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Few would argue about the value and peace of mind that home insurance provides. You may not, however, be aware that the large majority of homeowners have home insurance. According to industry statistics, that estimate is at a whopping 93 percent. But when it comes to small businesses, only 40 percent have business insurance. When it comes to all businesses, up to 75 percent are underinsured.
Why the big difference? Why do 93% of homeowners insure their properties but only about 40% of small business owners protect their business with a business insurance policy?
The first answer may be relatively obvious. Homes that have mortgages are generally required to have home insurance to protect the interests of the bank. Unless a business loan requires it, there are no such demands on business insurance for the owners.
It is also interesting to note that while the average homeowners’ insurance policy costs roughly $1,600 annually. A small business insurance policy can average much less than that.
While there are differences, of course, there are a lot of coverage similarities as well. Both home and business insurance can cover against losses to property due to theft, storms, and natural disasters. Both can protect you against financial damage due to injury liability claims. Yet, percentage-wise, over twice as many homeowners secure home insurance compared to small business owners who protect their businesses.
Business insurance can also offer additional protection like loss of income, employee theft, errors and omissions insurance, and insurance for business-related vehicles.
One could even make the case that prospects, customers, vendors, and others associated with a business may be MORE LIKELY to file a claim against a business than family or friends would against a homeowner.
Is your business sufficiently protected? Let’s take a look. Our independent agents can review policies issued by any company. We can quote a price that may be surprisingly affordable.
Contact us today. You protect your home. Make sure you protect your business. Contact us and get started today.