When you own a business and wants to have protection, it would be easier for you to pick the right insurance if you recognize the size of your business and its necessities. Here are the different types of business and their description:
Usually, this business is composed of a single employee (additional employee can be a member of the family). Since revenue here is little, most homeowners think that their homeowner’s insurance plan is enough to protect them. But you must understand that if you’re running a business at home, a home-based business insurance policy can adequately cover your company in dealing with property claims and liabilities.
Comprised of not more than 50 employees, small business is not dominant in its field, typically earning annual revenue of up to $5 million or less. If you have this kind of business, getting a BOP or Business Owner’s Policy is ideal as it can protect your business against the most common small business risks.
If your business has 50 to 1,000 employees and gains annual revenues between $10 million and $1 billion, it’s a ‘medium-size business.’ As your company grows, your business necessities require particular policies designed to sustain it. You must obtain the necessary protection, especially if you have expensive equipment. With a midsize business insurance plan, you can ensure that all your sites, assets and people are safeguarded.
As a money-spinning economic group, a large business is made up of large profit-making corporations with significant influence on social and political policies. Since its scope is multifaceted, it has multi-million dollar risks, and it requires customized protection to suit the company’s specific needs. Risk management is vital in a large business because the number of employees is typically not less than 500 individuals. A policy designed for a large company is necessary to ensure that everything is covered.
One More Thing Before You Go
By understanding the information above, you now have an idea of how to choose the right coverage for your business. For utmost convenience, obtain the right business insurance pan from a dependable insurer.
At Western Pacific Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at 702-932-3105. Get your free quote today by CLICKING HERE.