Small Business Insurance

http://www.PremierGroupIN.com

Family owned and operated for more than 20 years, Premier Group Insurance has delivered quality insurance solutions to individuals and families, specializing in commercial and personal insurance coverage.

Our team of experienced insurance professionals are committed to helping clients find a policy that fits their needs. As an insurance broker, we offer insurance coverage from all of the major carriers. We provide personalized attention and quality customer service to create an experience that’s challenging to find in today’s market.

We represent AAA Insurance, Allstate Insurance, Berkshire Hathaway Insurance, Nationwide Insurance, Progressive Insurance, SafeCo Insurance, Traveler’s Insurance and other carriers.

We serve clients in Indiana, Illinois, Michigan and Ohio.

At Premier Group Insurance, we’ll work with you to ensure that you and those you care about most are protected.

Your small business needs many types of coverage in order to adequately secure itself against losses in the event of common business casualties. Common elements of small business insurance include:

  • General Liability Insurance: This policy covers a business against claims arising from problems like libel, slander, medical expenses, property damage, medical expenses, and the cost of defending against a lawsuit.
  • Product Liability Insurance: If you deal with a product – whether it’s manufacturing, retailing, wholesaling, or just distributing it – you may be responsible for keeping it (and people in the area around it) safe. The amount required depends mainly on the products involved – the larger and/or heavier the products are, the more coverage is needed.
  • Professional Liability Insurance: Similarly, if you provide any kind of professional service, you may need coverage for errors, malpractice, and negligence. Some companies are required to have this type of coverage (especially, though not exclusively, those in the medical field).
  • Commercial Property Insurance: If your small business owns any kind of physical property (an office, a retail store, a warehouse, etc.), this coverage insures it against a wide variety of natural and man-made forms of damage. If your business is particularly vulnerable to a certain type of damage (flooding, vandalism, etc.), you may need additional coverage for that specific problem.
  • Home-Based Insurance: If you’re running a business from your home, then your homeowner’s insurance probably doesn’t cover any of your business operations. You may need to purchase additional coverage separately, or as an extension of your existing plan. Speak to a Premier Group Insurance agents to find out.

Many other industry-specific forms of coverage are available. For more information about what policies are the most important for your business, talk to one of our agents and ask for a full risk assessment. You can research forms of insurance through reputable sources—this information is available for free online, courtesy of groups like the National Association of Insurance Commissioners.

Insurance Requirements for Small Business

All small businesses are required to have Workers’ CompensationUnemployment Insurance, and sometimes Disability Insurance. Other requirements for small business insurance vary by industry, as well as local, state, and federal law.

What constitutes a small business?

The exact definition of a small business varies by industry, but according to the Small Business Administration, it’s usually 500 employees or less for mining or manufacturing, and $7.5 million or less in revenue for other industries. Note that there are many exceptions to this rule, and they are listed in detail on the Small Business Administration’s website.

Other topics you may be interested in:

1. “Insure U Get Smart About Insurance.” Accessed April 14, 2016. http://www.insureuonline.org/smallbusiness/.

2. “Insurance Requirements for Employers.” The U.S. Small Business Administration | SBA.gov. Accessed April 14, 2016. https://www.sba.gov/managing-business/running-business/insurance/insurance-requirements-employers.

3. “Summary of Size Standards by Industry Sector” The U.S. Small Business Administration | SBA.gov. Accessed April 14, 2016. https://www.sba.gov/contracting/getting-started-contractor/make-sure-you-meet-sba-size-standards/summary-size-standards-industry-sector.

Federal income tax laws are complex and subject to change. Neither Premier Group Insurance nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.

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