How to Customize an Insurance Policy to Fit Your Business

Business owners are the ultimate jugglers when it comes to decision-making: from which products and services to sell, who to hire, how to market and what customers to target. Typically, companies will turn to outside expertsespecially those with relevant industry experienceto get guidance on how to move forward. But how many business leaders do the same when it comes to protecting their businesses?  

Gaining the advice of an experienced insurance expert can help you make the right decisions about your own specific business coverageYou might be wondering what to look for in a business insurance policy? Here are some questions to consider when making that important choice. 

What is Your Industry?

For every one of the nearly half a million businesses in Wisconsin, there’s a different set of needs based on the type of business and industry. For instance, those running a manufacturing company with hundreds of employees will face completely different safety and operational issues than a small business with a handful of employees selling marketing or accounting services. 

According to the small business administration, home-based businesses have continued growing, especially in the last year. Whether you are running an in-home daycare service, providing music lessons or just setting up simple home office in your dining room, it’s key to consider which business or commercial policy is the best option for you.   

What is Your Risk Level? 

Many business owners select a basic business insurance policy and assume that it will cover all of their needs. But assessing the level of risk involved can help to make sure you are incorporating the right amount of coverage. Consider risks to your business property such as fire and theft, as well as risks related to your company’s operations such as client mistakes or employee injuries.  

Think outside the box when it comes to other less frequent types of risks you may encounter in your business. What if an employee steals company supplies or a water line breaks and interrupts your business service? Your customized business insurance may need to include worker’s compensation, liability insurance and – in some cases when legal, accounting or other consultation services are involved – professional liability insurance. 

What Assets are Involved? 

Most businesses can’t run efficiently without some physical assets such as office equipment like copiers and printers or heavy mechanical or electrical equipmentThese assets are usually easy to identify and should be protected to prevent disruption in service. If there are company-titled vehicles involved in delivering products or used for visiting clients, the business is liable for damage caused. Injured parties can also sue the driver personally, so it’s important to consider a customized commercial auto policy to ensure the right level of protection. 

What About Cyber Risks? 

From hacking to phishing and ransomware, cybersecurity has become a growing concern for businesses of all sizes. In fact, in the first half of 2020, over 540 business data breaches were detected across the U.S. The average cost of a data breach for a small business is between $36,000 to $50,000, according to Security MagazineThat’s significant issue for businesses that are less able to absorb these unforeseen expenses. Look for cyber insurance that offers extensive protection managed by experts who understand how to prepare an effective data breach protection plan. 

We know your business Is unique. That’s why we offer custom business insurance plans tailored to you. When it comes to ensuring your business’s future, selecting an insurance agent who is part of your local community can provide an extra level of confidence. Rural Mutual provides an agent network of more than 100 locations across Wisconsin that are available to help you customize a business policy that fits your needs. 

The information provided in external website links is for general informational purposes only and does not form any recommendation or warranty by Rural Mutual Insurance Company or its affiliates.