Small Business/Commercial Insurance FAQs

What type of insurance does my business need?

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• The first step in assessing your company's insurance needs is to consider requirements from your business loan company (if you have one), and then state specific requirements where you do business. For example, each state has different Workers Compensation laws and requirements, as well as business auto liability insurance minimum requirements. On top of these loan and state specific needs, we'll need to consider what type of business you have. We'll need to know how many physical locations you operate out of, whether or not you have full or part-time employees (if you have employees at all), your estimated revenues, technology capabilities (e.g. internet access and security), and more to craft a customized package that perfectly fits your unique needs

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Can you find me coverage for my small business?

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• Yes, absolutely. We have numerous coverage options for small businesses, including broad policies like business owner policies (aka BOP), as well as more specific coverages like worker's compensation, excess liability, and more

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I only have a home office, so I don't need business insurance, right?

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• This is often not true, though it may seem like that might be the case.

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• While your homeowner/condo insurance carrier may afford minimal coverage for what they call "incidental business", this coverage is usually only enough if you have a side hobby business that generates very little revenue and includes very limited work done by employees. Most fully operating small business fall outside of this minimal coverage inclusion.

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• Although you likely need to buy insurance for your home business, if you don't have a physical office, employees, and only own a small amount of business equipment, your needs are likely substantially smaller than many businesses, and your coverage should be much cheaper than a company who has a physical location and several employees

I provide clients with advice on products, construction, law, finance/investments or insurance, will a standard business owner policy (BOP) cover this?

• That depends on whether or not the policy includes coverage for Errors & Omissions coverage (aka E&O). E&O coverage will protect you if you come across a scenario where you are sued after omitting information or giving a client incorrect information, and this omitted or incorrect information leads to a financial loss for the client 

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• E&O may be included on a policy as an endorsement (aka a rider or additional coverage), or it can be purchased on a standalone basis. The per occurrence and annual combined (aka aggregate) limits you should purchase for E&O exposure will be determined by your activities and operations. For example if you provide advice to clients that impacts multimillion dollar decisions, you will likely need to purchase millions of dollars worth of E&O coverage

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I know I may need workers compensation insurance for my employees, but is there any other employer related insurance I need to buy?

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• Depending on the state(s) your employees and business are based, you may also need disability insurance for them. Additionally, we recommend purchasing Employment Practices Liability Insurance (aka EPLI), which will protect you from paying out of pocket for lawsuits related to allegations, from current or former employees, of sexual harassment, discrimination, wrongful termination and more.  Sadly, being a great boss doesn't always exclude you from being on the receiving end of nasty allegations following a termination or a non-mutual parting of ways with a former employee. While not legally required, EPLI insurance is a must have for business owners who employ full or part-time workers

If my company has corporate officers or a board of directors does that add to my insurance needs?

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• Yes! While having a board can be helpful in running a business and keeping the company's goals on track, it can also open you up to lawsuits from investors related to decisions the board makes. Directors and Officers Insurance (aka D&O) will help to protect your business from paying out of pocket for decisions of the company's directors and officers that lead to investor lawsuits, which will bring with them inevitable defense costs and potential settlement payouts

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A large part of my business is run online, is there a way to cover us if our systems get hit with a cyberattack or threat?

• Yes! Cyber insurance can typically cover you for cyberattacks and events that interrupt your business operations.

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• For example we can help you obtain coverage that will kick in if your company's servers are taken over and held for ransom by an attacker. An event like this will not only lead to a financial payout to end the attack, but it will also lead to financial loss during the time your servers are out of use and your business activities are interrupted

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• Lack of or inadequate business interruption coverage leads to many businesses failing, even more often than direct physical loss to business property, and a cyberattack can become just as damaging as a physical loss

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• Our President and Co-Founder, Hayden Kopser, is a mobile app developer and web designer outside of his insurance work, so cyber protection and insurance are two of his specialities and favorite things to discuss.

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• We have more information on cyber insurance here

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Can you find me a carrier who will insure my business automobile(s)?

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• Yes, however we are best equipped to write business auto insurance for normal cars and daily use business vehicles, not tractor trailers or larger mobile equipment, which may require specialized coverage in order to provide the business and automobiles with adequate protection

What do you need to get me price quotes for insuring my small business?

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• We really only need a small amount of information about you and your business in order to obtain quotes from one (or more than one) insurance provider. For the quickest turnaround time you can fill out our quick 2-5 minute online application form

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• Alternatively, we can set up a time to talk in person (location dependent) or have you provide us with your information over the phone (212-495-9172 is our main number) or you can email us. Whatever route you prefer to go is fine with us