What is Small Business Insurance?

      There are a wide variety of unpredictable events that could hit your small business and potentially knock it out for good, so make sure to be prepared by securing insurance coverage that helps safeguard your greatest and most valuable asset.

      While companies of every size have daily challenges and risks, a smaller business typically has far fewer resources to address them. As a result, just one substantial property or liability loss could leave a small business owner in such financial distress that they might have to close their doors forever. The Austin Insurance team doesn’t want to see this happen to you or your business. Whether you provide our community with plumbing or electrical services, legal or investment advice, or pizza or prime rib meals, we want to help you select small business insurance solutions that may minimize the financial impact of a loss due to:

      • Fire
      • Theft or Vandalism
      • Wind or Hail
      • Falling Objects
      • Lightning
      • Third-Party Property Damage or Liability Claims
      • Employee Injuries
      • Equipment Breakdowns
      • Cyberattacks
      • Supply Chain Interruptions
      • Temporary Business Closures
      • Business-Owned Vehicle Accidents

      There are a variety of insurance coverages that can help protect your business against these and many other potential threats. However, buying multiple separate insurance policies to address these risks and safeguard your business is generally not very cost-effective. The Austin team is ready to help you access affordable small business insurance solutions for your operation and its specific exposures.


      Is a Business Owners Policy the right small business insurance solution for your company?

      A Business Owners Policy, or BOP, is a coverage solution that bundles many of the most important small business insurance protections, such as commercial general liability, commercial property, and business interruption, into a single, cost-effective package.

      With its wide-ranging coverage and affordable price, a BOP may be a great choice for a variety of small businesses, including:

      • Florists
      • Light Manufacturers
      • Professional Services
      • Restaurants
      • Retail Stores
      • Salons and Spas

      A basic BOP for these and similar businesses typically provides coverage for:

      • Liability, including third-party bodily injury, property damage, medical, and copyright infringement claims, as well as the legal costs related to a lawsuit.
      • Property Damage, including damage to the physical space you own or rent for your business and the business property inside if ruined by fire, vandalism, explosions, falling objects, or other events stated in your policy.
      • Loss of Business Income and assistance with paying for ongoing expenses, like payroll, employee benefits, and rent or mortgage payments, if your business has to temporarily shut down due to a covered event.

      While these are the main coverage areas in a basic BOP, many of the programs Austin can access for small business owners like you will offer flexibility and customization options. For example, you can usually select from a variety of payment options and policy limits. You may also be able to economically enhance your coverage with additional protections, such as cyber or employment practices liability, equipment breakdown, food or merchandise spoilage, crime, accounts receivable, money and securities, valuable papers, and more.

      While it is clear that a BOP can provide your small business with coverage against a broad range of risks, there may still be some insurance options, like workers’ compensation and commercial auto, that your business requires but that cannot be included in this package policy. The Austin team will be glad to help you secure these coverages separately at competitive rates.

      In addition, a few things could keep your company from being eligible for a BOP, such as if your business is constantly increasing in size or has specialized and complex risks that cannot be covered by a BOP. In this case, a different type of package policy—a Commercial Package Policy (CPP)—may provide more suitable coverage. With a CPP, you may get similar benefits to a BOP, including the cost savings and convenience of having most or all of your insurance bundled in a single policy.

      How Austin takes care of your small business is different from all the rest

      Before the Austin team can determine what small business insurance solutions you need, we want to get to know all about you and your company. To do this, we personally evaluate a variety of factors that might impact your risk profile, such as your claims history; any safety and health concerns at your workplace; and the likelihood of an unexpected event, like a theft or natural disaster, occurring. Our careful and thoughtful insurance process ensures that our team gets an in-depth understanding of your business and its vulnerabilities so that we can help you find the small business insurance solutions that are the best match for your coverage requirements and budget.

      To experience our personalized approach to insurance, please call the Austin Insurance team today at 781-447-5561.