As a business owner, protecting your business is just as important as growing it. Insurance isn’t just a box to tick off—it’s a vital part of your overall risk management plan. This month, we tapped the expertise of long-time WBO member Vicky Zelen of Zelen Risk Solutions to share key insights every entrepreneur should know about business insurance.
1. The Must-Have Insurance Policies for Every Business
Vicky highlights the core types of insurance every business should consider:
✅ General Liability Insurance: Protects you if you accidentally cause harm or property damage to a third party. Essential for nearly every business.
✅ Professional Liability Insurance: Crucial if you offer advice or professional services. Think accountants, consultants, and designers.
✅ Commercial Auto Insurance: If you make deliveries, pull trailers, or transport customers, personal auto insurance often falls short.
✅ Uninsured Motorist Coverage: A must-have to protect yourself and passengers if someone else causes an accident but lacks adequate insurance.
✅ Comprehensive and Collision Coverage: For protecting your vehicle from damage, theft, weather, and accidents. Vicky advises opting for lower deductibles that truly save you money.
✅ Workers Compensation Insurance: Even if not required, it’s worth quoting. Injuries can happen at any time, and coverage protects both you and your team.
✅ Umbrella Liability Insurance: Adds an extra layer of protection over your General Liability or Commercial Auto policies.
2. Common Misconceptions About Business Insurance
One big misconception Vicky sees often:
“Many people think if you buy Worker’s Compensation on yourself, making a claim means you’re suing yourself. That’s not the case—it’s a benefit that helps protect you and your team.”
Understanding your coverage—and how it works—can make all the difference when challenges arise.
3. Right-Sizing Your Coverage
Business size, industry, and operations all influence how much coverage you need. Vicky recommends getting written quotes that include:
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Clear descriptions of your business operations
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Accurate risk classification
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Optional quotes for different coverage limits and deductibles
4. Risks and Liabilities Women Business Owners Might Overlook
While Vicky didn’t elaborate specifically here, it’s a good reminder that risks can differ for each business. Collaborate with a knowledgeable agent who takes the time to understand your unique needs.
5. Advice for New Business Owners
When shopping for coverage, Vicky suggests:
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Ask questions.
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Request quotes with clear terms and coverage limits.
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Understand your business classification. For example, a restaurant serving alcohol should be clearly labeled to avoid coverage gaps.
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Compare options. Look at coverage limits, deductibles, and optional coverages to make the best decision.
6. Real-World Lessons
Vicky shared a story that underscores the importance of detail:
A client added a brand-new SUV to their Commercial Auto Insurance but declined Collision coverage to save money. When the vehicle was damaged in an accident, they were left with a $22,000 bill. Worse, their agent didn’t ask any follow-up questions or offer guidance. Vicky tried to help—though she wasn’t even the agent on record—but the client was left with no coverage.
Lesson learned: Find an agent who truly cares and takes time to ask the right questions.
7. Annual Policy Reviews Matter
Set aside time every year—especially before hurricane season—to talk with your agent. Vicky advises:
“When a storm is on the way, the insurance marketplace can shut down completely until the storm passes. Reviewing your coverage in advance ensures you’re protected.”
8. Choosing the Right Insurance Agent
Your agent should:
✅ Take time to understand you and your business
✅ Shop your policies proactively
✅ Explain your options clearly
✅ Be responsive—especially when you need answers fast
As Vicky puts it:
“An agent who truly cares can make all the difference.”
Final Thoughts
Business insurance isn’t just a policy—it’s peace of mind. Thanks to Vicky Zelen’s expertise, you now have a roadmap to ensure your business is properly protected. Ready to get started? Connect with Vicky at Zelen Risk Solutions to learn more about how she can help you safeguard your business.
