If you own retail or commercial property, business insurance is essential to protect your business from heavy financial losses. Are you looking to add other coverage options to your business insurance policy? Do you want to see what insurance options are available for your business? If your answer is yes to either of those questions, then you are in the right place.
In Montana in 2019, there were over 120,000 small businesses employing over 240,000 people, and invariably business insurance claims arise. In 2019, the total amount of business claims paid out was over $2.2 million, making business insurance essential for your business.
Building a comprehensive business insurance policy can be confusing, but you are not alone. Independent insurance agents in Billings, MT can help you by figuring out your business’s individual risks and suggesting the appropriate policies to cover against them.
How Does Business Property Insurance Protect My Billings, MT Business?
As one of the fundamental elements in a business owners policy, business property insurance protects your building and its contents, as well as exterior fixtures, such as fences or outdoor signage. Business property insurance also protects your business against other losses, such as damage from employee injuries, liability, and theft.
Since all businesses have their own distinguishing characteristics, they all require different business insurance coverage options. Therefore, it is essential that you identify the individual risks your business faces and find ways to reduce them.
If your business does not have enough insurance coverage and it faces significant property damage, it may have a hard time recovering from the financial losses. So, it is imperative you purchase the correct amount of business insurance to protect your business from any financial losses.
Does My Billings, MT Business Really Need Business Liability Insurance?
A significant part of your business insurance policy is business liability insurance. It is intended to cover your business’s court costs, legal fees, and financial damages in case of a lawsuit. Even if you are not found to be liable in court, legal fees can become very costly.
It is also important that you purchase the right kinds of coverage for your business liability insurance. Following are some of the business liability insurance options available to you:
- Premises liability insurance: This insurance option covers damage occurring to a third party due to an accident on your business property.
- Commercial vehicle liability insurance: This insurance coverage is required if your business owns and operates any vehicles. It covers your business's added liability risks in case one of your employees causes an accident that results in damage to a third party.
- Product liability insurance: This option covers damage occurring to a third party caused by faults in goods your business produces, sells, or promotes.
- Pollution liability insurance: This option covers the cleanup costs and losses if your business is liable for an incident leading to the pollution of the air, ground, or water.
- Cyber liability insurance: This option covers monetary losses and liabilities if hackers gain access to your computer systems and steal sensitive customer data.
- Employment practices liability insurance: This option covers claims related to unlawful employment practices such as a breach of contract, discrimination, harassment, and wrongful termination.
What Other Options Are Offered for My Billings, MT Business Property?
If your business is located close to waterways such as the Yellowstone River, you are more at risk for flooding, so business flood insurance would be a really good idea.
In Billings, MT, your business property is likely to suffer property loss or damage due to the following threats (in order of occurrence):
- Wildfires and residential fires
- Severe storms and lightning damage
- Flooding and water damage
- Wind damage
- Burglary and other property crimes
Most of these threats are covered by your business property insurance, which is a standard part of all business insurance policies. It is designed to include your business-owned property and covers your computers, furniture, inventory, and other merchandise.
There may be times when it is necessary to add specific options to your business insurance policy. Your independent insurance agent may suggest adding one or more of the following options:
- Bailee's insurance: This option covers other people’s property when in your business’s care, such as when you are doing repairs or upkeep on it.
- Flood insurance: Note that business property insurance does not cover flood damage, even if the damage is a direct result of a covered hurricane.
- Equipment breakdown insurance: This option covers repair or replacement of damaged equipment and any losses related to equipment breakdowns.
- Inland marine insurance: This option covers your movable business property during transfers or if you store it away from your place of business.
It is also really important to make sure your business insurance coverage is sufficient to allow you to rebuild, repair, or replace if necessary.
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Why Should I Buy Business Interruption Insurance in Billings, MT?
When a wildfire or flood occurs and the damage is extensive, you may have to temporarily close your business for a prolonged period while repairs are being made. Following are some stats on past declared disasters in Montana:
- Number of federally declared disasters in MT since 1953: 87
- Most common reasons for declared disasters: fire/55
- Average number of tornadoes in MT per year: 10
If your business does have to close for an extended period, it can be financially devastating, especially if you own a small business. Business interruption insurance provides your business with an income allowance until your business can resume regularly scheduled activities. This allows you to pay normal monthly payments such as utility bills, loan payments, and employee wages whie your business is unable to generate income.
Does My Billings, MT Business Need to Carry Worker's Compensation Insurance?
As a Montana business owner, you are legally obligated to provide your employees with a safe working environment to carry out their duties. Even when all safety precautions are taken, employees do get hurt or become ill on the job. When you own a business In Montana, you must also cover your employees’ financial losses if they become ill or get hurt on the job.
Insurance companies base their worker's compensation rates on the kinds of jobs your employees perform and the probability they might get hurt or become ill while on the job. For this reason, it is extremely important to be properly insured with worker's compensation insurance.
What about Insurance Options for Employee Benefits Packages?
Healthcare coverage rates can be high and vary depending on the options chosen. But if your business offers subsidized health coverage to your employees, it can have beneficial effects for your business. Human resources managers have determined that businesses offering a practical employee benefits package have an easier time attracting and retaining model employees.
There are numerous health and life insurance options available for you and your employees to choose from, which can sometimes make it hard to figure out which of the policies to combine with your employee benefits package. This is where advice from an expert comes in.
Independent Insurance Agents in Billings, MT Are Ready to Help
Insurance companies recognize that every business has its own risks, and they allow business owners to personalize their business insurance options. An independent insurance agent can go over the advantages and disadvantages of each business insurance option so you can make an educated choice.
Find a trustedchoice.com independent insurance agent with an office in or near Billings, MT to learn more. Find out how easy it is to build a comprehensive business insurance policy.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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