Small businesses employ 49% of private sector workers in the United States.*
Yet 30% of new businesses fail within two years, and 66% fail within 10 years.*
With the right level of coverage, you can recover from a loss and keep your hard-built business sound.
* Source: Small Business Administration, 2014 Frequently Asked Questions about Small Business.
First, let's look at the business owner's policy — also known as a "BOP."
A BOP covers property and liability in one policy, protecting you from disasters like fire, theft, data breaches, and claims made against your business.
Because these incidents often slow or stop business — and your pay — BOP coverage covers loss of income, too.
BOPs are also great for small businesses because they often allow you to save money by bundling different coverages together.
Auto insurance is essential for small businesses that own company vehicles or require employees to use their own cars on the job.
These policies protect your business from car accidents caused by you or your employees — damage to your vehicles, and covers gaps if employees use their own cars and don't have adequate auto coverage.
When you consider there's an injury-causing car crash in the U.S. every 10 seconds, it's easy to see why auto coverage is vital.*
Source: Centers for Disease Control, Save lives, save dollars. Prevent motor vehicle-related injuries.
Workers compensation policies are also often critical for small businesses.
In fact, if your employees are classified as W2 workers, state law may require you to have workers compensation coverage. This is required by law in every state except Texas.
Even though you take steps to prevent slips, falls, and the like, sooner or later, accidents happen.
Of these accidents, those that are serious in nature cost U.S. business more than $1 billion per week.*
If your employees need to lift, push, pull, hold, carry, or throw objects on the job, your business is at high risk. Injuries from these actions cost companies a whopping $15.1 billion each year, making workers compensation coverage essential.*
*Liberty Mutual Workplace Safety Index
Umbrella coverage is a catch-all liability policy that offers protection where other liability policies leave off.
Did you know that small business owners pay more than $35 billion per year in out-of-pocket court costs for claims that exceed their primary coverage?* Without an umbrella policy, your small business might be on the hook for expenses that exceed your primary insurance coverage for a liability claim or work-related auto accident.
Car crashes are the number one reason businesses turn to their umbrella policies for help.
Umbrella insurance also protects your business from the unexpected, like if a customer falls on your premises and is severely injured.
*U.S. Chamber of Commerce, Tort Liability Costs for Small Business
Finally, small business owners should consider inland marine coverage.
These policies cover property, tools, and equipment when they're not at your place of business. In the event of damage or theft, these examples would all be covered.
Goods that you're shipping to another location
Excavating equipment that's at a worksite
instead of your headquaters
Artwork on loan
How real is the threat? The average estimated value of a piece of stolen equipment is $46,000.*
*National Insurance Crime Bureau and National
Equipment Registry, 2014 Theft Report.
We're here to help
Your local independent agent or broker has the knowledge and expertise to guide you to the coverages that make sense for your unique business.
So protect the business you've worked so hard to build — start the conversation today.
This document provides a general description of this program and/or service. See your policy, service contract or program documentation for actual terms and conditions. Insurance underwritten by Liberty Mutual Insurance Co. or its affiliates or subsidiaries.