New I.I.I. Web Site Helps Small and Mid-Sized Businesses Understand Insurance Needs

NEW YORK, April 4, 2007 — Tips to help small and medium-sized businesses understand their insurance needs and prevent losses are provided in the Insurance Information Institute’s (I.I.I.) new Web site Insuring Your Business: A Small Business Owners’ Guide To Insurance.

With over seven million small businesses in the U.S., ranging from construction firms to grocery stores to home-based businesses, all have one thing in common: Without the right insurance coverage, each could be wiped out by a disaster or a lawsuit. In addition, almost all businesses are accountable for the safety of their workers and bear responsibility for injuries suffered on the job. This resource was designed to help business owners decide what kinds of insurance they need for their particular business.

The guide, which can be accessed at, provides information on what coverages businesses should consider such as a business owners policy (BOP), as well as what business owners should know about risk management and loss control.

The Web site also features a section on insurance for specific businesses including artisan contractors, business offices, construction, e-commerce, farm or ranch, food service business, home-based businesses, lodging business, manufacturers, non-profit organizations, professional practices, real estate and rental properties, retail stores and service businesses.

“Insuring Your Business is a comprehensive information resource for small and medium-sized businesses that can help strengthen a businesses insurance program by identifying business risk,” said Loretta Worters, vice president of the I.I.I. “A business that is indifferent to loss control may have a higher than average number of insurance claims. A really poor loss history can make it difficult to find insurance. Conversely, businesses that actively manage risks, and thereby control losses, will have fewer claims and will often see those efforts rewarded with lower insurance premiums.”

Worters noted that the new Web site also provides information on the insurance coverages available including property insurance, liability insurance, business auto and workers compensation insurance. “Part of the decision about what insurance to buy depends on the type of business you own,” she said. “Purchasing the right amount and the right type of insurance coverage is critical to long-term business success. “

For more information about business insurance, you can access the I.I.I. Web site: