Business Insurance

No matter which industry you operate in or the size of your organization, starting a business involves taking on considerable financial risk. Along with making the right decisions to maintain and grow your business, it is important to protect it and manage the risk and uncertainty associated with keeping the entity running smoothly.


A single incident, such as a motor vehicle accident or a negligence claim, can result in your business going bankrupt if the proper safeguards are not in place. Having adequate insurance coverage is the key to managing your risk as a business owner.


Do you have adequate business insurance? If a worst-case scenario happens would your business be able to survive? Are you starting a new business and want to know your insurance options? Let us show you what business insurance coverage options we provide and how securing your livelihood depends on having it.

Why do I need business insurance?

Business insurance or commercial insurance, is any policy designed to shield and protect your business from loss incurred as a result of its daily operation. The way each individual policy is worded lays out the kind of coverage it provides, as well as any specific limitations.


Along with protecting the property you use to run your business such as buildings, machines, tools and equipment, business insurance can also provide coverage and protection for your employees, and members of the general public as they interact with your entity. Some insurance policies provide working capital during times when your business cannot finance itself, such as the period immediately following a natural or other disaster.

What kinds of insurance coverage does a business need?

The kind of insurance coverage your business needs depends on the type of organization you have, the scope of its operation, its level of assets and the risks associated with carrying out business activities.


Factors to take into consideration to determine the best options for your business insurance policy include whether or not you hire employees (workers comp), own a building or property (flood insurance), have vehicles (auto insurance) and if your business has direct interaction with members of the general public (liability insurance).


There are many coverage options available for small business insurance, which include but are not limited to the following:

Business Auto

Commercial car insurance offers coverage for vehicles used to carry out day-to-day business activities, and provides protection against property damage, accidents and personal injury involving the vehicle.

Umbrella/Excess Liability

Umbrella policies provide additional protection against loss by covering any costs that go above and beyond the limitations of policies you already have.

Workers Compensation

Protects your business by providing coverage for employees if they are injured while doing work on behalf of your business. Workman’s comp helps to pay for your employees lost wages as a result of their injuries and covers their medical expenses as well.


A bond, which is also known as a ‘surety bond’ protects you while working with contractors by insuring that they fulfill their obligations. If they do not, you are covered and protected from any financial loss associated with the default.

Builders Risk

Offers coverage for tools, materials and equipment used on a job site related to physical loss by theft or damage.

Professional Liability

Also called errors and omissions insurance, professional liability protects your service-based business from claims of negligence, malpractice and errors brought forward by your clients and customers.

Directors and Officers Liability

Provides coverage for the directors and officers of your business against any liabilities associated with claims made against the business during their management tenure.

Employment Practices Liability

Provides the business with protection against claims of discrimination, false imprisonment, breach of contract, emotional distress, wrongful termination, sexual harassment or wage violations brought forward by an employee.

Liquor Liability

Provides coverage for businesses that purchase, sell or serve alcohol (such as restaurants and bars) and protects them from liability associated with someone becoming injured or doing damage to property as a result of consuming the alcohol they provided.

Flood Insurance

Provides coverage against flooding caused by natural disasters that can lead to tremendous financial loss by severely damage your inventory, equipment, tools and buildings.

Group Benefits

Also called group insurance, group benefits offer various types of coverage (such as life and health insurance) to a specific group of people in your organization.

How much does business insurance cost?

The differences that exist between each type of business operation makes it impossible to determine what your business insurance premium would cost without taking a closer look at information about your company.


Along with other important factors related to running the business in question, your insurance agent will take the following into consideration to estimate your coverage needs:

  • Level of risk involved with running the business
  • General nature of the business
  • Type of business operation
  • Location of the business
  • Products and services provided
  • Third party arrangements and agreements
  • History of claims made by the business
  • Size and scope of the business premises
  • Business income
  • Number of employees


Once the premium is calculated, your insurance agent may be able to provide discounts on the purchase of multiple-policies, or provide no-claims bonuses based on a history of low-risk business operation.


In some cases, there can also be a reduction in premiums if your business takes steps to lower the risk of daily operations such as installing smoke detectors, fire extinguishers and security systems. Taking these and other precautions dramatically reduces the chances of loss due to theft or damages.

Ihry Insurance provides a solid foundation for your business

If your business was affected by a serious and unfortunate event, would it be able to survive the impact? Business insurance makes it possible for you to start and grow your business with confidence and security.


It is important to know the types of insurance coverage you need to protect your business from potential disaster. Consult with an experienced and knowledgeable broker from a reputable agency to explore and compare your options to make the right choice.


At Ihry Insurance, we work with you to assess your situation and create a customized policy that keeps your business safe. Call us today to talk to one of our helpful agents and get a free business insurance quote.

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