Whether your West Virginia business is manufacturing, construction, trade, real estate or something else altogether, finding the right business insurance policy that meets your needs and your clients' demands is important. Today’s economy in the Mountain State leads business owners to look for a competitive product that delivers maximum value and meets their specific needs. Before you search for commercial insurance quotes for a business policy, keep the following in mind.
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Why Is Business Insurance Important?
If you are the owner of a growing business, you face tough challenges every day. Make sure your business has adequate protection with an insurance policy that fits your needs.
Whether your business is big or small, your employees and clients rely on you for their living and the products or services you supply. Don't let unexpected events set your business back. You've probably worked hard to build this company.
West Virginia law requires some businesses, such as contractors, to carry certain types of business insurance like liability and workers compensation. A knowledgeable agent will be able to tell you which regulations apply to your business.
What Is Business Insurance?
Business and commercial insurance includes a broad variety of coverage options and policies. Your unique policy will depend on a number of factors such as the type of business you own in West Virginia, the number of people you employ and the nature and manner of work you do.
Business insurance will protect you from lawsuits and damage to property, and will protect your employees in the event of an on-the-job accident and more.
It's important to work with a knowledgeable insurance agent to find the right policy that will insure your business against all possible risks.
What Does Business Insurance Cover?
Business insurance policies come in many forms. They include the following:
- Property and liability insurance: This policy will protect you from losses due to property damage to your business or litigation from an unhappy client or employee.
- Commercial vehicle insurance: This insurance will give you the coverage you need for your business-related car or truck.
- Workers compensation: This insurance protects you and your employees from on-the-job accidents.
- Health insurance: A healthy, reliable workforce is important. Attract the best talent with a comprehensive benefits package that includes life, retirement plans and professional or specialty products insurance.
Deciding just what kind of insurance package will best suit your West Virginia business is exactly what an experienced insurance agent can do for you.
What About Insurance for Your Employees?
Be sure to attract the most dutiful employees with a comprehensive benefits package like the following:
- Health Insurance: When group insurance is not an option, consider individual medical insurance coverage for yourself and possibly your employees. An experienced agent will be able to walk you through the various medical plans available to you and your employees, on an individual basis.
- Group Life Insurance: Design a plan to help protect your most valuable assets – your employees. You will choose from a variety of benefit amounts, including competitively priced premiums you pay for your employees that are generally tax deductible as a business expense.
- Workers Compensation: As diligently as you work to maintain a safe environment, remember that accidents do happen. Protect your business from serious financial hardship in case of an employee injury. Workers compensation insurance typically covers an employee's medical treatment, permanent and temporary disability and death benefits.
What Kind of Additional Coverage Is Available?
- Commercial liability umbrella policy: Your business property and liability insurance package can help protect you from lawsuits up to a certain limit – but is it enough? It may take only one substantial judgment or settlement to put your financial future at risk. A commercial liability umbrella policy can provide extra financial protection your business needs.
- Professional liability: You never know when a disgruntled client might file a lawsuit claiming you've been negligent or made an error or omission while performing your services. Fortunately, you can minimize financial hardship and help protect your future with a professional liability policy.
- Employment practices liability insurance (EPLI): If you run a business, an employee or applicant could sue you for discrimination, wrongful termination or sexual harassment. Damages can include compensatory awards, not just lost wages – and most general liability policies don't cover these allegations.
- Errors and omissions liability: Mistakes happen. But even an innocent error on your part could lead to a client's bringing a lawsuit against you for negligence. An omissions liability policy can help your company and you pay for legal judgments or settlements. It also covers defense costs, which can be substantial even if you're not found liable.
How Much Is an Average Commercial Insurance Quote?
Your business insurance rates are unique to your company. Each type of business coverage in your policy will provide an important and specific type of protection. You may need some or all of the recommended coverage types. You may need other types of coverage too, such as errors and omissions insurance, also known as professional liability insurance. Calculating your specific costs depends upon the blend of coverage you need, and how much.
While it's virtually impossible to calculate average commercial insurance quotes for both small and large businesses, consider these possible scenarios:
- A sole proprietor of a coffee shop in Charleston, West Virginia, might pay $500 per year for general liability insurance, but a small consulting firm is likely to pay over $3,000 per year.
- A sole proprietor who hems garments out of a home office in Wheeling, WV, has limited liability concerns, but a landscaper in Huntington may pay upwards of $15,000 annually due to increased risk.
Find the Best Rates for Your Business
Getting the right coverage can help with everything from concerns about property damage to the risk of lawsuit. Start by assessing the hazards involved in running your West Virginia business. A knowledgeable independent agent with Trusted Choice® can help you assess those risks and can provide several commercial insurance quotes for your business.
Make sure you have the best coverage protection available so you can serve your customers tomorrow. Contact a Trusted Choice agent for your quotes.