Rated as one of the best small cities to start a business, Edmond is home to more than 90,000 residents. With its booming economy, great networking capability, and proximity to the capital, it makes sense that so many businesses start in Edmond. Protecting your company with a business insurance policy is a smart idea.
Independent insurance agents can help you work through the many different policies you can choose for your business insurance policy. They’ll get to know your business and help you figure out the biggest risks it faces. They aren’t tied down to one company, so you’ll see numerous quotes from multiple company at affordable prices. Chat with an independent insurance agent to get started.
Liability Insurance for Your Edmond, OK Business
Providing your business with compensation for court costs and financial damages, your general liability coverage is a crucial part of your insurance package. Your policy may include liability coverage such as:
- Professional liability insurance: This will cover the people who work for you if they are sued for mistakes or errors in judgement. If your business gives advice that doesn’t turn out well, this insurance will protect your employees if they are sued.
- Premises liability insurance: If an accident occurs on your business property, this will protect you from huge financial loss. It will cover unexpected legal and medical costs for which your business may be liable.
- Product liability insurance: If your products cause an injury, illness, or any property damage, this will cover you.
Business Interruption Insurance for Your Edmond, OK Business
When you must shut down due to a disaster, business interruption insurance has you covered. Your compensation will be based on the revenue you would have received if you were open, estimated from income for previous years. This is essential in maintaining your business and the well-being of your employeesg.
Your business interruption insurance will cover things like:
- Lost income: If your merchandise is destroyed, you’ll be reimbursed under this coverage.
- Extra Expenses: If you must temporarily relocate your business, this will cover any moving expenses.
Your policy will typically have a coverage limit. This is the maximum that your insurer will pay toward a covered claim until it becomes your responsibility. Chat with an independent agent to find out exactly how much coverage your business needs.
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Workers' Compensation for Your Edmond, OK Business
If you have more than 5 employees working for you, you are required to provide workers’ compensation. It’ll cover the expenses related to an employee’s injuries on the job. The national average is around $1.27 for every $100 in wages, which equates to around $612 per employee.
Providing this coverage will prevent financial burdens that could severely impact an employee's relationship with your business and even lead to bankruptcy. If you fail to provide this policy, you may face severe liability in civil suits filed by injured employees.
Employee Coverage in Edmond, OK
Providing employee benefits is a great incentive to keep a talented workforce. Health plans may seem costly, but an independent insurance agent can help you find an affordable policy.
Some coverage options you may want to include:
- Health plan insurance: If you have more than 50 employees, this is required by law.
- Life insurance: If a fatal accident happens to one of your employees, it may be a good idea to cover them with this policy so their loved ones will be taken care of.
- Disability insurance: If your employee cannot work any more due to an accident, this will cover part of their income loss.
How Much Will Your Business Insurance Cost in Edmond, OK?
That is going to depend on factors like the insurance you need and the coverage amounts you choose. Insurers will look at the risks that your business faces, based on its industry, neighborhood, and size. They’ll look at the exposures and potential catastrophes that can happen.
An independent insurance agent will help you decide on the exact amount of coverage limits you need to protect your business. They’ll comparison shop for you and find an affordable price.
Find a Business Insurance Policy in Edmond, OK
Independent Insurance agents are experts in business insurance. They’ll do the heavy lifting to make sure that your investment is protected. Independent agents will show you multiple quotes until you find the right one. When you’re ready, chat with an independent insurance agent to get started.