By Lorie Ham
There have been many articles here about all types of personal insurance, but making sure you have the right insurance for your business is important too. According to the U.S. Small Business Administration, as a general rule, you should insure against things you wouldn’t be able to pay for on your own. This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.
To learn more about business insurance, we chatted with Marcus Mahling, Regional Sales Manager for Mennonite Insurance Services.
Q: Why is business insurance important?
Marcus: Business insurance protects your organization from unexpected losses due to liability claims, property damage, employee injuries, and more. It also helps ensure financial stability, legal compliance, and peace of mind, allowing you to focus on running and growing your business.
Q: Does Mennonite Insurance Services offer business insurance?
Marcus: Yes, Mennonite Insurance Services offers a full suite of business insurance products through various carriers. We specialize in supporting churches, nonprofits, and small to mid-sized businesses.
Q: What types of business insurances are available?
Marcus: We can write a wide range of commercial policies, including but not limited to:
- Commercial General Liability
- Commercial Umbrella/Excess Liability
- Workers’ Compensation
- Directors & Officers (D&O)
- Commercial Property
- Professional Liability
- Commercial Auto
- Abuse & Molestation Coverage
- Inland Marine
- Cyber Liability
Q: How do you determine what types of insurance a business needs?
Marcus: We begin by reviewing your operations, size, assets, staffing, and any specific risks associated with your industry. From there, we provide recommendations based on exposures and regulatory requirements, and help customize a package that fits your budget and risk profile.
Q: Do you need a different type of insurance if you rent your building as opposed to owning it? Or if you work from home?
Marcus: Yes—if you rent, you’ll typically need liability and business personal property coverage, while the landlord maintains insurance on the building itself. If you own the building, you’ll also need property insurance to cover the structure. For home-based businesses, standard homeowners insurance often does not provide adequate protection, so supplemental or standalone business policies are usually necessary.
Q: Anything else you’d like to add?
Marcus: We’re always happy to walk our clients through the process step by step. Whether you’re just starting out or looking to reevaluate your current coverage, we’ll help find a carrier and coverage plan that fits your needs.
If you already have business insurance, the U.S. Small Business Administration recommends that you re-assess every year. As your business grows, so do your liabilities. If you have purchased or replaced equipment or expanded operations, contact your insurance agent. You should discuss any changes in your business and how they affect your coverage. Mennonite Aid/Mennonite Insurance is happy to help you sort out your business insurance needs any time! You can contact them at (559) 638-2327.
