A little protection goes a long way when you’re just getting started.

Starting a new business is an exciting moment. You’ve worked hard, done your research, picked a name, maybe even painted a sign. You’ve got a plan, some equipment, and that first wave of customers just around the corner.

Before you cut the ribbon and welcome your first sale, though, there’s one more thing you don’t want to overlook: your insurance coverage.

Having the right business insurance in place before you open your doors helps protect everything you’ve worked for – from your inventory and equipment to your personal finances and reputation.

Here’s what every new business owner should know.

At the very least, most businesses should carry general liability insurance. This covers things like customer injuries, property damage, and accidental harm that happens as a result of your business operations.

For example, if a customer slips and falls in your store, or if you accidentally damage a client’s home while doing work on-site, this policy helps cover the legal and medical costs.

In many cases, landlords, lenders, and clients will ask for proof of liability insurance before signing a lease or contract.

A Business Owner’s Policy, often shortened to BOP, is a convenient way to bundle coverage. It typically combines general liability with commercial property insurance, and sometimes includes coverage for business interruption or equipment breakdown.

If your business has a physical location, owns equipment, or stores inventory, a BOP is often more cost-effective than buying each policy separately. It’s a smart choice for retail shops, cafes, small offices, and service-based businesses with tools or materials on hand.

Insurance isn’t one-size-fits-all. A photographer who works out of a home studio will need different coverage than a contractor with a crew on job sites. Think through the details of how your business runs:

• Do you drive for work or make deliveries?
• Do you store customer data or take payments online?
• Will you hire employees or subcontractors?
• Do you work in clients’ homes or offices?

Each of these scenarios comes with its own risks and may require specialized coverage like commercial auto, cyber liability, or workers’ compensation.

At the Wallace Agency, we’ve helped hundreds of small business owners protect their first day, their growth years, and everything in between. We don’t hand you a cookie-cutter policy. Instead, we get to know how your business works and what kind of coverage you actually need.

Ready to build your business the right way?Call today or click here to schedule a consultation. We’ll walk you through the options, explain the difference between general liability and a BOP, and help you check off the insurance box with confidence.