Call Us Today:
800.407.4247

Small Business Insurance

Your small businesses needs many types of coverage in order to adequately secure itself against losses in the event of certain common business casualties. Common elements of small business insurance include:

  • General Liability Insurance: This policy covers a business against claims arising from problems like libel, slander, medical expenses, property damage, medical expenses, and the cost of defending against a lawsuit.
  • Product Liability Insurance: If you deal with a product - whether it's manufacturing, retailing, wholesaling, or just distributing it - you may be responsible for keeping it (and people in the area around it) safe. The amount required depends mainly on the products involved - the larger and/or heavier the products are, the more coverage is needed.
  • Professional Liability Insurance: Similarly, if you provide any kind of professional service, you may need coverage for errors, malpractice, and negligence. Some companies are required to have this type of coverage (especially, though not exclusively, those in the medical field).
  • Commercial Property Insurance: If your small business owns any kind of physical property (an office, a retail store, a warehouse, etc.), this coverage insures it against a wide variety of natural and man-made forms of damage. If your business is particularly vulnerable to a certain type of damage (flooding, vandalism, etc.), you may need additional coverage for that specific problem.
  • Home-Based Insurance: If you're running a business from your home, then your homeowner's insurance probably doesn't cover any of your business operations. You may need to purchase additional coverage separately, or as an extension of your existing plan. Speak to a Tripp & Associates Insurance Agency agents to find out.

Many other industry-specific forms of coverage are available. For more information about what policies are the most important for your business, talk to one of our agents and ask for a full risk assessment. You can research forms of insurance through reputable sources—this information is available for free online, courtesy of groups like the National Association of Insurance Commissioners.

Insurance Requirements for Small Business

All small businesses are required to have Workers' Compensation, Unemployment Insurance, and sometimes Disability Insurance. Other requirements for small business insurance vary by industry, as well as local, state, and federal law.

What constitutes a small business?

The exact definition of a small business varies by industry, but according to the Small Business Administration, it's usually 500 employees or less for mining or manufacturing, and $7.5 million or less in revenue for other industries. Note that there are many exceptions to this rule, and they are listed in detail on the Small Business Administration's website.

 

1. "Insure U Get Smart About Insurance." Accessed April 14, 2016. http://www.insureuonline.org/smallbusiness/.

2. "Insurance Requirements for Employers." The U.S. Small Business Administration | SBA.gov. Accessed April 14, 2016. https://www.sba.gov/managing-business/running-business/insurance/insurance-requirements-employers.

3. "Summary of Size Standards by Industry Sector" The U.S. Small Business Administration | SBA.gov. Accessed April 14, 2016. https://www.sba.gov/contracting/getting-started-contractor/make-sure-you-meet-sba-size-standards/summary-size-standards-industry-sector.

Our Location

Tripp & Associates Insurance Agency

406 E Winona Avenue
Warsaw, IN 46580
Main office: 574-269-3500
Toll free: 800-407-4247

Our Providers

Testimonials

We have been very happy with the staff at Tripp & Associates. They have always been very courteous and helpful when we have had questions.
Frank & Deb Sapper
Your staff is very courteous, helpful and prompt. I really appreciate your agency.
Chris & Lisa Reed
After my first visit, they knew me by name and were very helpful in filing bills and answering questions.
Ronald & Deborah Hudson
I was very pleased with how quickly and hassle-free everything was handled.
Gene & Sue Swank
Whenever we called we never felt that we were being a pest. The staff was always willing to help.
Gary & Bonnie Nieter
All of the staff conducted themselves in a manner that indicated that they wanted to help. I've been with your agency for over 20 years now and I've been nothing but satisfied the whole time.
Jonathan Scripture
The staff is always courteous, helpful and very knowledgeable.
George & Martha Klinger
The staff was very courteous and helpful. The claims adjuster was courteous and prompt. The insurance agent was very helpful and called numerous times to make sure everything was going fine with our claim.
Larry Elkins
One phone call to the toll free claim number and a service man showed up at my brothers home and did the necessary repairs to my motorhome. Very efficient and great service. Thanks!
Thomas & Patricia Flees
Woody is always helpful in educating me on all my insurance needs. I feel comfortable that I have the right coverage without being under or over-insured.
G&L Quick Lube
I was very impressed and pleased with the whole claims process. Our claims adjuster was very efficient. I didn't feel as though we had to cut through a lot of red tape, which was a pleasant surprise.
Lake Side Family Dentistry