Rogers, AR Business Insurance

There are more than 5,000 businesses registered in the city of Rogers. Most of these are small, privately owned companies. If you are among the many enterprising business owners in this small Arkansas city, business insurance can help your company stay profitable in times of trouble.

Independent agents can help you identify your company’s exposures and can recommend the best and most affordable insurance products to cover against each of them. Find an independent insurance agent near you to discover how easy it can be to build a suitable business insurance policy package.

Is Business Insurance Required in Rogers, AR?

A business insurance policy is not mandatory by law. However, there are times when certain types of commercial insurance coverage may be necessary. For instance:

• If you owe on a commercial mortgage or a business loan or line of credit, your lender is likely to require you to carry business insurance until your loan is paid in full.
• If you are a contractor, your prospective clients may want you to show them proof of liability insurance and/or workers’ compensation insurance before they will hire you to do a job on their property.
• Businesses that own and operate vehicles are required to cover them with commercial vehicle insurance policies.
• Arkansas requires most businesses with three or more employees to carry workers’ compensation insurance.

Business insurance is beneficial because it has the potential to save your company from bankruptcy if it is impacted by unexpected hardship like a liability lawsuit, a natural disaster, or a forced temporary closure.

How Much Does Business Insurance Cost in Rogers, AR?

Business insurance costs can vary significantly from one company to the next because rates are based on several factors such as:

• The type of business you own
• Your company’s expected annual revenues
• The number of people you employ and the types of jobs they do
• The value of your company’s property and other assets
• Your company’s liability exposures
• Whether your business owns and operates motor vehicles

If you want to find out how much coverage will cost for your business in Rogers, you can contact a few insurance companies to request customized quotes. Or, if you prefer, an independent agent can do this on your behalf.

Every insurance provider has a different way of calculating rates, so if you contact several different companies, you are likely to be quoted a range of prices. Comparison shopping lets you choose the policy that offers the coverage you want at the most competitive price.

What Does Business Insurance Cover in Rogers, AR?

Most small businesses can get the coverage they need through a simple business owners policy (BOP). There are three main parts to every BOP and conventional business insurance policy. These include:

• Business liability insurance: This protects against financial losses related to liability lawsuits.
• Commercial property insurance: This protects against financial losses related to property loss and damage.
• Business interruption insurance: This protects against revenue losses related to certain forced temporary closures.

By adding additional policies and options to these main types of coverage, you can build a customized business insurance policy package that adequately meets your company’s specific coverage needs.

What Does Small Business Liability Insurance Cover in Rogers, AR?

No business is too small to be sued. Commercial liability insurance products are designed to cover expenses like legal defense fees, court costs, mediation costs, settlements, and judgments if your company winds up on the wrong end of a liability lawsuit.

At a minimum, all BOPs and business insurance policies include general liability insurance. General liability insurance is designed to cover some of the most common liability risks businesses face. It includes:

• Premises liability insurance: This covers third-party injuries and property damage caused by accidents that occur on your business premises.
• Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
• Media liability insurance: This covers lawsuits related to accusations of marketing errors like copyright violations, deceptive pricing, and false advertising.

General liability insurance covers a lot, but it is not always enough to cover businesses against all of their liability exposures. An independent agent can help you review other types of liability coverage that may be a good fit for your business, such as:

• Errors and omissions insurance (E&O): This covers your business and the people who work for you if professional errors like negligent acts or inadequate work cause your clients to experience financial loss or other harm.
• Employment practices liability insurance (EPLI): This covers your business if current, former, or potential employees make accusations of illegal employment practices such as harassment, discrimination, wrongful termination, or retaliation.
• Cyber liability insurance: This can cover your company’s financial obligations to affected individuals if criminals hack into your business’s computer network and access their personal, financial, or other sensitive data.
• Liquor liability insurance: Dram shop laws in Arkansas allow injured parties to sue your business if one of your patrons becomes intoxicated on your premises and goes on to cause injuries or property damage to others. If your business sells or serves alcoholic beverages, liquor liability insurance can cover against this risk.
• Workers’ compensation insurance: This shields your company from potential liability lawsuits if an employee is injured on the job or is diagnosed with an occupational illness. It pays for injured workers’ medical care, lost wages, and other related financial losses.

