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What type of insurance do you need?
Business insurance includes a broad range of policy options from property, to liability, to workers' comp designed to protect businesses from financial loss.
Since every commercial operation has its own unique set of risks, each insurance policy must be tailored to the business and its own specific needs.
The cost of business insurance varies. All sorts of different factors affect the cost as your perceived risk is analyzed, but generally it comes down to your needs, company size and line of work. It should be obvious that a small candle shop in a strip mall would pay much less than a larger business with a warehouse and a whole fleet of vehicles. But as a ballpark, the typical cost for business insurance coverage is around $200 per month.
Business insurance is tax deductible, as long as the coverage is for the purpose of operating a business, profession, or a trade. Businesses may not deduct their business insurance premiums if the coverage is for the purpose of a self-insurance reserve fund or a loss of earning insurance policy. Your tax professional will be able to help answer any tax-related questions you may have.
Business insurance IS required by law, but only under certain conditions. Requirements mostly follow liability and employee-centered coverages, like the following policies.
In order for your business insurance to cover flood damage, your company must carry a separate flood insurance policy or endorsement. A typical commercial property insurance policy covers specific water damage situations but excludes flooding.
Business insurance does cover lawsuits, as long as you have the appropriate business liability insurance for the situation and enough coverage to pay your legal costs.
The liability coverage that is covered under your policy includes: general, professional, directors and officers, product, property, and more.
To ensure that enough liability coverage is in place for extreme circumstances like a lawsuit that exceeds $1 million in damage, many businesses buy a commercial umbrella liability policy.
A business owners policy, or BOP, is insurance coverage designed specifically for small or mid-sized businesses. A BOP combines several types of insurance coverage in a packaged format, and can be customized to suit a particular business. Generally, this type of policy includes both property and liability coverage, including: property claims, equipment breakdown, loss of income, libel, and more.
Errors and omissions insurance, or E&O, is a form of professional liability insurance. It covers a business when services didn't end up as they were promised, or if those services lead to personal injury of some sort. Engineers, stockbrokers, accountants, insurance agents, and lawyers may be covered by E&O.
Malpractice insurance is also a form of professional liability insurance and covers healthcare professionals, physicians, dentists, pharmacists, and others.
In general, forming an LLC helps protect your personal assets from being tied to your business. But even though it separates the personal and commercial sides of your life, you'll still need proper business coverage. If your products injure a customer, you'll need the right general liability coverage to protect your business assets.
Depending on the nature of your business and any insurance that you are legally obligated to carry, you should definitely be considering essential coverages that include the following.
Because commercial insurance needs to be tailored to each business based on risks, it is critical to work with an agent. They'll get to know your company and ensure that your coverage adequately protects your business investment.
Find the perfect agent to shop multiple insurance companies on your behalf, saving you time and money.
There are all sorts of important aspects of running a successful business such as high profits, customer satisfaction, and technological development. You could argue that protection deserves a spot on that list, too. Because no matter how successful your company is, one big event can bring it all crashing to the ground without the proper insurance as a safety net.
So is your business properly insured? Do you have any large coverage gaps to be concerned about? Are you getting the best price for your budget? Let's dive into all the ins and outs of business coverage and we can even connect you with an independent insurance agent.
Business insurance refers to a full package of policy options designed to protect businesses from financial loss after unexpected events. A commercial insurance policy should be tailored to cover property, liability, and employee safety in whatever forms apply to you and your unique set of risks.
Many factors, from the size of the company and the workforce, to materials, business vehicles, and more will determine the specific coverage you need to mitigate risk and protect your company’s financials.
Shocking percentage of underinsured and uninsured businesses
When you work with an independent agent, you get an expert in all forms of business insurance who can help bring together each important form of coverage needed to protect your company. Even better, it can be done all in one place.
Yes and no. The legal requirements for business insurance focus on a few key forms of liability coverage. States mandate workers' comp and professional liability coverages in case your services carry a risk for your employees and customers. More specifically:
The best course of action is to speak with your local independent agent who can walk you through all legal requirements and guide you to the coverage you need.
Business insurance coverage for a commercial operation typically focuses on the following five key forms of protection.
Most common forms of business insurance
Depending on your business and its needs, you may require a few additional options incorporated into your coverage, such as the following.
As you can probably imagine, it varies from one business to the next. The biggest factors in determining the cost of business insurance are the industry and type of business coverage needed and past claims history. After that, underwriters look at the specific risk factors your business and its property pose in regard to the following.
Though we don't know your business from any other at this point, you can expect a typical business insurance policy to cost $200 per month. Obviously, you can expect a smaller business to pay less than a large company with a whole fleet of vehicles and a warehouse, but this should give you an idea.
An independent insurance agent who specializes in commercial insurance can help with this process, and can manage a company’s complete business insurance portfolio through one office.
There are almost as many business insurance discounts available as there are business insurance companies, but they can all be divided into four major types.
When it comes to business insurance discounts, they all boil down to the likelihood of a disaster or lawsuit for your business. If you operate in a risky industry, it's simply going to be harder to find discounts.
Whatever you need, your agent has your back. With a brief intro into the terms, discounts, and process of your business insurance, you know the kinds of questions to be asking. Your agent will ask you all about your business, its use and your future goals to help find the perfect blend of coverage at the right cost for your budget.
Our independent insurance agents work for you, not the insurance companies. That means you always get the best coverage options to choose from.
When you have options from multiple companies, it's easier to find the best coverage at the right price, at no extra cost to you.
There's an independent agent in every city who always understands the insurance coverage you need most based on local laws and needs that apply to you.
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Best Coverage and Rates
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