Insurance can be an intimidating topic to tackle. Those members that own a small business are probably lighting the candle at both ends as they grow. The last thing your members want to worry about is whether their insurance is right for their specific needs.

Here are 4 things a small business owner should know about their insurance coverage:

  1. General Liability insurance is a must for every business, even if it is home-based. The policy covers defense and damages if the business owner, employees, or products/services cause or are alleged to cause bodily injury or property damage to a third party. Depending on the company and the type of risk, General Liability also covers for defective installation.
  2. Property Insurance if the member owns their building or has business personal property (which includes computers, inventory, or office equipment), this insurance will protect them if there is a theft, fire, smoke damage, wind/hail, water damage, etc.
  3. If your member has W2 employees working for them, it’s important to have a Workman’s Compensation plan in place to protect themselves and their company from legal complications. If employees are injured on the job, this insurance will provide medical benefit coverage. This coverage is important, as penalties for non-compliance can be very stiff.
  4. Your member can make their coverage easier from all angles by purchasing a Business Owner’s Policy (BOP). This type of policy blankets all coverage a business owner would need, such as business interruption, loss of income, accounts receivable, cyber liability, contamination shutdown, foodborne illness, liability insurance, and much more. It’s possible to tailor a policy to your member’s specific needs and typically they will save money by bundling services.

MemberInsure has a variety of small business insurance options available for your members. Want to learn more? Give us a call at 913-721-4828 or email Caroline Engle, VP, Client Partnerships at