There are more than 700 registered businesses located in Angola, IN. Each one plays an important role in the local economy, from large employers like Trine University to small companies run out of people’s homes. Business insurance helps these companies stay profitable in times of trouble.
Building a comprehensive policy package for your business can be complicated and time-consuming, but it doesn’t need to be. Independent insurance agents can help by identifying your company’s exposures and recommending the best and most affordable policies to cover against each of them. Find an insurance agent near you to get started.
Why Do Businesses in Angola Need Liability Insurance?
If a liability lawsuit is filed against your company, it has the potential to result in large financial losses, even if the courts ultimately rule in your favor. That is why it is so important that your business is covered by the right commercial liability insurance products.
Business liability insurance can protect your company by covering court costs, legal defense fees, settlements, judgments, and financial damages if your business is sued for a covered event. Here are some of the liability insurance products you may want to consider for your business.
- Premises liability insurance: This covers against third-party injuries or property damage caused by an accident on your business premises, such as a customer slip and fall.
- Product liability insurance: This covers against third-party injuries, illnesses, or property damage caused by a defect or design flaw in a product your business produces, sells, or promotes.
- Employment practices liability insurance: This covers against accusations of illegal employment practices such as discrimination, harassment, retaliation, and wrongful termination.
- Cyber liability insurance: This covers your business’s obligations to affected individuals if cybercriminals break into your computer system and steal sensitive information about your customers or employees.
- Environmental liability insurance: This can cover cleanup costs and damage if an accident or disaster results in toxic substances used, produced, or sold by your business polluting the environment.
- Professional liability insurance: This covers individuals in professional positions if errors in judgment, negligence, or other professional mistakes result in losses for their clients.
A local independent insurance agent can help you identify all your company’s liability exposures and recommend the right kinds of insurance to cover against each of them.
What Insurance Products Cover Your Business Property?
Commercial property insurance is a standard part of every business insurance policy. It is designed to pay for the cost of repairing or replacing business property if it is lost or damaged due to a covered event such as a severe storm or theft.
Businesses sometimes need to supplement their commercial property insurance with additional policies to be fully covered. Depending on what your business does, an independent agent may recommend that you also purchase some or all of the following.
- Commercial flood insurance: This is important because flood damage is specifically excluded from commercial property coverage. Affordable policies are available through the National Flood Insurance Program (NFIP).
- Inland marine insurance: This can cover your company’s portable property whenever it is in transit or is being stored at a location other than your place of business.
- Bailee's insurance: This can cover your customers’ property whenever it is in your company’s custody, care, or control. This is ideal for companies that perform services like maintenance, repair, or alteration work.
- Boiler & machinery insurance: This can cover the cost of repairing or replacing your company’s essential machinery if it breaks down. It can also cover business revenue losses associated with the malfunction.
Work with an independent agent to be sure that all your business assets are suitably covered by the right policies.
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Is Business Interruption Insurance a Good Idea in Angola?
A major disaster like a structure fire or a tornado can result in more than just damage to your business property. It can also force your company to shut down for several weeks while repairs are made.
Disasters in Indiana
- Number of federally declared disasters in IN since 1953: 51
- Most common cause of disasters: Severe storms, floods, snow, and tornadoes
- Average number of tornadoes in IN per year: 22
- Amount paid out in business insurance claims in IN in 2019: $6,780,466,000
Most small companies cannot financially handle a forced long-term closure. Business interruption insurance can help by providing your business with a continuation of income until you are able to resume normal operations.
This insurance can provide the funds necessary for your company to continue paying regular monthly expenses such as rent, loan installments, bills, and employee salaries during the times it is unable to generate revenue due to damage caused by a covered event.
Consult a local independent insurance agent for help determining whether business interruption insurance coverage is a good fit for your Angola business.
Do Businesses in Angola Need Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to ensure that your employees are financially protected if they are injured on the job or suffer an occupational illness. This insurance can cover the cost of necessary medical treatments, lost wages, and survivor benefits if a work injury proves fatal.
Virtually all employers in the state of Indiana are required by law to cover their workers with this insurance. Exceptions are made for sole proprietors, partners, LLC members, and independent contractors.
An independent insurance agent can help you review coverage and rates from a few competing insurance providers that specialize in covering businesses that operate in your industry.
What about Insurance Products for Employee Benefits Packages?
High employee turnover can cost your business a lot of money. Offering a competitive employee benefits package can aid in staff retention as well as make it easier for your company to attract highly qualified workers.
Independent insurance agents can help you review your various options so that you can make an informed decision about which insurance products are most suitable for your employees. Your agent can also help you be certain that the policies you choose are offered at a reasonable price.
Why Work with an Independent Insurance Agent in Angola, IN?
Every business has specific risks and exposures, and these can vary from one company to the next. That is why insurance providers offer a wide range of business insurance products and policy options. It is also why buying coverage for your company can be complicated and confusing.
Independent insurance agents make buying business insurance easy. These agents are free to work with a variety of insurance companies so they can shop around to help you find the best and most affordable coverage.
Arrange a consultation with an insurance agent near you to start comparing customized business insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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