Whether you’re the owner of a brick-and-mortar shop, an e-commerce business, or an online-based contractor, finding and buying the right business insurance is essential to protecting your operations from the unexpected. However, with all of the different types of insurance and insurance companies out there, as well as providers to choose from, you might be wondering exactly how to get business insurance.
Kona HR can help your organization assess its risks and determine the types of insurance it needs, taking into account underwriting requirements, deductible structures, and compliance needs. We’ll help ensure that your business is adequately insured.
For example, a brick-and-mortar shop poses a significantly higher risk of slip and fall accidents than a home-based business, which can potentially result in personal injury claims.
You might think about things like floods, earthquakes, fires, hurricanes, etc.—all of which can result in insurance claims and impact the cost of your policy.
Do you have employees? If so, you'll need to protect them and your business with specific policies that address employee injury and ensure your workforce is insured. Evaluating your employee benefits as part of your overall insurance strategy can also improve retention and workplace satisfaction.
Suppose you manufacture your own products or rely on vendors, wholesalers, or retailers in your supply chain. In that case, you're more likely to face a business lawsuit for product defects or product liability.
If you have employees, workers' compensation insurance is required — although the details vary by state. Workers' compensation protects your employees in case they become ill or injured on the job.
This is one of the most common types of liability insurance, and all businesses should consider investing in this type of coverage. General liability insurance protects your business from claims of bodily injury, property damage, or personal injury by a third party. It's one of the core liability insurance options.
Commercial or business property insurance protects your equipment, office space, inventory, and more from loss or damage. This type of policy will be particularly significant for businesses operating out of a brick-and-mortar or retail location.
This insurance, sometimes referred to as errors and omissions insurance, protects professional service businesses (such as designers, consultants, and accountants) from claims of negligence or other service-related errors. Professional liability insurance is necessary for any business that provides expert advice and seeks to mitigate risk.
Suppose your business sells any type of tangible product. In that case, product liability insurance will protect you from any claims related to defects in those products, including manufacturing, design, marketing defects, or product recalls.
If damage or disaster causes your business to shut down or temporarily slows operations, business interruption insurance can help compensate for lost revenue.
Cyber liability insurance, also known as cyber insurance, covers claims and costs incurred when your customer data — or any data that has personally identifiable information — is leaked or stolen. This type of policy is essential for any business that stores data on the cloud or on an electronic device.
D&O insurance protects the personal assets of directors and officers in the event they are sued personally due to a decision made or action taken on behalf of the company. This one is particularly important for business owners with outside investors or in regulated industries.
Key person insurance is similar to a life insurance policy for essential personnel within your business. In case something happens to this "key person," your insurance provides funds to help you cover losses and hire a replacement.
A BOP combines multiple types of commercial policies into a single, more affordable bundle. Business owner's policies typically include general liability insurance, commercial property insurance, and business interruption insurance; however, many providers allow you to customize these policies to add other types of coverage as well.
Insurance administration is a complex and significant drain on your organization’s staff. Staying informed on different types of coverages and keeping them up to date requires constant vigilance and care to avoid costly mistakes. When you entrust your insurance administration to the professionals at Kona HR, you free up your staff to focus on other business priorities. You can relax knowing that your insurance needs are being handled by Kona HR’s skilled team, which has years of experience in business insurance, working with insurance carriers, insurance industries, and managing relationships with insurance brokers and agencies.
First and foremost, we will help decide which type, or types, of business insurance you need. From overarching liability insurance to more specialized cyber insurance, there are a variety of coverage options to choose from, and the policies you need will essentially be unique to your business. Our approach is customer-centric, ensuring your coverage aligns with your investment priorities and long-term goals.
Once we have a better understanding of the type of insurance your business requires, our next step will be to begin shopping for the best options. We will research different insurance companies and coverage options, and obtain quotes so that you can compare multiple options and find the best deal for your business.
Of course, this will be one of the most critical steps in obtaining insurance for your business. You’ll want to review each of your quotes thoroughly, ask questions about cost and coverage, and consult with us to find which option best suits your needs. We also leverage industry statistics to help benchmark your policy decisions.
At this point, we’ve learned what your business needs are, and the last step is actually to purchase your policy or policies. We will ensure that you are informed about when payments are due, how to file a claim with your provider, and how to contact customer service if you require assistance. After you buy your policy and set up payments, you won’t just want to leave things until you need to file a claim. Instead, we will ensure that you review your policy periodically and help decide whether you need to adapt or change your coverage, always prioritizing compliance and continuity of protection.
Fill out the form below and a member of our team will contact you within 10 minutes. (Mon-Fri 8am-6pm EST)
