From companies that employ many to small businesses run out of homes, each of the more than 400 businesses in the city of Brazil, IN, plays an important role in the local economy. The right business insurance products can protect these companies from undue financial losses.
Building a comprehensive business insurance policy package can be challenging, but you do not need to do it alone. Local independent agents can help you identify your company’s various exposures and can recommend the right policies to cover against each of them.
Contact an insurance agent near you for help finding suitable, yet affordable, business insurance coverage.
Why Do Businesses in Brazil, IN, Need Liability Insurance?
A liability lawsuit filed against your company can lead to insurmountable financial losses if it is not properly insured. This can hold true even if the courts ultimately rule in your business’s favor.
Business liability insurance can protect your company by covering expenses like court costs, legal fees, settlements, judgments, and other financial damages if it is sued for a covered event.
There are several different liability products available to businesses. You will need to be sure to purchase the right policies to cover against each of your company’s potential liability exposures. Here are some of the commercial liability products your insurance agent may recommend.
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage caused by accidents on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, or damage caused by products your company produces or sells.
- 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 company’s obligations to affected individuals if cybercriminals access sensitive data your business has stored electronically.
- Professional liability insurance: This covers individuals in professional positions if negligence, errors in judgement, or other professional mistakes lead to financial losses or damage to their clients.
- Liquor liability insurance: This covers your business’s potential liabilities if a patron becomes intoxicated in your establishment and then goes on to cause property damage or injuries to others.
- Environmental liability insurance: This covers cleanup costs and damage if an accident or a natural disaster results in environmental pollution by toxic substances sold, used, or produced by your business.
Talk to an independent insurance agent in Brazil to learn more about these and any other business liability products that may be a good fit for your business.
What Insurance Products Cover Your Business Property?
Businesses in Brazil, IN, are most likely to experience property loss or damage due to hazards such as theft, accidental fires, and severe weather events like electrical storms, windstorms, tornadoes, hail, heavy snows, ice accumulation, and freezing temperatures.
Fortunately, each of these hazards is covered by commercial property insurance, which is a standard part of every business insurance policy.
Commercial property insurance does have some limitations, so you may need to purchase additional supplemental coverage for your business property to be fully covered. For instance, your insurance agent may recommend the following products.
- Flood insurance: Flooding has long been a problem in Brazil, IN, but flood damage is not covered by commercial property insurance. Though city officials are working on flood mitigation measures, carrying a commercial flood insurance policy is advisable.
- Inland marine insurance: This covers your company’s portable property when it is in transit or is being stored away from your place of business, such as at a worksite or in a warehouse.
- Boiler & machinery insurance: This covers the cost to repair or replace your company’s essential machinery and equipment if it breaks down or malfunctions. It can also cover revenue losses caused by the mechanical failure.
- Bailee's insurance: This covers your customers’ valuable property when it is in your business’s care, custody, or control, such as when you are performing repair, alteration, or maintenance work on it.
A local independent insurance agent can help you be sure that all your business assets are suitably covered by the right insurance policies.
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Is Business Interruption Insurance a Good Idea in Brazil, IN?
The risk of tornado activity in the Brazil area is 84% greater than the national average. A catastrophe like a tornado or a structure fire can do more than just damage your business property. It could also necessitate your company to close down for several weeks while repairs are made.
Common disaster stats for 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
If your business is forced into long-term closure due to damage caused by a covered event, business interruption insurance can help ease the financial burden by providing a continuation of income until you are able to resume normal business operations.
The compensation provided by business interruption insurance can enable your business to continue paying regular monthly expenses like loan installments, rent, and employee salaries while it is temporarily unable to generate revenue.
Consult an independent agent near you for help determining whether business interruption insurance is a good fit for your Brazil business.
Do Businesses in Brazil, IN, Need Workers’ Compensation Insurance?
If one of your employees suffers a serious injury or develops an occupational illness, your business is responsible for covering their medical treatments and financial losses. Workers’ compensation insurance is designed to provide this coverage.
Virtually all employers in Indiana are required by law to carry workers’ compensation insurance. You do not need to cover sole proprietors, partners, or LLC members but you can if you want to.
Rates for workers’ compensation insurance are based mainly on the types of jobs your employees do and the chances they will be seriously injured while doing them. An independent agent can help you find a suitable policy at a competitive price.
What about Insurance Products for Employee Benefits Packages?
An employee benefits package that includes perks like paid vacation, a pension or retirement plan, subsidized health insurance, and life insurance options can give your company a competitive edge when it comes to hiring and retaining a talented team of employees.
When you are shopping for insurance products to include in your employee benefits package, you will find that there are many different health insurance plans to choose from.
These can include HMOs, PPOs, and managed care plans, and each type of policy can come with varying deductibles, copays, prescription plans, and coverage limits. All these variations can make it difficult to determine which policies are the make the best choices.
A local independent insurance agent can go over the pros and cons of each of your options so you can make an informed decision about which to purchase.
Why Work with an Independent Insurance Agent in Brazil, IN?
There are several insurance products and policy options available to business owners in Brazil. This enables you to customize your company’s coverage. Independent agents can ensure that you are buying all the policies your business needs and that you are getting them at a good price.
Let a local independent agent perform a complete risk-assessment of your business and make suitable recommendations. Contact an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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