Whether you own one of the many shops and restaurants that line Main Street, or you run a small company out of your home, in times of trouble, having the right business insurance in place can protect the investment you have made in your Delphi business.
Independent insurance agents make it easy to find the best business insurance policies. These agents work for you, not for a particular insurance company, so they can shop around to find the coverage your business needs at the most affordable prices. Contact an insurance agent near you to learn more.
Why Is Business Insurance Important in Delphi, IN?
Every business has risks. If your company is hit by a liability lawsuit, a damaging weather event, or a forced long-term closure, the costs can be overwhelming without business insurance backing it up.
In 2019 alone, insurance companies paid out more than $6.7 billion in claims to Indiana businesses. You can make sure your company is suitably covered against all potential risks by purchasing the right business insurance policies.
How Does Liability Insurance Protect Delphi Businesses?
Businesses of all sizes have a risk of being hit by a liability lawsuit. A study conducted by the Small Business Administration (SBA) found that around 36% of all business liability lawsuits filed are against companies that have fewer than 50 employees.
Business liability insurance products are designed to protect your business by covering expenses such as court costs, legal defense fees, settlements, judgements, and other damages.
There are a lot of different liability insurance policies available. Here are some you may want to consider for your Delphi business.
- Premises liability insurance: This covers third-party injuries and property damage if it occurs due to an accident on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage if it is caused products your company produces or sells.
- Cyber liability insurance: This covers your business’s financial obligations if criminals hack into your company’s computer system and access your customers’ or employees’ personal or financial data.
- Liquor liability insurance: This covers against potential liabilities if someone becomes intoxicated at your place of business and goes on to cause injuries or property damage to others.
- Employment practices liability insurance: This covers against accusations of illegal employment practices like breach of contract, harassment, discrimination, retaliation, and wrongful termination.
- Errors and omissions insurance: This covers individuals in professional positions if negligence, an error in judgement, or other mistake causes their clients to experience financial losses or other damage.
There are several other commercial liability insurance products available. You will want to be sure to have the policies you need to cover against all of your company’s liability exposures.
What Are the Property Damage Risks in Delphi, IN?
Businesses in Delphi are most at risk for loss or damage caused by the following.
- Property crimes
- Heavy snows
- Ice accumulation
- Prolonged freezing temperatures
With the exception of floods, each of these hazards is covered by commercial property insurance.
Commercial property insurance is a standard part of every business insurance policy. It is designed to cover the cost to repair or replace your business-owned property if it is lost or damaged by a covered event.
Sometimes, it is necessary to supplement your commercial property insurance coverage with additional policies. Some business owners in Delphi also purchase the following.
- Flood insurance: Businesses near Deer Creek are most at risk, but when heavy rains fall, flash flooding can occur anywhere in Delphi. Fortunately, you can purchase coverage through the National Flood Insurance Program (NFIP).
- Inland marine insurance: This covers your business’s portable property whenever it is being transported over land or is being stored away from your place of business.
- Boiler and machinery insurance: This covers repair costs and business losses if your well-maintained essential business equipment and machinery experiences a mechanical malfunction.
- Bailee’s insurance: This covers your customers’ valuable property whenever it is in your business’s custody, care, or control. It is a good idea for businesses that offer services such as alterations, maintenance, or repair work on their customers’ belongings.
You will want to be sure that all your company’s valuable assets are appropriately covered against the hazards you are likely to face as a business owner in Delphi.
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Is Business Interruption Insurance a Good Idea in Delphi?
The risk of tornado activity in Delphi is 106% greater than that national average. One of the worst to strike in the area was an F4 twister that touched down just 4.1 miles from the Delphi city center in 1994. This tornado caused millions of dollars’ worth of property damage to area homes and businesses.
If a major disaster like a tornado or a structure fire impacts your businesses, it may need to remain closed for several weeks while repairs are made. This can mean several weeks where your business cannot generate any revenue.
Many small businesses do not have the financial strength to survive a long-term forced closure following a disaster. Business interruption insurance offers a solution to this problem.
Business interruption insurance is designed to provide the funds necessary for your company to continue paying regular expenses like rent, bills, loan installments, and employee salaries while it is recovering from damage caused by a covered event.
Do Businesses in Delphi Need Workers’ Compensation Insurance?
Employees may be injured on the job or may develop an occupational illness due to exposure to toxins at the workplace. If this happens workers’ compensation insurance can cover the associated costs including medical treatments, follow-up care, prescription medications, and disability pay.
If you have at least one employee in Indiana, you are required by law to carry workers’ compensation insurance. It is not necessary to cover sole proprietors, partners, or LLC members, but you can if you want to.
Rates for this insurance are based primarily on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous your employees' jobs are, the more your coverage will cost.
What about Employee Benefits for Businesses in Delphi?
When you offer your employees a competitive employee benefits package that includes perks like a retirement plan, paid vacation and sick time, life insurance, and subsidized health insurance, it is easier to recruit and retain some of the most qualified workers.
There are many different life and health insurance products available, and each has a variety of coverage options to choose from. For instance, with health insurance, you must decide between these options.
- HMOs, PPOs, or managed care plans
- Various deductible and copay amounts
- The type of prescription plan your policy will offer
Having so many options can make it hard to decide which make the best choices for your business.
You may therefore find it beneficial to have an insurance expert helping you out. Independent agents can explain the pros and cons of each option and can help you find suitable, yet competitively priced, policies for your employees.
Why Work with an Independent Insurance Agent in Delphi, IN?
Local independent agents can help you build a complete, yet affordable, business insurance policy package for your Delphi business.
These agents can offer guidance and advice as you make decisions about your coverage options, and they can obtain customized quotes from a variety of reliable insurance companies on your behalf. That way, you can be sure you are getting suitable coverage at a competitive price.
Arrange an obligation-free consultation with an insurance agent near you get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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