of coverage are the same across the board, an agent can help you put together a policy that specifically matches your business.
Do I Need Insurance Right Away?
While some small business owners put off getting insurance, this is not a good idea. The early stages of business can be some of the most vulnerable, and you likely won’t have many funds to bounce back from big setbacks. If something knocks you down, insurance will help you get back on your feet and keep going.
Whether it’s big or small, your business needs to be protected from a fluctuating market, unpredictable accidents, and other problems that can you set back. Hummel & Plum Insurance Agency in Ross County offers business insurance policies that can cover all your needs. Call (740) 773-1620 to talk to an experienced agent or visit their website for a free personalized quote.