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Business Insurance

If you’re a small business owner and you need to get a quote, you might have a few questions to ask. What kind of business insurance do I need? How much does this policy cost? Is this quote good? Do I really need business owners insurance?

Why do you need business insurance?

If you’re a small business owner and you need to get a quote, you might have a few questions to ask. What kind of business insurance do I need? How much does this policy cost? Is this quote good? Do I really need business owners insurance?

Before choosing insurance for your business and/or employees, there are several things to look at first. Business insurance plans vary from company to company as far as the level and types of coverage you can purchase, but most companies will need general liability , workers compensation, commercial auto, business property and business interruption, to name just a few.

But, why… Controlling your business risk is critical to your business success, the more control you have over your risk exposure the more secure your companies future will be. Investing in the right risk management partner and insurance policies will provide you with not only resources but security when the inevitable happens. If you take the route of controlling your own destiny with proper insurance, when a claim happens you will be financially protected from the losses that are incurred.

When a multi-million dollar incident occurs, you will be happy you chose to partner with an independent agent to ensure your risk exposure was properly covered.

“Control, control, you must learn control!” – Yoda

What does business insurance cover?

The amount of business insurance business owners need has changed over the years. In earlier days, you can bet the business would have a few business insurance policies to help protect your business in case something happened. For instance, you may have had a property policy to protect against fire. As a company grew larger, you probably would add workers’ compensation insurance policies. If you started a company that became successful, then you’d need a comprehensive insurance policy, including coverage for liability and cyber crime.

Business insurance, is complex, overwhelming and incredibly important. Notably, most risk exposures can be insured against to protect you from loss.

What kinds of business insurance is available?

There are several basic types of insurance that affect the safety of your business. 

  • Commercial Property Insurance protects a facility’s investment by taking the financial pressure caused by the inherent risk of catastrophe (fire, theft, vandalism etc.), this type of coverage will commonly include business personal property such as tools and furniture.
  • Commercial Auto Insurance provides protection against your business autos for property damage and resulting liability exposure from accidents (medical expenses, rental reimbursements etc.)
  • Commercial Umbrella policies are a valuable tool to increase your insurance coverage for liability events that may occur. Typically we see businesses purchase an additional liability umbrella of $1M or more. Umbrellas provide an incredible value, their cost is pennies on the dollar and provides exceptional protection against large claims.
  • Workers Compensation policies provide businesses and their employees protection against accident cost, most states require workers compensation once your business has over a certain amount of employees. By purchasing work comp, you are ensuring your employees have access to medical care in the event of an accident, while protecting your business from financial hardship of costly medical bills.
  • Cyber Liability is a policy designed to protect your business from the harsh reality of digital hacking, it seems almost daily new instances of cyber crime are costing businesses hundreds of thousands and even millions in hijacked data, customer sensitive data loss and much more.. Protecting your business with VPN’s and enhanced security are some great steps to prevent fraud, theft and data abuse.. But, as criminals evolve protecting your assets only get you so far, when the unthinkable happens you need to ensure your business has the right insurance policy in place to help cover the expenses associated with recovery.
  • Fiduciary Bonds are often required for contract indemnity and government contracts, if your business requires a bond you are likely taking on a significant contract or fiduciary role that involves handling customers finances or executing contracts successfully. 

And many more!

Contact us today to get a FREE risk analysis on your businesses operations, we will provide an honest, thorough assessment of your needs!

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