All great businesses must start somewhere and, for many entrepreneurs, the “world headquarters” operates in the basement until the balance sheet grows. This was the case with a small publishing company that started as a personal passion in 2007 and quickly grew into a national magazine and reputable online resource.
Like many small business owners, the founder didn’t realize that she needed insurance at first. Upon applying for a grant that required proof of insurance, she realized that she had the immediate task of identifying the right policy and securing coverage right away. Concerned that this may be an expensive purchase, she contacted MIG Company to explain the need, share the requirements, and find the right fit for her business.
The MIG team walked her through the requisite steps for coverage, demonstrating that general business liability doesn’t need to be complicated or expensive. Overcoming these misconceptions was the first step to obtaining coverage and, ultimately, acquiring the grant that catapulted the brand to success
What Should Small Businesses Look For In Basic Business Coverage?
Business owners who operate out of their homes with a contractor base are often under the impression that they don’t need business insurance coverage. Many think, “What’s the risk?” The assumption is that, without property, employees, or assets, their exposure is limited.
In reality, the business can be found at fault anywhere, at any time. Imagine if someone trips over a briefcase at a coffee shop meeting or falls into signage at a trade show. These types of incidents happen every day and, if a lawsuit is filed, the business could be at fault.
Our Team, evaluated specific carriers that specialized in the publishing industry and guided the client to choose the right policy for her business. This is never a one-size-fits-all request. In this case, the company required a basic Business Owners Policy or BOP that packaged property, general liability, business interruption, and crime insurance.
Our Team also suggested a rider that is commonly overlooked in BOP programs: the hired and non-owned auto policy. This rider covers employees who run business-related errands. Personal auto insurance will often deny accident claims if the driver is “on the clock.” The additional rider is added protection for minimum investment.