Picking the right insurance products to include in your business insurance portfolio can be a confusing task, but you don’t need to do it alone. Independent insurance agents in Brandon can help figure out your business risk and advise you about the best policies to protect against each of them. Local agents know which insurers have the most competitive business insurance plans, and reliable coverage at reasonable prices.
Why Is Liability Insurance Important for Your Business?
Liability insurance is an important part of every business insurance policy. It’s designed to pay for legal fees, court costs, and damages if your company is sued for a covered risk. All business coverage includes, at the very least, commercial general liability insurance (CGL). This standard insurance has two main parts:
- Product liability insurance: This covers third-party injuries, property damage, and illnesses when they’re caused by flaws in the products that your company promotes, sells, or produces.
- Premises liability insurance: This covers third-party injuries, property damage, and illnesses when they happen on your business property.
CGL on its own can’t cover all possible liability risks. An independent insurance agent can help identify any other liability dangers your business may face and can recommend the best policies to cover against them.
The following is a list of some popular commercial liability insurance products for all businesses, including those in Brandon:
- Employment practices liability insurance: This covers lawsuits based on accusations of illegal business practices like harassment, breach of contract, defamation, and wrongful termination.
- Cyber liability insurance: This covers businesses against liabilities and financial losses caused by hackers getting into your computer system and stealing your consumers' personal data like credit card numbers, bank account numbers, social security numbers, and other financial/personal information.
- Environmental liability insurance: This covers businesses that produce or work with toxic substances. This policy can pay for damages and cleanup costs if an environmental accident causes pollution of the air, water, or ground.
You can find out more about these and other commercial liability protections by talking with a local independent insurance agent.
How Do You Protect Your Corporate Assets?
All business insurance includes commercial property coverage. This is designed to reimburse your company for any damage or loss to your commercially owned property including things like outdoor signs, tools, machinery, inventory, merchandise, and office furniture.
Brandon businesses are most likely to experience property damage or loss because of hazards such as severe storms, flooding, accidental fires, and property crimes.
Once in a while, specialized commercial property insurance is necessary. Depending on the scope of your company, your insurance agent may recommend buying:
- Flood insurance: This is a good idea for businesses at risk of flooding since commercial property insurance does not protect against flood damage. Brandon businesses are at risk for flooding, hurricanes, and severe storms.
- Inland marine insurance: This covers portable corporate property while it is being stored in an offsite location or on your business premises.
- Boiler & machinery insurance: This pays for the cost to replace or repair broken down business equipment and may even cover business losses associated with machines breaking down.
Your Brandon insurance agent can help you be sure that all your business assets are adequately covered, and that your coverage limits are high enough to help your company replace, rebuild, or repair as needed.
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Business Interruption Insurance: Keep Making Money
Major disasters don’t just damage your commercial property. They can also force you to temporarily close your business for an extended amount of time while repairs are being made. This is certainly true when widespread damage hinders the ability to fix things, like after a devastating hurricane.
Closing your business for a few days, weeks, or even months can be a tremendous financial setback, particularly for small companies with fewer resources. Business interruption insurance provides a solution for this headache.
Business interruption coverage will provide your company with income when a covered event results in a long-term business closure. The coverage will help your company pay regular expenses like loan installments, utility payments, and employee payroll even though your business is not able to generate revenue.
What Does Workers’ Compensation Do?
Workers’ compensation insurance is meant to cover the cost of lost wages, medical treatments, and other expenses related to occupational injuries and workplace illnesses. In the case of a worksite fatality, this coverage can also take care of long-term benefits for the surviving dependents.
The premium for workers’ compensation coverage is mostly based on the type of jobs your employees perform. The riskier the occupation then the more the insurance costs. A local independent insurance agent can guide you through a review of your risks and match up the proper insurance with your business budget.
There are plenty of different health and life insurance products available for your business. This can make it very confusing as to which policies are the best for your employee benefits package. A local independent insurance agent can go over with you the pros and cons of each policy option so you’re able to make an informed decision.
So Many Reasons to Call Your Brandon, Mississippi Agent
As we mentioned earlier, each business has its own unique exposures and risks. That’s why insurance companies offer fully customizable business insurance plans. An independent insurance agent in Brandon, MS, can offer guidance while shopping around for the best, most affordable commercial insurance for your business.
Reach out to an independent insurance agent with an office in or around Brandon, MS, to learn more. You’ll probably discover how easy it can truly be to design a comprehensive, yet cost-effective, business insurance policy package.
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