An FAQ with Danny Crum
Hey, everybody, I’m sitting down with Danny from Bray and Oakley today to talk about small business insurance. Danny, if you don’t mind, tell everybody what small business insurance is.
Absolutely Well, small business just like personal insurance, which would be your home, your auto, or maybe insuring your life. You’re providing insurance for your investment or your assets in the case of a loss. So just like anything else, you’re trying to make sure that you’re protected if something inevitable does happen.
Awesome. So who needs small business insurance? How do people gauge when it’s time to get insurance for their small business?
That’s a good question. Really, you should probably have your insurance in place before you ever start a small business. And in most cases, it will be required, because you know, there’s some laws that require for certain licenses and things like that, you actually have to have some liability coverage in force. But you know, for anything, if you’re working with the public or, or you’ve got people coming in and out of your place for business, or you’re investing your hard earned money into that, you want to make sure that you’re protected if something happens. That way, you know, it could potentially ruin you, if not, so it’s just like anything else, you want to make sure you get everything in place before you really get started. You know, when you buy a house, you purchase the insurance before you purchase the house. That way you know you’re covered. Same thing with small business insurance. Get with an agent, have that conversation, let them know what you’re doing. Your risk, your exposure, the type of business and Bray and Oakley, us, we can put together a very broad policy for you, we make sure we cover all the bases for that.
Awesome. So what are the main types of small business insurance?
Well, you’ve got the you know, if you own a building, you’ve got the building coverage, you’re going to have the liability, everybody hears general liability. That’s the liability part of the policy, which is separate from the building, you’re going to have your business personal property, which is just like on a homeowner’s that your contents, anything that’s on the inside of the business that’s not nailed, bolted or screwed down. You’re going to want to provide some coverage for your employees such as workers comp coverage, and maybe even health insurance. Sure, and the big one that I believe in often that I can’t believe I even forgot about it. But it’s my favorite policy in the world is an umbrella or an excess liability policy. We can’t leave that off because it’s really important.
Sure. So cost wise, how much is small business insurance?
It’s a good question. And it’s probably the number one question I get when someone calls me when they’re starting a business or they’re shopping for their current operations. And you know, that question is really hard to answer because it really depends on what you’re doing. When you think about insurance, think risk. Logging companies are going to be more premium than a walk-in deli per se, because the risk there is going to be a lot higher for the people on the property, you’re gonna have a lot larger equipment, maybe some dangerous equipment. You’re gonna be working with different tools compared to you know, maybe a daily where you’re making sandwiches or, or even a barber shop or something like that. So it really depends on the risk. But again, the main thing there is making sure you’re getting what you’re paying for, and making sure the policy responds as it should if something happens. So, you know, price is always a big deal, right? It matters, people know they work hard, and money means something to them. But you also have to have a policy that does what’s supposed to when something happens. So there’s value there as well as price. Okay.
Awesome. So are employees covered under small business insurance?
It’s a good question as well. And, of course, you’ve got different types of policies. You’ve got, you know, the dwelling and the personal property and the liability, but the main thing for your employees is going to be everybody’s heard of workers comp, right? So if you’ve got an employee that’s working, and they’re injured on the job due to activities that they’re responsible for at work, then that’s the kind of insurance that responds when an employee is injured while completing that task.
Awesome. Well, Danny, thanks for taking some time out of your schedule to talk to us about small business insurance.
Hey, you’re welcome Mike. Have a good day.
All big businesses start small. You are investing your hard earned money, your time and efforts into creating something, let Bray and Oakley make sure those efforts are being protected. Contact us today to make sure your dreams are in safe hands!