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Choose the Best Insurance for Your Business

Choosing the right insurance to best protect your assets is an important decision. With the variety of options for insurance coverage available, it can be a complicated decision. It is important to ensure you have the right coverage for your company. Take the time to research your options that best suits your business’s needs.

General Liability Insurance

This is the traditional insurance coverage that most people are familiar with. A General Liability policy is purchased from an insurance company. This kind of policy will protect against liability claims for bodily injury and property damage. This is generally the most comprehensive coverage suited for high-risk companies.

Captive Insurance

With captive insurance, a company or group of companies will set up their own captive insurance group. Premiums get paid into the captive insurance company and claims get paid out from there. In essence, the insureds are the insurers, controlling the insurance company. One of the benefits of captive insurance is that the Underwriting profits directly benefit the insureds.


With self-insurance, a business sets aside money into a fund designed for use in the event of a loss. This is an option for companies that maximize their risk management and are at low risk for losses. Also, where expected losses are relatively low cost. There may be a risk retention aspect of the self-insurance fund. This means your company retains responsibility for a claim up to a dollar amount, similar to a deductible.

Now that you have a basic overview of the primary types of insurance, you can begin to decide the best type of coverage for your company. Talk to your insurance agent about the benefits of a General Liability policy. Look into creating a captive insurance company. Consider self-insurance if your risks are infrequent and low cost enough that you think you can fund them yourself. Be diligent about your research, and most importantly ensure you leave your company protected.