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Business Insurance 101: 5 things you need to know now.

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As your neighbors in the Northeast, we’re not just near you, we know you. We understand your business insurance needs better than almost anyone else because we built our business here, too. So, whether you’re just starting out or looking for a new insurance company to provide you peace of mind, we invite you to take a crash course in comprehensive coverage.

Business Insurance 101

To craft comprehensive insurance coverage, we start with our standard businessowners or commercial package policy, which protects you from the unexpected costs of entrepreneurship. This includes damage to your company’s structure or property due to perils like fires, storms, theft, or vandalism, plus any bodily injury caused by your employees, products, or services. It’s what you can consider our bread and butter – the most basic way to keep your business covered. But, it’s not all you need, or all you need to know about.

  1. For your benefit, our agents are independent. An independent agent represents more than one insurance company, and we work with them exclusively for a wide array of reasons. Because these trusted advisors can sell more than one brand of insurance, they can compare policies and recommend the one that’s right for you. And while we know it’s possible they may recommend an insurance product from another company, we think it’s worth it, in order to give you the best experience. To learn more about Patriot Insurance Company and our process, read our blog post: Independent or captive insurance agent? Here’s why we choose independent.
  2. To truly understand your needs, coverage starts with a conversation. Your business is unique. Your insurance should be built to match. By meeting face to face with an agent, perhaps over coffee, you can comfortably tell us about your business, ask questions, and talk about what worries you. We’ll take note to create comprehensive insurance coverage that’s designed, quite literally, with you in mind. Worried about finding time in your schedule? Fear not. Because independent agents are self-employed, they’re often more flexible with their hours.
  3. As your partner in protection, an agent will package your policy. To make your coverage as comprehensive and cost-effective as it can be, your local, independent agent will compile all the coverage you need, including commercial auto insurance, workers compensation insurance, and equipment breakdown coverage, into one customized package. One size does not fit all.
  4. For extra peace of mind, an agent may recommend optional add-ons. Much like an actual umbrella, a commercial umbrella policy offers an extra layer of protection to help you weather the unexpected. For example, let’s say a customer trips and falls in your store, with medical bills totaling $1 million. The problem? Your standard insurance covers only $500,000. That’s when a commercial umbrella policy would kick in to cover the extra costs – keeping you covered when you need more than your standard business insurance can offer. Taking it a step further: Did you know cyberattacks are now the fastest growing crime in the United States? You may want to consider data and cyber liability insurance to protect your business from privacy breaches and lost revenue if your computer applications are compromised, preventing you from conducting business.
  5. For ongoing assistance, we offer unique safety services for businesses with complex risks. When you’re covered by Patriot Insurance Company, we’ll match you with an experienced loss control consultant who can help keep your business running smoothly and safely. By conducting site visits, identifying hazards, and recommending ways to help you avoid filing a claim in the first place, you’ll always understand your risk. But more importantly, you’ll always have prevention tips that are tried, true, and expert approved.

Congratulations! You’ve completed your course in Business Insurance 101, and you’re ready to talk to an agent. Find one near you now.