BUSINESS
PACKAGE

A typical business insurance package doesn’t include coverage for vehicles, but certain coverages can be added.

No, usually you’ll need to purchase a separate policy for that new business.  There are exemptions to this rule for succession, death, or business acquisitions. 

This depends on many factors including the value of your business property, nature of your business activities, revenues generated by the business, and the level of coverage you choose.

Many business owners delay purchasing business insurance to try to save some money.  Often, they wait until a client or landlord requires proof of insurance before they rush out to buy insurance.  Businesses at all stages of the life cycle face significant risks and should purchase insurance as soon as practicable to mitigate their financial exposure to losses.

Insurance costs are considered business expenses and are treated the same way from a tax perspective.

Business Interruption Insurance pays for losses or reductions in profit brought in by your business if your operations are interrupted by an insured loss to physical property.

No, business insurance is optional, but many landlords and clients will require you to carry some level of insurance prior to contracting or doing business with you.

A typical business insurance package includes:

• Commercial Property Insurance
• Business Interruption Insurance
• Liability Insurance
• Crime Insurance

The most common types of business insurance are commercial property and liability.  Those are good places to start but you should speak with a licensed insurance broker for a detailed risk analysis.

For businesses with some level of fixed assets like equipment, inventory, or buildings, insurance is an obvious choice.  But even businesses without assets (i.e. professional services) should purchase some base level of liability insurance to protect themselves and their clients.