Insurance for Small Business Owners: What You Need and When

You’re a business owner. It’s a title you’ve worked hard to earn. Whether your company is located on the main strip or in a strip mall, you want to protect it.

Natural disasters, thefts or customer lawsuits can lead to devastating losses for your business if you’re not adequately protected. Small business insurance is designed to help protect your business from these potential losses and keep it running smoothly.

However, every small business has unique insurance needs. Here, we break down the types of business insurance and when you should buy it.

Types of Business Insurance 

Each type of business insurance is designed to protect against a specific set of risks — from liability to workers compensation. A Farm Bureau agent can help you determine which type of business insurance will meet your needs.

Liability Insurance

As the most basic business insurance coverage, liability insurance can cover your obligations and legal defense for accidents, injuries and negligence. 

Property Insurance

This type of coverage protects your property if it is damaged or destroyed due to fire, storm or theft. 

Workers Compensation Insurance

Workers compensation pays for lost wages and medical care for employees who are injured while on the job. Most states require employers with more than a certain number of employees to have workers compensation insurance, though this law varies from state to state.  

Umbrella Insurance

This coverage picks up where your standard liability insurance policy limit leaves off, offering you a broader umbrella of protection. 

Identity Theft Coverage

As a business owner, you probably already know identity theft is one of the fastest growing crimes in America. Identity theft coverage can help monitor, prevent and resolve identity fraud and theft.

When Should I Buy Business Insurance? 

You might be tempted to put business insurance on the back burner, or you might think your business is too new to insure. Even as a small business owner, the reality is it’s not if you need business insurance — but when. For example, if you’re leasing office space for your company, you’ll likely need business insurance before you can even open up shop. Making your first hire? Great — but read up on your state’s laws for workers compensation insurance.

Business Insurance That Works Hard for You 

We’re here to help protect what you’ve worked so hard to build. Business insurance from Farm Bureau can help safeguard your business from the uncertainties of life. Meet with a Farm Bureau agent and get the customized coverage your business needs.