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by Indiana Farm Bureau Insurance

What is business insurance?

Younger woman with an iPad looking at business insurance options working at her small business

What is business insurance?  

Business insurance can help you manage your company's risks and exposures. It can give you financial protection from covered losses that occur during normal business operations. When you purchase insurance for your business, there are coverages that can help protect your business' financial assets from lawsuits, property damage, theft, and vandalism, the loss of business income or employees are injured at work or become sick due to occupational illnesses.

You can purchase different types of business insurance policies to help protect your business. Among these policy options are commercial liability, commercial property, commercial auto and worker’s compensation and probably most important in today’s world, data breach and cyber extortion protection.

We can help you prepare for the unexpected — damaged property, theft, liability exposure — with a variety of insurance policies that help cover your costs in the event of loss. Our Indiana Farm Bureau Insurance agents will work with you to determine which policies best meet your company’s needs. We want to help you make a wise financial investment, so your company is properly protected.


What are the different types of business insurance policies?  


The type of business you own, and the exposures you have, will determine what type of business insurance you need. We offer both a Business Owners Policy (BOP) and a Commercial Package Policy (CPP). These types of policies are used by many classes of businesses, including manufacturers, restaurants, apartments and machine shops.

Which type of policy you purchase might depend on if you own a retail business that requires clients to come to your office/building for services (examples: lawyer, barber, doctor, accountant, printer) or you are a trade contractor and perform services at your customers’ premises (examples: electricians, mason, carpenter, carpet cleaner, painter). We also offer another type of commercial insurance that focuses on commercial autos.


How to get business insurance for my business?  


The best way to purchase business insurance with  Indiana Farm Bureau Insurance is by contacting one of our professional agents. They will sit down with you and walk you through a comparison of what you currently have and then make recommendations tailored to your individual needs and exposures. Business insurance has changed throughout the years with an increase in different exposures, especially data breaches and cyber extortion exposures. We want to help you make sure that you have the proper amount of coverage for your needs in the event of an unexpected loss.


How much is business insurance for my business?   


What if a fire breaks out at your business and you lose your building and/or inventory, or a severe storm sends a tree smashing down onto your office, or your business is robbed, and thousands of dollars of equipment is stolen? What if a data breach occurs the loss of sensitive customer information? These are some of the common losses experienced by business owners. How well you recover financially from such losses might be determined by your business insurance coverage.

Businesses that have appropriate commercial insurance in place at the time of a loss are usually able to recover with minimal interruption and financial burden to their business.


How much does business insurance cost?  


Indiana Farm Bureau Insurance determines annual premiums by evaluating your type of business, and rating classifications and rating basis, such as annual sales or payroll. Business policy premiums are generated based on the anticipated exposures and the nature of your business. This way your company pays the appropriate amount of premium for a business of your size and type of operations.

Premiums for commercial policies are often also based on annual payroll or annual sales figures. At the beginning of the policy period, you and your Indiana Farm Bureau Insurance agent will estimate the total payroll or sales dollars.

Want more information about business insuranceContact us to learn more!

*The information in this article was compiled from a variety of sources and is intended to provide helpful tips only