Business Insurance

You need business insurance that covers both the requirements from your stakeholders and scenarios that would impede your ability to continue to do business.

Here are common considerations below:
• Small businesses with less than $6 million in sales usually use a combination of policies including a business owner policy (BOP) that covers liability and property claims, workers' compensation policy that covers employees which is a government requirement, and finally an umbrella or excess policy to cover liabilities outside of and in addition to the general liability policy.
• Unique operations also require unique solutions. Rental operations are a common operation but require a custom solution to protect the equipment, the renters, and the business. Similarly, primarily online businesses or those with significant digital operations may need extra coverage in the case of malicious actors with a cyber policy. Manufacturers need additional coverage for product liability and product recall.

Contact the Oyster Business Insurance Team to build a custom insurance portfolio that’s right for your business.

Click on the "Apply Now" button on this page to get in contact with the Oyster Business Insurance Team.

The price for business insurance varies by several key factors depending on the type of policy you are looking for:
• Sales: Your estimated next twelve months of revenue is typically the basis for pricing your general liability and business owner (BOP) policies. Sales is often the most important factor in determining your rate.
• Payroll: The number of employees and employee payroll are the basis for workers compensation policies.
• Property Value: Property policies use the value of your building (if you own it) and the value of your contents to determine how much insurance you pay for.
• Location: Each state has a different base cost of insurance and where you are located in each state can further affect how your insurance is priced. For example, properties by the shoreline or near high wildfire zones cost more to insure.
• Class of Business: Every business is put into a specific class that determines your rate. This class is meant to group similar businesses together for the purpose of rating. For example, classes of business include bicycle shops, jewelry stores, appliance installers, and more.

Most businesses can quote and bind a custom policy within a few days. Discussing your business interests and risks with the Oyster Team can help us craft a policy package that is right for your evolving business.

Business insurance is required either by the government, your creditors, and your vendors and partners.

• The government requires all businesses to have workers' compensation insurance if they have employees. In addition, if you operate automobiles or other vehicles you are required to get the vehicles insured to be registered in your state.
• Your creditors, like your bank, often require you to maintain a certain level of coverage on your assets and your liabilities. Similar to homeowners insurance, any mortgage company or leasing company requires you to insure your building or interests in the building space you lease. In addition, debt covenants typically require general liability insurance to protect the solvency of your business.
• Your vendors and partners often require general liability and excess coverage to protect mutual interests while you do business together. These partners may request to be additional insureds on your policy or become a certificate holder.