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Commercial insurance products and services protect your company’s assets, owners, employees, and stakeholders. Insurance is the foundation you can build your business on. If you want to build a skyscraper, you need a very solid foundation. Similarly, if you want your business to grow to new heights, you will need a solid foundation of insurance coverage. Otherwise, when something bad happens, your business may crumble instead of standing strong.
As a business owner, it’s important to understand the risks you’re undertaking to insure against them. You never know when disaster might strike and in what form. For example, your building structures and equipment will need insurance against theft, fire, and vandalism, but you also need to have liability coverage in place. Insurance won’t prevent disasters from occurring, but it allows you to recover financially and keep your business running.
Insurance products protect your business from claims made against it. If they named your business in a lawsuit, legal insurance can help you cover the cost of your company’s attorneys. The right liability policy will ensure you don’t have to file for bankruptcy, even if you are hit with hefty fines and penalties. Unfortunately, a lawsuit can happen even if you did nothing wrong, but your insurance policy acts as a shield for your financial assets.
Some insurance is legally required, such as workers’ compensation insurance and car insurance for your company vehicles. Other insurance products may be optional but highly relevant and advisable in your situation, while others are unnecessary. For example, an accountant will need errors and omission’s insurance, but they only need workers’ compensation insurance if they have employees.
The only way to determine what type of insurance your company needs is to understand your business. We may ask you a lot of questions about your daily operations, your company’s assets, and the number of employees and company vehicles. To get the best possible coverage, we’ll identify areas of risk we can mitigate with insurance.
Coverage also depends on your annual revenue, your opening hours, the size and types of locations, and what type of business you’re in. Commercial insurance companies can understand your business best and make sure you’re always covered. It’s also a good idea to review your policies regularly and keep everything updated, especially if you purchase new equipment or add new employees and vehicles to the company.
What Are the Most Common Types of Commercial Insurance?The most common business insurance is probably general liability insurance. Nobody wants to get sued, but even fewer people want to go bankrupt if a lawsuit is in their future. Other important insurance includes business property insurance and worker’s compensation insurance. If you have company vehicles, you’ll also need an insurance policy for those.
Can You Have 2 Commercial Insurances?Yes, you can have two different commercial insurances, e.g. business property and liability insurance. If you have more than one business, you will need duplicate policies, one for each of your companies. You might need three or more insurance policies, depending on the coverage you need.
Why Do I Need Business Insurance?The short answer is yes. Business insurance protects your company from financial harm. Without it, you’re putting your entire company at risk unnecessarily. It only takes one accident or one catastrophe to wipe out everything you’ve worked for. Insurance is there to protect you when bad things happen and allow you to keep moving forward despite them.
Your business is unique, which is why we personalize your insurance policy to your needs. Our insurance agents will get to know you and your company and create a tailored insurance plan to protect your business. Call us today to learn more about how we can help you. Don’t let your business be without insurance protection any longer.