Madison, Wisconsin, is the birthplace of such companies as Sub-Zero & Wolf Appliances, Schoeps Ice Cream and the ever-popular American Girl doll company. Oscar Mayer Bologna started here as a family-owned business before Kraft Foods purchased it, and in 1988 two juniors at the University of Wisconsin founded The Onion newspaper. Today, Madison is home to several small privately owned businesses established by local entrepreneurs. While most won’t go on to achieve national recognition, all are worthy of being protected by a Madison, WI business insurance policy.
Business ownership in this city is becoming increasingly diverse, and with different types of businesses come different types of risk. A business that deals strictly with retail sales does not have the same liability risks as one that designs and produces products. Similarly, construction companies face many potential liability risks, while administrative offices do not. Fortunately, insurance companies can tailor your commercial insurance policies to fit your company’s specific coverage needs and protect your company from unexpected problems and expenses.
Certain types of business-related insurance policies are mandatory. For example, if your business has employees, the state of Wisconsin requires you to carry insurance to provide worker’s compensation and state unemployment benefits. Likewise, if your business uses company vehicles, the state requires you to carry commercial vehicle insurance.
In most cases, business insurance is not required. A financial institution may require you to carry it if you have taken out a large business loan with them, and your landlord may require you to have this coverage if you are renting the building in which you conduct your business. But for the most part, this insurance is optional. The benefits of having such a policy, however, cannot be understated.
More than 800 small businesses filed for bankruptcy in Wisconsin in 2009. Several could have avoided this hardship by simply having had commercial insurance. You have invested a lot time and money into your business, so it is well worth the cost to insure it with a Madison business insurance policy.
Setting up your company as an LLC or a corporation does not protect your company from financial losses brought about by liability claims. These business structures serve only to protect the business owner’s personal assets from liability, leaving the business itself vulnerable. Only a business insurance policy can fully protect your Madison business venture.
Business insurance coverage needs can vary greatly depending on the size, industry and inherent risks each company faces. Thus, insurance companies design commercial insurance policies with many different coverage options. This allows you to build a customized policy that is appropriate for your commercial venture. The basic coverage options offered by a Madison business insurance policy include the following:
Because there are so many different types of businesses, there is no such thing as a one-size-fits-all commercial insurance policy. When you are ready to start comparison-shopping for commercial insurance, an independent agent in the Trusted Choice® network can help you build a policy that is suitable for your specific business.
Your local network agent can help you find several competitively priced policies that meet your coverage requirements and can answer questions you may have about each policy. Contact an agent today for your Madison commercial insurance quotes.