In Appleton, WI, local businesses provide the backbone for the community's economy. Keeping those businesses financially healthy is one function of a well-designed business insurance plan.
When a disaster hits or a business sustains damage, business insurance helps Appleton companies stay viable and remain profitable. An independent insurance agent can help you design an ideal insurance policy that includes all of the necessary coverage.
Why Do Businesses in Appleton, Wisconsin, Need Liability Insurance?
Business liability insurance is an important part of any commercial insurance policy. It covers a business's court costs, financial damages, and legal fees if there's a lawsuit for a covered event. Even if a court rules in favor of the company being sued, the process of defending the lawsuit can be prohibitively expensive.
You'll need the right types of liability insurance to cover specific risks faced by your business. Here are a few options that your agent may suggest:
- Premises liability insurance: This is coverage for illnesses, property damage, and third-party injuries due to accidents that occur on your business property.
- Product liability insurance: This is coverage for third-party injuries, property damage, and illness caused by defects in products sold, promoted, or produced by your business.
- Employment practices liability insurance: This is coverage for lawsuits related to accusations of breach of contract, harassment, wrongful termination, or illegal employment practices.
- Cyber liability insurance: This is coverage for financial losses related to hackers accessing your customers' personal financial information via your computer network.
- Pollution liability insurance: This is coverage for damage related to pollution that is the responsibility of your business.
- Commercial vehicle liability insurance: This is coverage for damage involving accidents with vehicles owned or operated by you or your employees in the course of day-to-day business.
You can learn more about which coverages make the most sense for you business by consulting an Appleton independent insurance agent.
What Insurance Products Cover Your Appleton Business Property?
In Appleton, WI, your business is statistically most likely to experience damage due to severe storms or flooding. You'll need commercial property insurance to protect your financial investment in your business, including your supplies, merchandise, inventory, computers, and furniture.
Commercial property insurance doesn't cover flood damage. This coverage may be an important part of your insurance policy, so talk with your agent about adding commercial flood insurance to your policy.
Here are some of your options for specialized property insurance:
- Inland marine insurance: This covers business property that's portable while it's in transit or stored off-site.
- Boiler & machinery insurance: This covers replacement or repair of your company's furnace and other machinery. It may also cover losses due to machine malfunction.
- Bailee's insurance: This covers your customers' property while it's in your possession if it's damaged or lost.
Your agent may have additional suggestions about policies that would be a great fit for your company. Make sure that you have enough coverage to be able to rebuild or repair your business in the event of a disaster.
Why Is Business Interruption Insurance a Good Idea in Appleton, WI?
After a major disaster like a fire or tornado, many businesses have to close for repairs or completely rebuild. In Wisconsin, there have been 54 federally declared disasters since 1953. Most of those disasters were due to severe storms, floods, and tornadoes.
Closing your business for weeks at a time could be financially crippling. Business interruption insurance can provide your company with continuous income that allows you to keep up with your bills, pay your employees, and stay current on your loan payments.
Talk to your local insurance agent to learn how business interruption insurance could benefit your company.
Do Businesses in Appleton Need Workers’ Compensation Insurance?
All business owners in Appleton are legally obligated to provide a healthy and safe workplace. Even so, accidents happen and employees get hurt. Workers' compensation insurance provides financial support for employees who are hurt or become ill while on the job.
What about Insurance Products for Employee Benefits Packages?
Healthcare costs are on the rise, and a good employee benefits package can save you money in the long run. Attracting and retaining top-quality employees is expensive, and having a solid benefits package can help you reach your recruitment goals.
You have many life insurance and health insurance choices. Your agent will help you find the best combination of coverage and premium so you can offer an attractive employee benefits package while staying on budget.
Why Work with an Independent Insurance Agent in Appleton, WI?
Each company has its own specific needs when it comes to commercial insurance. It's crucial to fully customize your business insurance with help from an Appleton independent insurance agent. They can help you get excellent rates and the right types of coverage to help your business stay healthy, even during hard times.
Find an independent insurance agent in Appleton today and get started customizing your company's business insurance package right away.
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