These are just a few of the many commercial liability insurance products available to your business. Your insurance agent can help you determine whether any are a good fit for your business.

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What Kinds of Property Coverage Does Business Insurance Offer to Companies in Rogers, AR?

All BOPs and business insurance policies include commercial property insurance.

Commercial property insurance is designed to pay for repair or replacement costs if your business-owned property is damaged or destroyed in a covered event. Common covered hazards in Rogers include:

• Fires and explosions
• Property crimes, like theft and vandalism
• Severe weather events, like thunderstorms, windstorms, hailstorms, tornadoes, and harsh winter weather

Commercial property insurance covers a lot, but it does not cover everything. Therefore, it may be a good idea for some businesses in Rogers to purchase supplemental coverage. Some commercial insurance policies you may want to consider include:

• Inland marine insurance: This covers your company’s portable property when it is being transported over land and when it is located away from your place of business, such as if you are temporarily storing it at a job site or in a warehouse.
• Flood insurance: This covers the costs associated with flood damage. Fortunately, very few properties in Rogers are at risk. If your business is among them, you can purchase an affordable commercial flood insurance policy through the National Flood Insurance Program (NFIP), a program managed by FEMA.

When you work with an independent insurance agent in your community, your agent will be familiar with all the risks your business faces and will be able to ensure that you are suitably covered against each of them.

How Can Business Interruption Insurance Protect Businesses in Rogers, AR?

Business interruption insurance is also an essential part of every BOP and business insurance policy. It can protect your business against financial losses if it is forced to shut down for an extended time due to damage caused by a covered event.

This insurance can provide your business with a continuation of income while it is closed, so you can continue paying regular expenses like rent, loan payments, bills, and employee payroll. Coverage can continue until your business is able to resume normal operations.

Here are examples of times that businesses in Rogers benefited from having business interruption insurance:

• In January 2009, an unusual, extreme ice storm hit the Rogers area and caused widespread damage and power outages. Some homes and businesses in this city were left without power for weeks.
• In October 2019, the city of Rogers sustained significant tornado damage that took months to clean up. Seventeen commercial properties in Rogers sustained substantial damage and needed to remain closed for an extended time while repairs were made.

When your company is protected by business interruption insurance, you can rest assured that it will be able to withstand the hardships that accompany a natural or manmade disaster.

What about Insurance Products for Employee Benefits Packages?

Offering good employee benefits can give small businesses an advantage when trying to recruit and retain talented and competent workers.

If you are considering putting together an employee benefits package, a local independent agent can help you find the best:

• Group health insurance plans
• Group life insurance plans
• Simplified employee benefits plans (SEPs)

Your agent can also help you be sure that a large number of area doctors and medical centers accept the health insurance coverage you choose so your employees can easily obtain care if needed.

What Are the Best Business Insurance Companies in Rogers, Arkansas?

The best business insurance companies in Arkansas are the providers that have a solid track record of exceptional customer service, reliable coverage, and affordable prices.

Local independent insurance agents have teamed up with some of the top insurance companies servicing the Rogers area. This means you can be confident that any policies your agent recommends to you are offered by insurance providers you can trust.

How Can an Independent Insurance Agent Help Business Owners in Rogers, AR Find the Best Coverage?

Local independent agents can do a complete risk assessment of your business and can recommend the right commercial insurance products to cover against each identified exposure.

Because these agents are free to work with multiple insurance companies, they can shop around to find the policies you want at the most competitive rates.

Contact an independent insurance agent near you to arrange an obligation-free consultation, and you can start comparing customized business insurance quotes in no time.