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According to the Small Business Administration, there are 28 million small businesses in America that account for 99% of US employer firms. Each month, close to 550,000 new businesses emerge. Each new business that emerges is a new candidate for commercial insurance to protect the owner of any risk involved.

Small businesses need insurance in order to be safe from any lawsuit that can arise. Depending on the industry, some small businesses legally require insurance. By offering a wide variety of commercial insurance policies, you can be sure that you will be able to provide the necessary policies to your small business customers. Small businesses may even be seeking multiple insurance policies, such liability insurance to protect from third parties, property insurance to cover any physical damage to the property, and/or worker’s compensation insurance to protect their employees and themselves.

While offering commercial insurance to small business customers is a smart business move, wouldn’t it be smarter to offer personal insurance as well? Life happens, and in order to be fully protected, personal insurance is necessary. Auto insurance, homeowners insurance, renters insurance, and travel insurance are examples of personal insurance that many people have coverage for in order to stay protected from life’s mishaps.

A different approach to offer everything to your customers is to refer them to another agent, but this comes with risk. Not only do you risk losing the client completely to a bundled discount offered by the other agent, but as new products are released, such as pet and event insurance, you will have multiple agents involved. Why not subscribe to a service that will round out your agency to help offer all products?

Offering both commercial and personal insurance allows you to ensure that you have everything your customers need. You can offer liability and property insurance to the brand new salon that opens next week while offering auto insurance to the family looking to switch policies for a lower rate. You have a wide variety of customers with differing needs, and you are able to provide a policy for each one of them, regardless of if your customers are seeking personal or commercial insurance. Offering both insurance lines gives you as an agent a greater window of opportunity to gain new customers and expand your own business.

"Small Business Trends | The U.S. Small Business Administration | SBA.gov." Small Business Trends | The U.S. Small Business Administration | SBA.gov. N.p., n.d. Web. 05 July 2016.

"Sweet and Baker Insurance Brokers, Inc." Sweet and Baker Insurance Brokers Inc RSS. N.p., 14 Oct. 2013. Web. 05 July 2016.

"The Importance Of Commercial Insurance - Denver Insurance Broker." Denver Insurance Broker. N.p., 2014. Web. 05 July 2016.

Martin, Megan. "Why Is Commercial Insurance Important for Your Business?" Small Business. N.p., n.d. Web. 05 July 2016.

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