After a disaster, Missoula businesses depend heavily on their business insurance to make repairs and rebuild so they can get back on track. Weather events and other unexpected and damage-causing occurrences can financially devastate a company. It’s crucial to have a well-designed insurance policy in place to protect your financial investment in your business.
When it's time to choose insurance policies and an insurance company, you’ll need more than generic quotes from the internet. A Missoula independent insurance agent understands what types and amounts of insurance a Montana business may need. They can help you find the right insurance company so you get the best possible value for your money.
Contact a Missoula, MT, insurance agent right away to get started.
Why Do Businesses in Missoula, Montana, Need Liability Insurance?
Business liability insurance is the first thing you'll want to discuss with your agent. This crucial policy helps pay for damages if you are sued due to a covered event. It also handles legal costs and court costs, no matter the outcome of the case.
This type of lawsuit is expensive and time-consuming, but in many cases, there's very little the business owner could have done to prevent it. Your agent will be there even after you purchase a policy. If you need to make a claim, you'll be glad to have them on your side, helping you navigate the situation.
There are some specialized types of business liability insurance that may be a good fit for your company:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur due to an accident on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage that are caused by defects in products your business produces, sells, or promotes.
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Cyber liability insurance: This covers financial losses and liabilities if hackers access your computer systems and steal sensitive customer data, such as financial information, credit card numbers, Social Security numbers, or personal data.
- Pollution liability insurance: This covers cleanup costs and damages if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
- Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It can cover your company's increased liability risks if one of your drivers causes an accident that results in third-party injuries or damage.
Your agent may have additional recommendations depending on your needs. They can walk you through every option and help you choose the right combination of liability insurance policies.
What Insurance Products Cover Your Missoula Business Property?
Your commercial property insurance policy covers damage from fire, storms, and other natural disasters. Your agent can talk with you about risks specific to your type of business as well. You may need different types of commercial property insurance. Here are some policy types that your agent may recommend:
- Inland marine insurance: This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
- Boiler and machinery insurance: This covers the repair or replacement of a broken-down furnace or other machinery, and can also cover any business losses associated with machine malfunctions.
- Bailee's insurance: This covers valuable property owned by others whenever it is in your business's care, custody, or control, such as when you are performing repair or maintenance services on it.
Your insurance policy won't cover damage resulting from a flood, even if the flood is the direct result of a covered storm. Since flood damage is one of the most expensive types of disasters, you should consider adding a commercial flood insurance policy.
Your agent can help you weigh the pros and cons of any additional insurance policies. They can also help you make sure your policy limits are high enough to allow you to rebuild or repair after a covered event.
Why Is Business Interruption Insurance a Good Idea in Missoula, MT?
After a disaster, you may need time to get your business back up and running. Business interruption insurance helps you pay your regular bills and keep your salaried employees on your payroll while you are unable to be open for business.
Shutting down after a covered event is stressful, but with the right insurance, you don't have to be financially devastated.
In Missoula County, there have been 12 federally-declared natural disasters in recent history:
- 5 fires
- 5 storms
- 4 floods
- 1 drought
- 1 hurricane
- 1 landslide
- 1 snowstorm
Your agent can help you understand how business interruption insurance could help you in any of these types of disasters. They can also help you file a claim, so you can get the funds you need to stay afloat if the unexpected happens and you need to shut down your business for a short amount of time.
Do Businesses in Missoula Need Worker's Compensation Insurance?
Missoula businesses are subject to Montana laws regarding worker's compensation insurance. All Montana employers are legally required to provide worker's compensation coverage to their employees.
If your business is part of the construction industry, you must provide both resident and non-resident employees with the proper worker's compensation insurance coverage while they work in Montana.
Sole proprietors can choose to include themselves in a worker's compensation insurance policy. If you use independent contractors, you don't have to cover them if you have proof that they are a certified independent contractor.
Montana has a state-administered fund available where businesses can purchase worker's compensation insurance. You can also get your policy from a commercial provider.
What about Insurance Products for Employee Benefits Packages?
Businesses that choose to supplement or provide healthcare and life insurance to their employees often enjoy important cost-saving benefits. When you offer a competitive benefits package to your current and prospective employees, you are able to retain and attract top talent.
Health insurance and life insurance can be complicated and expensive. Your agent can help you understand your options. They'll assist you when it's time to choose a reputable company, so you can offer real value to your employees through your benefits program.
The best way to stick to your budget while getting great coverage for your employees is to lean on your independent Missoula agent for guidance.
Why Work with an Independent Insurance Agent in Missoula, MT?
Commercial insurance is an important safety net for your business. Your risks, concerns, and budget restrictions are specific to your business, so it's essential to get one-on-one advice from a local insurance expert.
Your independent insurance agent in Missoula understands the stress that Montana business owners face every day. They can help you get the coverage you need to protect your business at a fair price.
Contact a Missoula independent insurance agent today to get started building the perfect commercial insurance package for your business.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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