Huntington businesses need insurance they can count on when disaster strikes. There are certain policies mandated by West Virginia, and others that may be specific to certain types of businesses.
You can find a lot of information online and even get generic quotes from cleverly marketed insurance companies. When it's time to design a business insurance policy that provides the most important types of coverage in the correct amounts, it's smart to consult a Huntington independent insurance agent.
Your agent can help you navigate the complicated world of insurance as you make key decisions about how best to protect your financial investment in your business. Reach out to a Huntington independent insurance agent today to get started.
Why Do Businesses in Huntington, West Virginia Need Liability Insurance?
Business liability insurance is a critical type of coverage that forms the backbone of any business insurance policy. Liability lawsuits are expensive, time-consuming, and can get complicated. Your liability insurance covers costs related to a covered lawsuit, whatever the outcome.
Most businesses simply can't handle the costs of defending a liability lawsuit on their own. Your agent may recommend certain types of specialized coverage, depending on your situation.
- 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 against 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 can talk with you about how to put together a policy that helps preserve your financial investment while allowing your business to grow.
What Insurance Products Cover Your Huntington Business Property?
In Huntington, you are most likely to experience damage to your property due to storms and flooding. With severe flooding come landslides and mudslides in certain areas of the country. In Huntington, your business is most likely to experience damage or property loss due to weather. Commercial property insurance covers nearly every type of damage except flooding.
Here are the catastrophes that were federally declared to be disasters in West Virginia during the past five years:
|Severe storms, flooding, landslides & mudslides:||June 29-30, 2019|
|Severe storms, flooding, landslides & mudslides:||May 28-June 3, 2018|
|Severe storms, flooding, landslides & mudslides:||February 14-20, 2018|
|Severe storms, flooding, landslides & mudslides:||July 28-29, 2017|
|Severe storms, flooding, landslides & mudslides:||June 22-29, 2016|
|Severe storms, straight-line winds, flooding, landslides & mudslides:||July 10-14, 2015|
|Severe storms, flooding, landslides and mudslides:||April 13-15, 2015|
|Severe storms, flooding, landslides & mudslides:||April 8-11, 2015|
You may need different specialized insurance policies, depending on your business activities.
- 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 & 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.
Business owners in West Virginia should be especially cautious about flooding. Your business property insurance does not automatically cover damage caused by flooding, even if the flood is the result of another covered event like a severe storm. You'll need a commercial flood insurance policy to protect your business from financial losses due to damage caused by any type of flooding.
Talk with your agent about adding this crucial coverage to your business insurance policy.
Why Is Business Interruption Insurance a Good Idea in Huntington, WV?
After a disaster, many businesses have to close their doors so they can make necessary repairs and rebuild their property. During this time, it can be impossible to pay normal bills and keep employees on the payroll.
Business interruption insurance provides much-needed financial assistance to businesses that are forced to close due to events beyond their control. After a covered event, this policy allows business owners to pay their monthly bills, preventing them from suffering the negative financial effects of having to close down.
In West Virginia, there have been a number of recent federally declared disasters. There have been 25 natural disasters in Cabell County. The national average is 13.
Causes of these natural disasters:
- Floods: 15
- Storms: 14
- Landslides: 8
- Mudslides: 4
- Winter Storms: 4
- Hurricanes: 2
- Blizzards: 1
- Fires: 1
- Snowfall: 1
- Tornados: 1
- Wind: 1
If you choose to add business interruption insurance to your policy, you'll have an additional layer of protection in case the next storm claims your business property. Your agent can help you understand exactly how this coverage works and how it may benefit your Huntington business.
Do Businesses in Huntington Need Worker's Compensation Insurance?
As a West Virginia business owner, you are legally required to provide a safe working environment for your employees. If they are injured on the job, you'll need worker's compensation insurance to provide them with money for medical needs and continuation of income until they can return to work.
In West Virginia, all employers must carry worker's compensation insurance. If you are an independent contractor, an agricultural employer with fewer than five employees, or a casual employer with fewer than three workers, you are exempt from this law. Employers that are churches, domestic service employers, federally covered employers, and employers in organized professional sports are also exempt.
Worker's compensation insurance premiums vary widely. Your agent will help match you with a company that specializes in providing this type of coverage in your niche so you can get the best possible rates.
What about Insurance Products for Employee Benefits Packages?
While subsidizing your employees' healthcare and life insurance costs may seem financially out of reach, it's possible with help from an insurance expert in Huntington. You won't find access to the variety of companies and options on the internet that you'll get when you work one-on-one with an independent agent.
Studies show that businesses offering competitive benefits packages to their employees have an increased ability to attract and retain top talent in the area. If you want to compete for the best employees, you'll need a great benefits package.
Your agent can help you understand how to make the most of the money you spend on insurance for your employees. They'll offer options you may not have known about and walk you through the process of evaluating your choices.
Why Work with an Independent Insurance Agent in Huntington, WV?
Your business has unique needs when it comes to commercial insurance. You could get a generic online quote from a well-known insurance company, but you may be frustrated when it's time to make a claim. Creating a relationship with a locally based independent insurance agent works in your favor now and in the future.
Let a Huntington independent insurance agent help you make the most of the money you spend on insurance. Reach out to an independent insurance agent to learn more.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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