Is your small business insured? Are you carrying the right kind of insurance to protect you, your company, your employees and your customers? These are the questions we faced as we were working to launch our company, OfficeDrop. We found that government-mandated insurance such as workers’ compensation go only so far in providing adequate protection. To ensure that all the sweat and money that went into building our business is adequately protected, we needed to carry other forms of insurance. After spending many days talking to various insurance advisors, we narrowed down the insurances to a handful.

Also known as employer’s liability insurance, this insurance is mandatory in every state. By providing workers’ compensation insurance, your company can award employees monetary sums in the event that an employee is injured or disabled while on the job. Since coverage is provided in exchange for the employee’s right to take legal action against the company, you will be protected from lawsuits in the case of employee injury or death.

If your company owns vehicles, then all 50 states require you to carry business auto insurance. The extent of coverage will depend on who drives the vehicles and what your state requires.

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Auto insurance quotes are nothing more than the rate price to be charged of a buyer in owning vehicular insurance. These auto insurance quotes are based on a wide range of factors including coverage and other more obscure anomalies to be explained.

An auto insurance quote is very important to consider before purchasing a policy, as it is through these insurance quotes that one may achieve a general concept of price and form a conclusion and decision based on said quote. Fortunately, they are rather easy to obtain, though. Quotes can be acquired from most major insurance agents by filling out a general information form on their respective website.

Coverage, on the other hand, is the costs that the insurance is willing to pay. They are, however, based on the chosen rate and can be both minimal and extensive. Some forms of coverage include liability for property destruction or physical damage to another motorist or pedestrian. This form exists in case fault is placed on the buyer and not the other party within an accident. Conversely, coverage for the buyer can include medical coverage, vehicular coverage, rental coverage, and other general services.

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Business Owners Package policy, commonly called a “BOP” contains many of the insurance coverages needed by most small businesses. While these policies are not standard, there is great variation from insurance company to insurance company; there are certain common elements. The basic BOP offers business property for both building and contents, and liability insurance protection for the operation of your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations.

Some, but not all of the policies, will also offer business income and extra expense protection after an insured loss. BOP policies do not contain all of the coverages needed by a small business. Notably they do not cover any workers’ compensation, professional liability, or business vehicle coverage.

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