There are over 479,000 businesses operating in Indiana, with around 3,500 in Mishawaka. Mishawaka is home to a wide range of business types, both large and small. Education, healthcare, and hospitality businesses are significant drivers of the city’s economy. Whatever their size or industry, Mishawaka business owners need business insurance to protect their assets and their employees.
Business insurance is not a single insurance policy; rather, it is a comprehensive set of policies and customized endorsements tailored to the unique risks of every business. Mishawaka business owners need to understand the unique risks they face, and then work with an independent insurance agent to find the right policies and coverage to protect their assets.
Liability Insurance for Small Businesses in Mishawaka
If your business were sued for injuring someone because of an error, negligence, or a faulty product, how would you pay for attorney fees, court costs, and any judgments levied against you? Many small businesses would be forced to declare bankruptcy in the face of these kinds of claims. But with business liability insurance, you can have the coverage you need to defend yourself, pay the injured party, and continue to focus on your business. A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers legal costs, medical expenses and other damages for the injured party, and other expenses related to a liability claim against your business. A CGL policy has two major coverage components:
- Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your business property
- Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells or promotes
It’s important to understand that CGL policies typically exclude coverage for certain types of lawsuits and claims. Many businesses need additional liability policies or endorsements that specifically cover other exposures they might have. Ask your agent if you need commercial auto liability coverage, professional liability insurance, or any other types of tailored liability coverage.
Cyber Liability Insurance for Mishawaka Businesses
Almost every business has at least some cyber risk exposure that needs to be addressed. There are numerous potential liability exposures that can occur while using, storing, or transferring data electronically for business purposes. Some examples include:
- Failure to protect personal or corporate information that is stored on computer systems, networks, smartphones, laptops, and even paper files.
- Personal injury claims stemming from your website, blog, or social media accounts.
- Business interruption and loss of income for a client or partner because of a hacker, security breach, or power outage that affects your computer system, network, or website.
Any business that handles electronic data is susceptible to cyber threats. Data can be breached and in many ways, from stolen laptops and other portable devices, to rogue employees, theft of digital assets, human error, and more.
- Number of identity theft complaints in Indiana per year: 4,498
- Ranked 33rd highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
If you are sued because of a data breach or other cybercrime, cyber liability insurance protects your business assets by paying for your legal defense, settlements and judgments, and even PR and other related expenses. Be sure to ask a local independent insurance agent about how cyber liability insurance can help you protect your Mishawaka business.
Property Insurance for Small Businesses in Mishawaka
Fires, floods, and severe storms can cause serious damage to your Mishawaka commercial property. Severe property damage can put your ability to operate in jeopardy.
- Number of federally declared disasters in Indiana since 1953: 41
- Most common reasons for declared disasters in Indiana: Severe Storms and Floods
Commercial property insurance helps Mishawaka businesses make repairs, rebuild, or even relocate if disaster strikes. Property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs.
Just like commercial liability insurance, commercial property insurance doesn’t cover everything in every situation. Business owners often need additional coverage for specialized equipment and machines, or for materials, inventory, or tools that are in transit or in use at job sites. Ask your insurance agent about equipment breakdown coverage or inland marine coverage to supplement your commercial property insurance policy. And be sure you discuss how to properly value your business property so you have the right amount of coverage to rebuild after a disaster.
Business Interruption Insurance for Mishawaka Businesses
Events like severe storms or fires can force you to close your business while you make repairs or rebuild your building, warehouse, factory, or other commercial property. The lost income and ongoing expenses during the rebuilding process can be impossible to overcome without the right insurance coverage.
Business interruption insurance can be your financial lifeline during this critical period. It protects your earnings if your business is temporarily unable to operate because of physical damage after a covered event. It helps you pay for ongoing expenses like rent and employee salaries, and it also reimburses you for lost income and even relocation fees. Business interruption insurance is typically part of a commercial property policy or a business owners policy (BOP). A local independent insurance agent can help you assess your risks and help you get the coverage you need for your Mishawaka business.
Workers’ Compensation Insurance for Mishawaka, IN Businesses
Workers’ compensation insurance makes it possible for workers to pay their medical bills and be compensated for lost wages if they are injured at work. All Indiana employers with one or more employees must purchase workers’ compensation insurance. Sole proprietors, partners, and LLC members are all excluded from coverage, but can elect to be covered by their workers’ compensation policy. Corporate officers, on the other hand, are included in coverage but may elect to be excluded.
All independent contractors who work in the building and construction trade are required to register with the Indiana Workers’ Compensation Board. Injuries that occur while working as an independent contractor are not covered by Indiana workers’ compensation insurance. Injuries sustained while working as an employee may be covered. You can purchase Indiana workers’ compensation insurance from any private insurance carrier or agency that is licensed to sell it in the state. Businesses can also self-insure with approval from the state. A local independent insurance agent can help you learn about the workers’ compensation requirements for your business, and can help you purchase a policy that fits your needs.
Employee Benefits for Small Businesses in Mishawaka, IN
Employee benefits are an important component of your comprehensive business insurance plan. A good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more, helps companies attract and retain top employees. What’s more, employee benefits are linked to a decrease in absenteeism and improved employee morale.
- Average amount spent per year on healthcare coverage by Indiana businesses: $674,206
- Ranked 28thfor highest medical insurance costs in the US
- Average annual cost of healthcare coverage in Indiana: $6,113/person or $15,724/family
There are many different employee benefits options available for you to choose from, as well as numerous laws and regulations that you must comply with. A local independent agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Insurance Agent in Mishawaka?
Shopping for business insurance can be overwhelming, even if you own a small business with a simple business model. That’s why working with an independent insurance agent is the best way to make sure you get all of your questions answered, and find the best policy for your needs and budget. Local independent agents can get quotes from multiple insurance companies, so you’ll be able to compare coverage and rates and make the best choice.
Contact a local agent today to get started.
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