Lewiston Business Insurance

From the shops, restaurants, and offices that line 21^st Street to sole proprietorships that are run out of people’s homes, every business in Lewiston, ID, plays an important role in the local economy. If you own one of these businesses, covering it with the right insurance can help it stay profitable in times of trouble.

Independent agents make it easy to find the best business insurance. These agents work for you, not for a particular insurance provider, so they can shop around to find the coverage your business needs at the most affordable prices. Find an insurance agent near you to learn more.

How Does Liability Insurance Protect Lewiston, ID, Businesses?

No matter how large or small your business, you should be prepared for the possibility of a liability lawsuit. Business liability insurance products are designed to cover expenses like court costs, legal defense fees, settlements, and judgements if your company is sued for a covered event.

There are several different types of commercial liability insurance products available. You will want to be sure that you have the right coverage in place to insure against each of your business’s liability exposures.

Some of the many commercial liability products that are available to you include the following.

• Premises liability insurance: This covers injuries and property damage your customers may sustain on your business premises.
• Product liability insurance: This covers injuries, illnesses, and property damage caused by flaws in products your company produces or sells.
• Cyber liability insurance: This covers your business’s financial obligations to affected individuals if cybercriminals hack into your company's computer system and access their personal or financial data.
• Liquor liability insurance: This covers potential liabilities if an underage or obviously intoxicated patron at your establishment is served alcoholic beverages and then goes on to cause injuries or property damage to others.
• Employment practices liability insurance: This covers defense and damages if your business is accused of engaging in illegal employment practices like harassment, discrimination, or wrongful termination.
• Professional liability insurance: This covers individuals in professional positions if negligence, errors in judgement, or other professional mistakes cause their clients financial, physical, or other harm.

It is a good idea to review all of your business liability insurance options when you are deciding which products to include in your business insurance policy package.

How Does Property Insurance Protect Lewiston Businesses?

Commercial property insurance is designed to cover the cost of repairing or replacing your business-owned property if it is lost or damaged by a covered event.

Here are some of the covered events that may affect your Lewiston business.

• Accidental fires
• Wildfires
• Severe storms, including:
  • Hailstorms
  • Windstorms
  • Thunderstorms
• Blizzards and heavy snows
• Property crimes

Commercial property insurance doesn’t cover everything. Most notably, it excludes coverage for flood damage. However, floods cause an average of $2 million dollars’ worth of property damage a year in the Lewiston area.

That is why many business owners in Lewiston find it beneficial to supplement their commercial property coverage with the following policies.

• Commercial flood insurance: This covers damage caused by floods. Businesses in Lewiston can purchase up to $500,000 in both structural and contents coverage with an affordable policy through the National Flood Insurance Program (NFIP).
• Inland marine insurance: This covers your business’s portable property whenever it is in transit over land or is being stored in a location other than your business premises.
• Boiler and machinery insurance: This covers repair costs and business losses related to mechanical malfunctions of your well-maintained, essential business equipment and machinery.
• Bailee’s insurance: This covers your customers’ property whenever it is in your business’s custody, care, or control. It is designed for businesses that offer services such as alterations, maintenance, or repair work.

You will want to be sure that all of your business property is suitably covered by the right insurance policies.

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How Does Business Interruption Insurance Protect Lewiston Businesses?

If a major disaster like a structure fire causes significant damage to your business premises, you may need to shut down for several weeks while repairs are made. Many small businesses do not have the financial strength to withstand a long-term forced closure.

Business interruption insurance offers a solution to this problem.

If your business is damaged by a covered event, business interruption insurance can provide the funds necessary to continue paying regular expenses like rent, bills, taxes, and payroll until your business is able to resume normal operations.

What Is Workers’ Compensation Insurance and Is It Required in Lewiston, ID?

If one of your employees is injured on the job or ends up developing an occupational illness due to exposure to toxins at the workplace, workers’ compensation insurance can cover the associated costs.

This insurance can pay for your employee’s medical treatments, hospital stays, follow-up care, physical therapy, prescriptions, and equipment like slings and wheelchairs. It can also cover disability pay if the injured worker must take time off to recuperate from their injuries.

With very few exceptions, the state of Idaho requires all employers to carry workers’ compensation insurance. You will need to cover all your workers, including part-time, seasonal, and occasional employees.

Rates for workers’ compensation insurance are based primarily on the number of employees you have and the types of jobs they do. The more dangerous the work is, the more your coverage will cost.

What about Employee Benefits for Businesses in Lewiston?

You can make your company more attractive to some of the area’s best workers by offering a competitive employee benefits package. These packages typically include perks like an employer-matched retirement plan, paid vacation days, sick time, life insurance, and health insurance.

If you are looking for suitable insurance policies to include in your employee benefits package, you will have many options. You may therefore find it beneficial to have the assistance of an experienced insurance professional.

Why Work with an Independent Insurance Agent?

Building a comprehensive, yet affordable, business insurance policy package can be confusing if you do it on your own. Independent insurance agents make shopping for coverage easy.

These agents are available to do a complete risk assessment of your business and can recommend the appropriate kinds of coverage. They can then obtain customized quotes from a variety of top-rated insurance companies so you can be sure you are getting your policies at a competitive price.

Arrange an obligation-free consultation with an insurance agent near you get started.