Business FAQs 

What kind of insurance does my business need?

That depends on the kind of businesses you engage in. All business need basic liability to protect them against acts of owners or employees for which the business might be considered legally liable. Professional service providers often need special liability protection. Examples might be professional liability protection for lawyers, doctors, architects or software designers. Another example is businesses that manufacture or distribute a product; they typically need product liability protection. It's always a good idea to review the kinds of liability exposures your business might have when updating or initiating an insurance program.

Businesses that own autos or use non-owned autos in the conduct of their business will probably need a business auto policy.

All businesses have property which can be divided up into several categories: office or other equipment, inventory, real property, etc. and it is a good idea to think about your ability to replace any damaged or lost property in these categories. If the possible amount of loss exceeds your comfort level, then insurance might be a good alternative.

You need to think about how long you could afford to be out of business. Insurance known as business interruption insurance, can pay suppliers, salaries and other costs you might incur even if your business income were to be interrupted by a covered cause of loss.

[ back to FAQ ]

Information provided with permission to Benton White Insurance by www.iii.org

Benton's Blog

Is Your Employer-Provided Life Insurance Coverage Enough?

Is the life insurance you’re getting through your employer enough to take care of your family? And are you paying too much for that coverage? A healthy 50-year-old male could save nearly 80% on premiums in the first year alone by switching from an employer-provided term life insurance policy to an individual one, according to the National Association of Personal Financial Advisors (NAPFA), a professional association of fee-only financial planners. Young, healthy employees might also be better...

Smartphones Are Killing Americans, But Nobody’s Counting

Jennifer Smith doesn’t like the term “accident.” It implies too much chance and too little culpability. A “crash” killed her mother in 2008, she insists, when her car was broadsided by another vehicle while on her way to pick up cat food. The other driver, a 20-year-old college student, ran a red light while talking on his mobile phone, a distraction that he immediately admitted and cited as the catalyst of the fatal event.  “He was remorseful,” Smith, now 43, said. “He never changed his story.” Yet in...

Does Homeowner's Insurance Cover Your Home Based Business?

If you’re one of more than 38 million people working from your home in any capacity, beware: your home insurance may not provide adequate protection for your business, no matter how small. Thanks to the digital revolution, it’s never been more convenient to earn a living from your living space – but with each reward comes risk, and without the right coverage, that extra cash flow can turn from positive to negative. Unfortunately, too many at-home earners aren’t aware of the gaps in their coverage...