6 Types of Insurance No Business Owner Can Ignore

​Running a small business successfully is one of the hardest things you can do in life. It takes years of hard-work, sweat, and tears to work. As members of a small business here at the Champagne Agency we understand those challenges all too well. That's also why we believe so strongly in the value of business insurance - the business owners we know have worked too hard to see everything slip through their fingers from one stroke of bad luck. 

If you're a small business owner, here are 6 types of insurance for business you absolutely need to consider to make sure your most valuable asset is safe.

​1. Business Owners Package Insurance
A business owners policy is a special type of policy that packages the majority of insurance coverages a typical business would need. This can include property insurance, business interruption insurance, vehicle coverage, and liability insurance. Some BOP policies can be customized for the specific type of business and BOP policies will often save your business money over purchasing the separate insurance coverages individually. 

2. Commercial Auto Insurance
If vehicles are used in any way in your business or the business owns vehicles you'll most likely need commercial auto insurance. The situations where it's necessary can vary though, so it's a good idea to discuss your specific business usage with a qualified insurance agent who can help you determine whether a commercial or personal auto policy is best for you. 

3. Property Insurance
If your business owns any physical assets like computers, inventory, tools, equipment, or office furniture you should consider purchasing insurance to protect you from an unfortunate situation like a fire, theft, vandalism or something else that would require you to replace those items. If you own the building your business is in you'll need it.

4. General Liability Insurance
Every business needs to have general liability coverage. It protects your business from lawsuits if you, your employees, or your products and services are claimed to have caused bodily injury or property damage to another party. 

5. Workers Compensation
If you have more than one full-time employee or more than 3 part-time employees you're required to purchase workers compensation insurance here in Michigan. It pays for claims arising from your employees being unable to work. Although many of our clients don't like paying for workers compensation insurance a single claim without it could destroy your business. 

6. Professional Liability Insurance
This type of insurance protects your business from suits arising from a perceived failure or mistake made by you or the employees of your business. Separate from general liability, professional liability is heavily tied into the type of business you own and the services you provide. 

Nobody likes paying for insurance, but you work too hard on your business and there's no way to avoid all risk. Of course, that doesn't mean you should have to pay too much for it. Let AVA Insurance & Auto Tags commercial insurance experts review your current insurance situation to help find discounts, overlapping coverage and opportunities to save money. Give us a call at or click here to schedule a consultation today.