Davenport Business Insurance

Your Complete Guide to Davenport, IA, Business Insurance

(And how to protect your largest asset)

Davenport Iowa business insurance

Davenport, Iowa, is known as being a green city with over 50 local parks. This town is right next to the Mississippi River, making recreation a big part of the community and culture.

When you own a business in Davenport, protection is essential. An independent insurance agent can get you the coverage you need. Connect with a local agent on TrustedChoice.com today.

Why Your Davenport, IA, Commercial Property Needs Insurance

Destruction to your commercial property can happen when you least expect it. A natural disaster, fire, or burglary could cause property damage that you need to protect against. A Davenport independent agent can speak to you about the following property items:

  • Year your commercial property was built
  • Materials your commercial property is made of
  • Who your tenants are and their operations
  • The replacement cost of the building
  • If the building has a sprinkler system 
  • Other protective devices 
  • Total square footage
  • Any prior property claims

Davenport, IA, has extreme midwest weather. With harsh winters, your commercial property needs protection against the elements. The top five most reported property claims in IA are: 

  • Flooding and water damage
  • Severe storms and lightning
  • Tornadoes
  • Severe ice storms and freezing
  • Burglary and other property crimes

Commercial property insurance should provide coverage for the above exposures, except for flooding. For that, you'll need a separate flood policy

How to get flood insurance in Davenport, IA:

A local independent agent can access your elevation certificate to determine what flood zone your property is located. From there, they will use the flood zone to quote with FEMA approved carriers, presenting you with the best options. Contact your Davenport agent to obtain flood quotes on your property.

Liability Insurance for Your Davenport, IA, Business

Commercial general liability insurance or CGL will protect your business from a number of exposures. Without the proper coverage, your business would have to pay out of pocket for a lawsuit.  

CGL: This will protect your company's financial interests in the event of a lawsuit. Policy coverage will apply to bodily injury, slander, or advertising injury to another party. Your CGL policy limits will start at the following:

  • $1,000,000 per occurrence
  • $2,000,000 aggregate

Limits can go up from the base, and depending on your exposures and assets, your agent may recommend more coverage. There is another liability insurance that your business needs. Let's take a look at cyber liability insurance:

Your company could be liable for any stolen customer or employee data should a cyberattack occur. Cyberattacks are expected, and with over 164 million identities stolen in the US in one year, you're at risk. Let's look at the numbers:

  • Number of US data breaches in 2019: 1,473
  • Identity theft reported in IA in 2019: 1,910

Protect your company and its reputation with cyber liability insurance. Connect with your Davenport agent to get the proper liability coverage.

Business Interruption Insurance in Davenport, IA

Your business could be a victim of a natural disaster, crime, or other liability claims that force your operations to halt. When you have to close your doors for a period of time, there's always a chance you may not be able to reopen. 

Iowa's catastrophe meter:

  • The number of federally declared natural disasters since 1953: 62
  • The average number of tornadoes per year: 49.2
  • The number of floods per year: 27

Business interruption insurance will help pay for things like the mortgage or lease, utilities, and employee payroll. Speak with your independent agent to get the right limits of business interruption coverage.

How to Attract Staff with Employee Benefits in Davenport, IA

Healthcare costs in Davenport are through the roof. Your employees have to pay a lot of money out of pocket per month to have proper coverage. You can help soften the blow by offering employee benefits insurance. Let's look at the facts:

  • Average annual health premiums for family employee coverage in 2019: $20,576
  • Average annual health premiums for single employee coverage in 2019: $7,188

The right talent doesn't come along every day, and when it does, you need to show value. Your company could be the best employer on the block, but if you're not willing to pay for some of your employees' financial burden, you may lose them.

Employee benefits can offer things like:

Contact your Davenport agent to come up with a creative solution for you and your employees. 

Workers' Compensation Insurance for Your Davenport Business

Workers' compensation insurance will cover medical expenses and lost wages for an employee who gets injured or ill while on the job. This policy can save your company from a never-ending lawsuit.

In Davenport, IA, when you employ one employee or more, you must carry workers' compensation insurance. State-mandated limits are usually the following:

  • $100,000 per occurrence for bodily injury
  • $100,000 per employee for bodily injury by disease
  • $500,000 policy limit for bodily injury by disease

Discuss what workers' compensation limits are right for your business with your trusted adviser.

Find a Davenport, IA, Independent Insurance Agent 

Your company has specific operations and needs customized protection. An independent insurance agent can help you find the best coverage and pricing in town.

They work with multiple insurance carriers and can save you a lot of time. Go to TrustedChoice.com and find a Davenport independent agent to get started. 

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

TrustedChoice.com Article | Reviewed by Candace Jenkins

©2020, Consumer Agent Portal, LLC. All rights reserved.

City-Data

City of Davenport

Statista