Small Business Insurance is a contract between a business and an insurance company where the insurer will pay to repair, replace or recover the value of whatever the business has under coverage if it’s lost or damaged by a set number of causes.
Densmore Insurance Strategies, Inc. provides business insurance to in Bondurant, Ankeny, Altoona, West Des Moines, Johnston, Urbandale, Pleasant Hill, and surrounding areas.
Why Do I Need Small Business Insurance?
Every company, big or small, needs some form of insurance. Yes, certain types may not be required or seem relevant to you, but one tiny mistake could leave your company in
financial ruin. Are you willing to accept this risk because you didn’t want to
budget a few hundred dollars for coverage?
Adverse outcomes that impact your company:
- You could lose your belongings: theft or damage to buildings, personal property or equipment.
- You could be sued: product and/or services cause damage or bodily harm to a customer.
- You could make a mistake: a professional error or omissions that cause emotional distress.
What Does Small Business Insurance Cover?
Since every business is unique so are the challenges they may face. It’s important
to know what your business values the most and how it will benefit from its coverages.
Basic Business insurance coverage can include the following and more:
- Commercial Property Insurance: Covers loss or damage to your belongings due to fire, storms and other causes
- Commercial General Liability: Covers claims for injuries to other people
- Professional Liability: Covers your mistakes that cause physical or emotional injury.
- Commercial Auto: Covers work vehicles and the liability they may cause.
- Cyber-Crime Insurance: Covers the loss of customer’s sensitive data.
- Employer Liability Insurance: Covers Social Security, unemployment and workers compensation.
- Workers compensation insurance: In most states and in some businesses, injured employees receive workers compensation insurance, no matter who was at fault for the injury.
- Commercial Vehicle insurance: Like your personal auto policy, this provides similar coverage such as liability, collision, comprehensive, medical payments (or personal injury protection) and uninsured/underinsured motorist coverage.
- Business Interruption insurance: Also known as business income insurance) is a type of insurance that covers the loss of income that a business suffers from a disaster. The income loss covered may be due to the disaster-related closing of the business facility or due to the rebuilding process after a disaster.
- Home-Based Businesses: In addition to liability coverage, business insurance can also provide coverage for your property and office equipment.
- Product Liability insurance: Product liability insurance protects against claims of personal injury or property damage caused by products sold or supplied through your business.
What Kind of Small Business Insurance Do I Need?
To find your optimal insurance combination, you’ll have to figure out what coverage makes sense and whether or not the benefits will outweigh the premium costs. To do this you, you’ll have to answer several questions and make a lot of decisions, but your patience and effort will be rewarded with peace of mind.
Company Size Is a Huge Factor
One of the biggest price and process factors for finding insurance depends on the size of your company. A small startup will face a much easier process than a big corporation with multiple locations.
Types of companies:
- Small: Sole proprietors, S Corps or LLCs:
This will be a more decision-friendly process. You can get a Business Owner’s policy (BOP) and packages that offer a number of check-the-box options.
- Big: Major corporations, franchises or conglomerates:
There will be many different coverage options. Certain locations may need different types of coverage, and with a larger workforce, you might want more appealing benefits to attract talent.
Not Sure If You’re Big Enough to Need Business Insurance?
Are you thinking to yourself, “Hmm, I’m not technically a business, so I probably don’t need insurance”? Well, think again, because any continuous activity with a profit motive is “technically” a business and could be held responsible for the same risks as a small business.
How Much Does Business Insurance Cost?
The cost of business insurance policies depends on the coverage and a number of other factors like size, location, and materials used. So, a small children’s book publisher might only pay $550 a year, whereas an underwater oil drilling company could pay $550,000 a year. Basically, the safer and smaller the company, the lower the premium can be.
Densmore Insurance Strategies, Inc. is proud to offer insurance options to several industries. We understand that your business requires a very specific set of coverage options. We will work with you to come up with a protection plan that fits your needs
Our goal at Densmore Insurance Strategies, Inc. is to provide insurance solutions that keep small to medium-sized businesses protected. That is why we combine various coverage options into one convenient package – for more benefits than a typical Business policy and better savings through competitive pricing.
We provide small businesses Business Insurance in communities near Ankeny Iowa, Altoona Iowa, Bondurant Iowa, Des Moines Iowa, West Des Moines Iowa, Johnston Iowa, Waukee Iowa, Grimes Iowa, Polk City Iowa,Pleasant Hill Iowa, Norwalk Iowa, Huxley Iowa, and Urbandale Iowa. We are licensed to serve Iowa, Illinois, Nebraska, Florida, Missouri, Arizona, Texas, and Tennessee.