Any business, large or small, needs a business insurance package. These packages are a combination of various types of coverage, designed to protect a business owner’s investment when the unexpected happens. Here, we provide answers to some commonly asked questions about business insurance.
Owning a business brings opportunities, but it also comes with certain risks. Business insurance is there to provide protection when things go wrong, such as fire, theft, natural disasters, or lawsuits against your company. This coverage can protect your assets and provide peace of mind.
The cost of a business insurance package will depend on a variety of factors, including:
Our experienced agent can help you find the best quotes for the coverage you need to fully protect your business.
A business owner’s policy (BOP) combines protection against major liability and property risks in one insurance package. It typically includes coverage for perils, property damage, liability, and business interruption. Depending on your insurance needs, you may opt to include additional coverage. A standard BOP does not include workers’ compensation, commercial auto insurance, health or disability insurance, or professional liability.
Professional liability insurance provides protection against liability based on a professional opinion, advice, or guidance. General liability insurance helps protect your business against financial loss from property damage, bodily injury, medical expenses, libel or slander, settlements, judgments, and defending against lawsuits.
You may need this coverage to help protect your business from liability in case of an accident. If an employee driving his or her personal vehicle causes a crash while running an errand for your company, your business could be sued for damages. This protection applies to personally-owned and rented vehicles.
Most employers in the U.S. are required to carry workers’ compensation insurance. The higher-risk the industry, the higher the premiums are likely to be. Factors affecting your company’s cost for workers’ comp insurance include the number of workers you employ, their job classifications, and your claims history.
Employment practices liability insurance (EPLI) protects your business against financial losses related to employee practices. The protection provided by the policy includes liability for discrimination, sexual harassment, unfair hiring or firing, unsafe work environment, and other employee allegations.
Contact our agency today to discuss your options and find the plan that works best for you.