Small businesses represent over 99% of the 28.7 million firms. The vast majority have fewer than 20 employees and nearly 40% of all enterprises representing under $100k in revenue, according to JP Morgan Chase. So it is fitting that the month of May celebrates the small business owners.
When it comes to insurance, small businesses feel that a business owner policy is enough to protect them. Typically a basic BOP (business owner policy) includes property, liability, and business interruption insurance. There are really ten types of insurance that are needed to protect your business – general liability insurance, professional liability insurance, business income coverage, commercial property insurance, workers’ compensation, commercial auto insurance, data breach insurance, and commercial liability.
If you are a small business and need to review your insurance coverages, let us know. It is a great time to do a check up on your insurance portfolio.