Our Advice to Business Owners when it comes to Protecting What They've Built
Smart Insurance Strategies for Business Owners
Running a business is tough—you’ve invested time, energy, and money into making it successful. The last thing you need is for an unexpected event to put everything at risk. At Ellen Fenton & Company, we work with business owners every day to make sure they have the right protection in place, without overpaying for things they don’t need.
Here’s what you should know about safeguarding your business and making smart insurance decisions.
1. Get the Right Coverage—No Gaps, No Guesswork
Not all businesses need the same type of insurance. A bakery has different risks than a construction company. The key is getting coverage that actually protects you, not just checking a box. At minimum, most businesses should consider:
General Liability Insurance – Covers lawsuits related to injuries, property damage, or claims like slander and libel. If a customer slips and falls in your store, this protects you.
Commercial Property Insurance – Covers damage to your building, equipment, and inventory from fire, theft, or natural disasters.
Business Interruption Insurance – Helps replace lost income if your business is forced to shut down due to a covered event.
Workers' Compensation – Required in most states if you have employees. Covers medical expenses and lost wages if an employee gets hurt on the job.
Cyber Liability Insurance – If your business stores customer data (even just emails and credit card info), this helps protect you from cyberattacks and data breaches.
👉 Pro Tip: Don’t assume your business is too small to need insurance. Even home-based businesses can be sued or experience losses that standard homeowners insurance won’t cover.
2. Review Your Policy Annually—Things Change
Your business is constantly evolving, and your insurance should keep up. Adding employees, expanding services, or moving locations can all impact what coverage you need.
Did you buy new equipment? Make sure it’s covered.
Are you offering new services? Your liability exposure may have changed.
Working with new vendors? Some contracts require you to carry certain types of insurance.
📌 Bottom line: Set a reminder to review your policy at least once a year. If you’re unsure what you need, talk to an insurance agent who actually listens.
3. Read the Fine Print—Avoid Costly Surprises
Insurance policies are full of technical jargon, but understanding the basics can save you from nasty surprises when you need to file a claim. Pay attention to:
Coverage Limits – The max amount your policy will pay for a claim. If it’s too low, you could be paying out-of-pocket.
Exclusions – Things your policy doesn’t cover. If you assume you’re covered when you’re not, it could cost you big time.
Deductibles – The amount you’ll pay before your insurance kicks in. Choosing a higher deductible can lower your premiums, but make sure it’s an amount you can actually afford.
If you’re not sure about something in your policy, ask. A good insurance agent will walk you through it without the runaround.
4. Risk Management: Prevention Saves You Money
A solid insurance policy is crucial, but avoiding claims in the first place is even better. Many insurers offer lower rates for businesses that take steps to minimize risks. Consider:
✔ Employee Safety Training – Reduces workplace injuries and workers’ comp claims.
✔ Cybersecurity Measures – Using strong passwords and security software can help prevent costly data breaches.
✔ Routine Maintenance – Keeping your building and equipment in good shape can prevent accidents and property damage.
Investing in preventative measures isn’t just about lowering your insurance costs—it’s about keeping your business running smoothly.
5. Work with an Insurance Partner Who Gets It
You don’t need to become an insurance expert—that’s our job. But you do need an insurance partner who understands your business and gives you straight answers. At Ellen Fenton & Company, we believe in practical, no-BS insurance solutions that actually work for you.
We take the time to learn about your business, assess your risks, and find coverage that makes sense—without selling you extras you don’t need.
Let’s Protect What You’ve Built
Your business is one of your biggest investments—don’t leave it exposed to risks that could be easily avoided. Whether you’re just getting started or you’ve been in business for years, we can help you make sure your insurance actually works for you.
📞 Call us today for a review of your coverage! Let’s make sure your business stays protected so you can focus on growing it.
Resources
Small Business Administration (SBA) – Insurance for Small Businesses
Provides clear, easy-to-understand guidance on the types of insurance needed for small businesses and how to choose the right coverage.
Insurance Information Institute (III) – Insurance Basics for Business Owners
Offers detailed explanations on different business insurance types, such as general liability, property, and workers' compensation, helping you understand your needs.
National Federation of Independent Business (NFIB) – Risk Management & Insurance
Focuses on small business owners, offering practical advice on managing risk and selecting the right insurance for your business.