The city of Anderson is home to more than 3,000 businesses of varying size and scope. While manufacturing and retail trade companies are most abundant here, any business that meets the needs of the community has the opportunity to thrive. If you are among Anderson’s proud business owners, you will want to be sure to protect your investment with business insurance.
For those who are not familiar with the many options and insurance products available to businesses, building a comprehensive commercial insurance plan can be complicated. Independent insurance agents in Anderson can eliminate the guesswork by helping you obtain the coverage you need at a competitive price. Find an insurance agent near you to learn more.
Liability lawsuits against US businesses often result in judgments that exceed $1 million. That is why all business insurance policies include commercial general liability insurance (CGL). It is designed to cover the costs associated with some of the common liability risks that most businesses face. Its two main coverage components are:
CGL is basic liability coverage that does not cover every liability risk. Depending on what your businesses does and the types of exposures it has, additional coverage may be necessary for your company to be fully covered. Some of the many other commercial liability products that you may want to consider include:
An independent insurance agent can help you determine which of the many available commercial liability products are a good fit for your particular business.
In addition to liability coverage, all business insurance policies provide property coverage. Commercial property insurance is designed cover your business-owned property in the event that it is lost or damaged by a covered event. Covered assets include tools and machinery, office furniture, supplies, inventory, outdoor signs, and more.
Businesses in Anderson are most at risk for damage caused accidental structure fires, heavy snows, freezing temperatures, severe storms with heavy winds, and hail. Tornadoes also pose a risk, particularly for businesses located just outside the city.
Another serious risk to businesses in the Anderson area is flooding, particularly for businesses close to the White River and the Boland Ditch and Pittsford Ditch canals. Unfortunately, flood damage is not covered by business insurance.
In order to be fully covered, you will also need to purchase a commercial flood insurance policy through the National Flood Insurance Company (NFIP.) An independent insurance agent can help.
The state of Indiana sees its fair share of natural disasters.
If a severe weather event, such as the F4 tornado that touched down less than 10 miles from the Anderson city center in 1972, were to severely damage your business, you might need to remain closed for weeks, or even months, while repairs were made.
Would your business be able to withstand the financial hit if it were forced to remain closed for an extended period in the wake of a disaster? For most small business, the resultant loss of income could lead to bankruptcy. That is why, in times of crisis, it pays to have business interruption insurance.
Business interruption insurance is designed to provide a continuation of income if your business is forced into long-term closure due to excessive damage caused by a covered event. This insurance enables you to keep paying monthly expenses and employee salaries until your company can resume its normal business operations.
In Indiana, all employers are required to carry workers’ compensation insurance. It is not necessary to purchase coverage for sole proprietors, partners, or LLC members, but you can cover these people if you wish to. Additionally, corporate officers are included in coverage but may opt to be exempt.
In general, independent contractors’ injuries are not covered by workers’ compensation insurance; however, independent contractors in the building and construction trades must be certified with the Indiana Worker’s Compensation Board.
Workers’ compensation insurance protects businesses and employees alike by covering the expenses related to medical care and lost wages if an employee is injured or becmoes ill on the job. In the unfortunate event that a workplace injury is fatal, this insurance can also provide survivor benefits to the deceased employee’s dependents.
The cost of workers’ compensation insurance for your business will be dependent mostly on the types of jobs your employees do and how likely they are to be injured while at work. It would cost far more to cover a construction worker than to cover a receptionist at St. Vincent Anderson Hospital.
Your local insurance agent can help you purchase workers' compensation coverage through a commercial provider that specializes in covering businesses in your industry. Or, if approved, your company may choose to self-insure.
Many studies conducted by human resources professionals have concluded that offering your employees benefits such as life insurance and health insurance can help your business attract and retain a talented workforce.
Unfortunately, rising health insurance costs can make shopping for this coverage daunting for many small business owners. The good news is that independent insurance agents in Anderson can help.
A local independent insurance agent can explain the pros and cons of the many different health and life insurance policies that are available to your business. That way, you can make an informed choice when deciding which coverage is the best to include in your employee benefits package.
As a business owner in Anderson, you can get the best commercial insurance coverage by working with a local independent insurance agent. These experienced insurance professionals can help you identify the various risks your business faces, and can then help you find the right insurance products to cover against those exposures.
Contact an insurance agent in or near Anderson to discover how easy it can be to build a comprehensive, yet affordable, business insurance policy.
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