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Business & Commercial Insurance Information

Common Business Insurance Questions 

Why Is Business Insurance Important? 

In any business, there are risks and liabilities present. These could threaten the business owner, employees, clients, company property and countless other assets. To implement a proper risk management plan, you’ll need to carry appropriate business insurance.

You never know when hazards like severe weather, fires, vandalism, theft, lawsuits or countless other problems could arise. Still, you can probably guess that they will be expensive. No matter how safe you try to be in your business, you can’t eliminate every liability. Business insurance is there to help you keep your company secure even during hard times.

How Does Business Insurance Work?

With business insurance, you’ll be able to file a claim for financial assistance against your policy when an unexpected, unavoidable problem arises in your business. The policy can pay for many of your recovery costs on your behalf. You won’t spend critical business assets during your recovery, which can ensure your business remains on stable financial footing.

What Business Insurance Do I Need? 

Business insurance is not a single policy like auto or home insurance. It’s a marketplace of plan options that combine to make your business secure. Most business carry numerous plans, such as:

  • Property Insurance: If something damages physical property, such as your building or possessions, then this coverage can help you repair or replace them.
  • General Liability Insurance: This covers the business in the event it causes property damage or bodily injuries to another party, such as a client or vendor.
  • Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident.
  • Commercial Auto Insurance: When the company owns vehicles, this coverage will provide the requisite physical damage, liability and other benefits to help the company afford the costs of wrecks or other vehicle hazards.
  • Workers Compensation Insurance: If an employee gets hurt on the job, they are often eligible for workers compensation. It will provide them supplementary income during their recovery.
  • Errors & Omissions Insurance: Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business.
  • Surety Bonds: If you are contractually obligated to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.

Plus, to get the most comprehensive coverage, you’ll probably need several specialized policies such as:

  • Inland Marine Insurance
  • Employment Practices Liability Insurance (EPLI)
  • Products/Completed Operations Liability Insurance
  • Cyber Liability Insurance
  • Umbrella Liability Insurance
  • Hired/Non-owned Auto Liability Coverage

If you are a small business owner who is looking for the best way to coordinate your benefits, then a business owners policy (BOP) might be the solution. BOPs contain several essential pieces of business insurance in one place, and at a price designed for the small business’s overhead. They are still customizable to each customer’s needs, however.

Is Business Insurance Required by Law? 

Most businesses have business insurance requirements. For example:

  • Businesses that own or operate vehicles might need commercial auto insurance.
  • Regulations might require businesses to carry general liability insurance.
  • Most states require most businesses to buy workers’ compensation insurance.
  • Surety bonds are often required by clients if you work in a contracting position for them.

How Much Does Business Insurance Cost? 

Many different factors can influence the cost of your business insurance. All in all, if you are more of a risk to insure, then you will pay more for your plan.

We’re conscious of the fact that all our clients need affordable business insurance. As an independent agency, we are in a unique position that allows us to compare numerous policy options from multiple carriers, so that we can help you choose the plans that are best suited for you. We’ll make sure that your coverage is always affordable.

LIC# 0k85705

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