All great businesses must start somewhere and, for many entrepreneurs, the “world headquarters” operates in the basement until the balance sheet grows. This was the case with a small publishing company that started as a personal passion in 2007 and quickly grew into a national magazine and reputable online resource.
Like many small business owners, the founder didn’t realize that she needed insurance at first. Upon applying for a grant that required proof of insurance, she realized that she had the immediate task of identifying the right policy and securing coverage right away. Concerned that this may be an expensive purchase, she contacted Brunswick Companies to explain the need, share the requirements, and find the right fit for her business.
The Brunswick team walked her through the requisite steps for coverage, demonstrating that general business liability doesn’t need to be complicated or expensive. Overcoming these misconceptions was the first step to obtaining coverage and, ultimately, acquiring the grant that catapulted the brand to success.
What Should Small Businesses Look For In Basic Business Coverage?
Business owners who operate out of their homes with a contractor base are often under the impression that they don’t need business insurance coverage. Many think, “What’s the risk?” The assumption is that, without property, employees, or assets, their exposure is limited.
In reality, the business can be found at fault anywhere, at any time. Imagine if someone trips over a briefcase at a coffee shop meeting or falls into signage at a trade show. These types of incidents happen every day and, if a lawsuit is filed, the business could be at fault.
Michelle Hirsch, Senior Vice President of Brunswick Companies, evaluated specific carriers that specialized in the publishing industry and guided the client to choose the right policy for her business. This is never a one-size-fits-all request. In this case, the company required a basic Business Owners Policy or BOP that packaged property, general liability, business interruption, and crime insurance.
Michelle also suggested a rider that is commonly overlooked in BOP programs: the hired and non-owned auto policy. This rider covers employees who run business-related errands. Personal auto insurance will often deny accident claims if the driver is “on the clock.” The additional rider is added protection for minimum investment.
How Will Your Insurance Grow With You?
Ultimately, the $300 annual BOP investment allowed this Brunswick client to qualify for the grant, which was awarded within months after application. The business continues to grow and rely on Brunswick as an advisor on insurance requirements along the way.
About Brunswick Companies
Since 1972, Brunswick Companies has cultivated relationships with clients, carriers, and partners to offer a broad range of risk management and coverage programs, including commercial insurance, professional liability, and personal insurance, along with surety bonds. The firm is distinctive in its all-inclusive approach to insurance, offering clients strategic advisory services and claims management to fully address the exposure that is unique to each landscape.
Licensed in all 50 states, we’ve built a national reputation by providing the highest level of personal service and support. Our firm has always operated under one principle: to protect and manage the aspirations and accomplishments of our clients as they evolve. If you would like to discuss your business’s insurance needs, please complete the Business Owners Policy quote form or call 800-686-8080 today.