Indianapolis has plenty of opportunities for businesses to thrive. Small and large businesses do well here, largely because Indianapolis is one of the most affordable places to live and run a company in the nation. Additionally, with several universities and a vibrant art scene within city limits, a well-educated workforce is easy to build. As you’re investing in the future of your company, make sure you consider purchasing business insurance to protect it.
Independent agents who specialize in commercial insurance can serve all of your coverage needs. Contact a local independent agent in the Trusted Choice® network for commercial auto, general liability, property insurance and other policies. Your agent can assess the risks you need to cover and help you get the Indianapolis, IN business insurance you need to protect your company assets.
7 Types of Business Coverage Small Companies Need
- General liability insurance
- Property insurance
- Business owner’s policy (BOP)
- Commercial auto insurance
- Workers compensation
- Directors and officers insurance
- Data breach
Who Needs Business Insurance in Indianapolis?
All companies need a range of Indianapolis business insurance policies to protect their specific risks. The following are some examples.
Architecture firms: If you own an architecture firm, you will need professional liability insurance that covers the risks involved in advising clients. You may also want architects office insurance which can cover losses such as blueprints and expensive equipment in the event of loss from fire, theft or natural disasters.
Law firms: Business and commercial insurance is needed regardless if you are law firm or a solo practitioner. Insurance protects your law firm against unforeseen circumstances, such as theft, property damage, business interruption and professional liability claims.
Manufacturing companies: Manufacturing companies have risks specific to a potentially hazardous environment for employees, as well as the concerns of those who purchase, transport, use or consume the items you manufacture. Depending on the nature of your operation, you will need a broad range of coverage that may include employee benefits, workers’ compensation, general liability, manufacturer’s errors and omissions and product liability.
Pharmaceutical companies: Companies in the pharmaceutical industry must address the risks involved in promoting and selling prescription medications, which include professional liability, product liability and other risks. This industry requires a specialist who deals with pharmaceutical business insurance on a regular basis.
Restaurants: You need to have your restaurant covered with insurance policies that protect your building, your workers and potential threats to your clientele from food-borne illnesses. You will also need premises liability in the event that someone is injured in your establishment.
Small businesses: All business owners are wise to carry Indianapolis business insurance that is customized to cover their specific risks. An independent agent can help you find an insurance provider who is experienced in dealing with your type of business, whether you are a manufacturer, you sell products, deliver goods, provide home services or offer consulting.
Cost of Indianapolis Business Insurance
Your Indianapolis business insurance rates will be unique to your company. The coverage types you need, and the amounts that make sense for your commercial operation are going to be based on the nature of your business, the size of your company, how many workers you have and the materials they handle.
Your premium costs will depend upon the types of risks you face, and the coverage you want for your company's financial protection. Insurance premiums can be anywhere from $500 a year to more than many thousands per year just for general liability alone.
Top 6 Ways to Get the Most Affordable Business Insurance
- Work with an independent agent who can compare rates from several sources for you.
- Increase your deductibles; you take on a bit more financial risk but pay lower premiums.
- Don’t buy more than you need.
- Request discounts based on safety measures you have implemented.
- Bundle your insurance plans, including liability and business interruption coverage.
- Pay annually instead of monthly or quarterly.
To fully assess and manage your business risks and get the right coverage in place, work with an independent agent in the Trusted Choice network who specializes in commercial coverage. A member agent can help you compare Indianapolis commercial insurance quotes and get the coverage you need to protect your company and your bottom line.