Post Falls, ID Business Insurance

From the shops, restaurants, and offices that line East Seltice Way to small companies that are run out of people’s homes, all businesses in Post Falls, ID, play an important role in the local economy. If you own a company in this Coeur d’Alene suburb, you can protect your investment with business insurance.

Choosing the right insurance products for your Post Falls business can be complicated, but it doesn’t need to be. Local independent agents can help you build an affordable policy package that is fully customized to meet your company’s coverage needs. Talk to an independent insurance agent near you to get started.

What Kinds of Liability Coverage Do Businesses in Post Falls, ID, Need?

If your company is sued for a covered event, business liability insurance can help by covering associated expenses like court costs, legal fees, mediation costs, settlements, and judgements.

Businesses of all sizes have liability exposures. If your business is not properly insured by the right kinds of policies, a liability lawsuit could potentially force it into bankruptcy.

There are several different kinds of commercial liability insurance available. Here are some of the policies you may want to consider for your business.

• Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
• Premises liability insurance: This covers third-party injuries and property damage caused by accidents on your business premises. 
• Cyber liability insurance: This covers your company’s financial obligations to affected individuals if cybercriminals hack into your computer system and access sensitive information like personal and financial data.
• Employment practices liability insurance (EPLI): This covers against accusations of illegal employment practices like discrimination, harassment, retaliation, and wrongful termination.
• Professional liability insurance: This covers individuals in professional positions against lawsuits related to errors in judgement, negligence, or other mistakes that have caused their clients to experience financial, physical, or other harm.
• Liquor liability insurance: If your establishment serves alcoholic beverages to an underage or clearly intoxicated patron, and that person goes on to cause injuries or property damage to others, Idaho’s dram shop laws allow the injured party to sue your business. This insurance provides coverage.

This is not a complete list of all the commercial liability products that are available to you. You will want to be sure that you have the right policies in place to cover against all your company’s liability exposures.

What Kinds of Property Coverage Do Post Falls Businesses Need?

All business insurance policies include commercial property insurance. This insurance is designed to cover repair or replacement costs if your business-owned property is lost or damaged due to a covered event such as the following.

• Property crimes like theft and vandalism
• Accidental fires, wildfires, and explosions
• Severe storms including thunderstorms, windstorms, microbursts
• Harsh winter weather, including blizzards, heavy snow, and ice accumulation
• Hail

Fortunately, each of these risks is covered by commercial property insurance.

Some businesses in Post Falls may benefit from supplementing their commercial property insurance with additional policies. Depending on what your business does, how it operates, and where it is located, you may want to consider also buying these additional policies.

• Commercial flood insurance: Flood damage is specifically excluded from commercial property insurance coverage. Fortunately, you can purchase an affordable flood insurance policy through the National Flood Insurance Program (NFIP), which is administered by FEMA.
• Commercial earthquake insurance: Earthquake damage is also excluded from commercial property insurance coverage. Post Falls has a moderate risk of seismic events with an estimated 11% chance of experiencing a 5.0 or greater magnitude quake within the next 50 years. That is why an earthquake insurance policy may prove beneficial.
• Inland marine insurance: This covers your company’s portable property whenever it is being transported over land or is being kept in location other than your place of business, like at job site or in a storage facility.
• Boiler and machinery insurance: This covers the cost to repair or replace your company’s well-maintained essential equipment and machinery if it breaks down. It can also compensate your business for losses sustained because of the malfunction.
• Bailee’s insurance: This covers your customers’ property whenever it is in your business’s custody, care, or control. It is a good idea for businesses that offer repair, alteration, or maintenance services.

When all of your business property is suitably covered by the right policies, you do not have to worry about financial losses if your place of business is damaged or destroyed in a catastrophic event.

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How Can Business Interruption Insurance Can Help Businesses in Post Falls, ID?

If a major disaster like a lightning strike or wildfire causes damage to your business, replacing commercial property is not the only thing you will need to worry about. If you have to shut down for a few weeks while repairs are made, the loss of revenue can be devastating.

A forced long-term closure can potentially bankrupt some small companies. Business interruption insurance offers a solution to this problem.

Business interruption insurance can provide your business with a continuation of income if damage from a covered event necessitates an extended closure. That way, your company will have the funds it needs to continue paying regular expenses like rent, loan payments, taxes, bills, and salaries.

Do Post Falls Businesses Need Workers’ Compensation Insurance?

All employers in Idaho are required by state law to carry workers’ compensation insurance. Coverage must be purchased for all employees, even part-time, seasonal, and occasional employees. There are a few exceptions. For instance, you do not need to buy coverage for the following workers.

• Sole proprietors
• Family members of sole proprietors
• Pilots of agricultural planes
• Real estate agents and brokers

If your workers are injured on the job or if they develop an occupational illness, workers’ compensation insurance can cover the costs associated with any necessary medical care. It can also provide disability pay to injured workers, and in the worst cases, death benefits to the employees’ family members.

The cost of workers’ compensation is based mainly on the number of employees you have, how much you pay them, and the types of jobs they do. The higher the risk that a worker will suffer a serious injury on the job, the more it will cost for you to cover them.

What about Insurance Products for Employee Benefits Packages?

A good employee benefits package that includes perks like health insurance, life insurance, paid vacation time, sick time, and a retirement savings plan or pension can help your business attract and retain some of the area’s best workers.

When it comes to buying employee health insurance, you will be faced with making a lot of decisions such as whether you want to offer your workers an HMO, PPO, or managed care plan, what kind of prescription plan it will include, how high deductibles and copays will be, and other considerations.

That is why many Post Falls business owners opt to consult an experienced insurance professional when they are shopping for coverage for their employees.

Why Work with an Independent Insurance Agent?

Risks can vary from one business to the next. That is why insurance providers enable you to fully customize your company’s coverage. Unfortunately, building an affordable policy package that includes all the policies your business needs can be difficult if you try to do it alone.

Local independent agents can do a complete risk assessment of your business and can recommend the appropriate policies to cover against each identified exposure. Your agent can also shop around to find these policies at the most competitive prices.

Arrange an obligation-free consultation with an independent insurance agent near you to start comparing customized business insurance quotes.