Answering Common Questions About Business Insurance

If you own your own business, it’s important that you always prepare for the worst. It may seem like a depressing way to enter into a business, but better safe than sorry. The way you prepare for the worst is to make sure you have adequate insurance to protect your business, the assets, and yourself. For business owners, there are any number of insurance types to check out. There is liability insurance, protection against lawsuits, coverage for accidents, and more.

Car accidents and fires happen. People get sick, fall, slip, and even die. Unfortunately, any of these can relate to your business. Whether your business is a multimillion-dollar corporation or one-person operation, all businesses need insurance.

To help you along your path, we’ve put together some of the most common questions about business insurance, and their answers.

Business Insurance – What Is It?

To protect business owners from losses, many different types of coverage are available and can fall under the all-encompassing term of “business insurance”. With the right policies, you can provide employees with health insurance, protect yourself against workers’ compensation or liability claims, cover your business vehicles and property, and more.

What Are the Available Business Insurance Policies?

There are multiple types of insurance, several that will be perfect for your situation. A lot can depend on the kind of business you run. When speaking to an insurance professional, you should consider all of the following types of insurance to adequately cover your business:

  • Workers’ compensation insurance (this is required in most states if your business hires employees)
  • Life and disability insurance
  • Health insurance
  • Business interruption insurance
  • Product liability insurance
  • Liability insurance
  • Commercial auto insurance
  • Property and casualty insurance

Do I Really Need Business Insurance?

Do you own a business? If you do, you need insurance. It’s that simple. Don’t make the mistake of thinking that, through your corporate veil, you are shielded from personal liability. Don’t think that you have enough assets that a lawsuit couldn’t possibly devastate your company. These are big mistakes that should never be made.

To your business’s continued operation and to your success, potential threats are posed by many risks your business faces. That’s why you need business insurance. Every business has risks. Don’t fool yourself into thinking that you’re running a “safe” operation that’s too big or too good to fail.

Business Insurance – How Do I Buy It?

Before buying business insurance, make sure you check out all your options as well as potential insurance providers. Do a little homework. Research is easy today, with everything online.

You’ll go through an agent or a broker to buy insurance for your business. Be aware of your business risks so you can inform the insurance professional appropriately. Make sure no administrative discipline procedures or no record of ethical issues exist with the insurance professional you’re researching, and that they are licensed.

Can Various Types of Insurance Be Combined?

Combining business insurance policies is absolutely possible. With a BOP (business owners policy) – very helpful for mid-sized and small businesses – this kind of policy can include business interruption coverage, liability, casualty, and property coverage. Rather than buying separate policies, with a package deal like this, you may end up paying lower premiums.

To combine business and homeowners’ insurance, check out home office policies. Or, to your homeowners’ policy, find out about adding a “business pursuits” endorsement.

With Business Insurance, You May Eventually Need to Make a Claim – When You Do, Count on Stone Claims Group

By implementing ever-expanding investigative tools, we, at Stone Claims, constantly push claims investigation to new limits. Our areas of expertise extend to umpire services (to help settle claim disputes), public adjusting, preliminary inspections, appraisal services, and more.

Now that you’ve seen some answers about business insurance in general, check out our FAQ page for answers to some of our most common questions.

To find out whether Stone Claims Group can be of assistance to you, click free claim review or give us a call at 1-800-892-1116. You can also email us at


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