Business Insurance 101

You’ve achieved your dream of owning a business. But as you know, the boundless opportunities of business ownership come with plenty of risk. When you’re confident that your organization’s people, property and revenue are safeguarded from the unexpected, you can focus on what’s most important—running your business.

Rated among the top tier by AM Best, Standard and Poor’s and Moody’s, Farmers can help protect the investments you’ve made and offer the peace of mind you need to keep your business on the road to long-term success. Trusted by millions of customers and financially secure for over 80 years, Farmers has the resources and knowledge to meet your insurance needs. Let our experienced agents create customized insurance solutions tailored to fit your business.

Your Business Insurance Options Explained

Your day-to-day operations are complex; understanding business insurance doesn’t have to be. There are coverage options available to protect just about every aspect of your business from employee injury to natural disasters. Some insurance is required by law and others by business associates, such as lenders and landlords. Obtaining the right type and amount of insurance for your business will help you avoid gaps in coverage where you need it most.

At a minimum, your business should have:

• Business Property Insurance that can protect your business by funding repair or replacement of damaged physical assets when disasters such as fire, windstorms, hail or vandalism strike.
• Business Liability Insurance that can protect your business against financial losses resulting from claims of injury or property damage caused by you or your employees and your products or services.
• Workers' Compensation Insurance that can satisfy your employees’ medical needs in the event of an accident or disease and make a quick return to work possible, while removing lawsuit potential by current or former employees.
• Business Auto Insurance that can get you on the road again quickly after an accident and ensure your business is protected against losses from injuries to other drivers, passengers and pedestrians for which you and your employees are liable.
• Business Crime Insurance that can provide your business with protection from fraud, theft, forgery or robbery.

Additional insurance options your business may need include:

• Employment Practices Liability Insurance that can cover your business if discrimination, sexual harassment or wrongful termination claims are made by present, former or future employees.
• Life Insurance for Business Owners that can help you plan for business succession, survive the loss of a key employee or partner and retain/reward your top people.
• Retirement and Benefits for Business Owners that can secure your financial future and that of your employees.
• Umbrella Coverage that can make sure your business is shielded from the effects of potentially ruinous lawsuits with additional liability coverage.
• Bailee Coverage to protect you and your business if damage is done to customer’s goods, including jewelry and clothing.
• Transportation and cargo Coverage to cover your company if goods are damaged or lost when being transported by one of your vehicles or common and contract carriers.
• Spoilage Coverage in the event that perishable goods are spoiled due to a mechanical breakdown or power outage.
• Non-Owned Auto Coverage if an employee is involved in an auto accident while driving a personal automobile on company business.

Before You Purchase

There is no such thing as one-size-fits-all business insurance coverage. Your business is as unique as you are. After carefully reviewing your assets and potential risks, your Farmers agent will work closely with you to build a tailored insurance solution that meets the specific needs of your business. What’s more, your agent will take time to help you understand every aspect of the policy.

If You're Already Covered

You’ve made a sound choice to protect your organization and employees with business insurance. However, your business has specific needs which may change over time. Reviewing your policy annually makes certain your coverage options continue to fully protect your assets. When in doubt, contact a Farmers agent for help. Farmers also offers lines of insurance for many aspects of your life, both professional and personal. Ask your agent about personal coverage options that can complement your business insurance policy.

• Business Property Insurance