Butler Business Insurance

From the shops, restaurants, and offices that line Main Street to sole proprietorships run out of people’s homes, many businesses in Butler, Indiana, can benefit from the protections offered by business insurance. In fact, in 2019 alone, companies in the Hoosier State collected more than $6.7 billion in business insurance claims.

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

What Kinds of Liability Insurance Do Businesses in Butler Need?

Businesses of all sizes have liability exposures. A liability lawsuit has the potential to bankrupt your company if is not properly insured. Business liability insurance can protect your business by covering expenses like court costs, legal fees, settlements, judgements, and other financial damages.

There are several different kinds of business liability insurance available. Examples of products your agent may want to discuss with you include the following.

• Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company sells or produces.
• Premises liability insurance: This covers third-party injuries and property damage caused by accidents that occur on your business grounds. 
• Cyber liability insurance: This covers your company’s financial obligations to affected individuals if hackers break into your company’s computer system and access sensitive information like your employees’ or customers’ personal and financial data.
• Employment practices liability insurance (EPLI): This covers against accusations of illegal employment practices like discrimination, harassment, breach of contract, retaliation, and wrongful termination.
• Professional liability insurance: This covers individuals in professional positions against lawsuits related to negligence, errors in judgement, or other professional mistakes if they have led to financial losses or other damages to their clients.

You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.

Does Butler Business Insurance Cover All of Your Business Assets?

You can cover your business assets with 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.  

In Butler, businesses are most at risk for hazards such as the following.

• Theft, vandalism, and other property crimes
• Fires and explosions
• Tornadoes
• Severe storms, including windstorms, electrical storms, and derechos
• Heavy snows, prolonged freezing temperatures, and ice accumulation
• Hail

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

Some businesses 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, your insurance agent may recommend the following policies.

• Flood insurance: When heavy rains fall, many businesses in Butler (particularly those located near waterways like Teutsch Ditch and Big Run) are at risk for flood damage. However, this hazard is not covered by commercial property insurance, even if the flood is the direct result of a covered storm. Fortunately, a local independent agent can help you secure an affordable commercial flood insurance policy through the National Flood Insurance Program (NFIP).
• Inland marine insurance: This covers your company’s portable property when it is being transported over land or is being stored away from your place of business.
• Boiler & machinery insurance: This covers the cost to repair or replace your well-maintained business equipment and machinery if it breaks down. It can also compensate your business for losses sustained due to the malfunction of essential machinery.
• Bailee's insurance: This covers your property that is owned by your customers whenever it is in your business’s custody, care, or control, such as may be the case if you are performing repair, alteration, or maintenance services on it.

A local independent insurance agent can help you be sure that all of your company’s assets are suitably covered against all potential risks.

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How Can Business Interruption Insurance Help Butler Businesses?

As a business owner in Butler, it is important that you are prepared for the possibility of a major disaster.

Since 1953, there have been 51 federally declared disasters in the state of Indiana. The most common causes of these disasters were severe storms, floods, heavy snows, and tornadoes. This state sees an average of 22 tornadoes a year.

Major disasters like tornadoes, storms, and structure fires can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended time while repairs are made.

A forced long-term closure can be financially devastating, especially for small businesses that don’t have a lot of resources to fall back on. Business interruption insurance provides a solution to this problem.

Business interruption insurance delivers a continuation of income during the times that a covered event leads to a necessary extended closure. That way, your company will have the funds it needs to continue paying regular expenses like loan installments, rent, bills, and salaries.

Talk to a local independent agent for help determining whether business interruption insurance coverage is a good fit for your Butler company.

Do Butler Businesses Need Workers’ Compensation Insurance?

Workers sometimes get hurt on the job. That is why if you have employees in the state of Indiana, you are required by law to carry workers’ compensation insurance.

If your workers are injured on the job or are stricken with an occupational illness, workers’ compensation insurance can cover the cost of any necessary medical treatments and care. It can also provide disability pay to injured workers and, in the worst cases, death benefits to surviving family members.

Premiums for workers’ compensation are based mainly on the number of employees you have and the types of jobs they do. The higher the risk that your workers will suffer serious injuries on the job, the more it will cost for you to cover them. For instance, a worker at the Therma-Tru Doors manufacturing plant would cost more to insure than a cashier at Kaiser’s Food Center.

Independent insurance agents can help you find suitable coverage for your employees at a competitive price.

What about Insurance Products for Employee Benefits Packages?

According to human resource professionals, when businesses offer attractive benefits like life insurance, subsidized health insurance, paid vacation time, sick time, and employer-matched retirement savings plans, they are better able to attract and retain some of the most highly qualified workers.

If you are shopping for policies to include in an employee benefits package, you will find there are many different products available for you to choose from. For instance, health insurance plans can be in the form of HMO’s, PPO’s, or managed care plans, and can offer varying copays, deductibles, and prescription plans.

Having so many options can make it difficult to decide which policies are ideal for your workers while still being affordable for your company. An independent insurance agent can explain the pros and cons of each of your options and can help you compare rates from competing providers. That way, you will be able to make an informed decision about which policies to purchase.

Why Work with an Independent Insurance Agent in Butler, IN?

Every business has its own risks and exposures. That is why insurance providers make it possible to fully tailor your company’s business insurance to meet its specific coverage needs.

Local independent agents can help you be certain that your customized business insurance policy package does not include any unintended coverage gaps. Your agent can also shop around to find suitable policies at the most competitive prices.

Set up a one-on-one consultation with an independent insurance agent near you to start comparing customized business insurance quotes.