With a population of more than 67,000 residents, businesses in Oshkosh can thrive and grow. Locally owned businesses pay an important part in the town's overall health and wellbeing. When disaster strikes, business insurance can help keep Oshkosh companies profitable.
A good business insurance policy has many elements to help protect the financial stability of the organization. An independent insurance agent in Oshkosh can provide you with the information you need to design a custom business insurance plan to protect against common problems in the area.
Why Do Businesses in Oshkosh, Wisconsin Need Liability Insurance?
Business liability insurance is a crucial part of your business insurance policy. It covers legal fees, court costs, financial damages, and other expenses associated with a covered event. If your company is sued, bills can seem overwhelming.
You'll need the right kinds of liability insurance to cover you for specific risks.
- Premises liability insurance: This policy covers third-party injuries, property damage, and illnesses that happen as a result of an accident on your property.
- Product liability insurance: This policy covers third-party injuries caused by defective products that your company promotes, sells, or produces.
- Employment practices liability insurance: This policy covers expenses related to a lawsuit if your business is accused of illegal employment practices such as breach of contract, wrongful termination, or discrimination.
- Cyber liability insurance: This type of coverage protects your business from financial losses and liability in the event that hackers access your customers' private financial information.
- Pollution liability insurance: If your company is responsible for an accident that causes pollution of the air, water, or ground, this policy pays for covered cleanup costs.
- Commercial vehicle liability insurance: This policy is required by law if your business operates and/or owns vehicles. You may have increased liability risks if you or an employee causes an accident that results in damage to property or third-party injuries.
Your Oshkosh independent insurance agent can help you understand which types of liability coverage are a good fit for your company.
What Insurance Products Cover Your Oshkosh Business Property?
Businesses in Oshkosh, WI, are at the highest risk of experiencing damage due to storms and floods. These risks are typically covered by commercial property insurance.
This type of policy covers property owned by your business, including computers, merchandise, inventory, furniture, and supplies.
You may need specialized property insurance under some circumstances.
- Inland marine insurance: This policy covers portable business property while in transit or in storage.
- Boiler & machinery insurance: This policy covers the replacement or repair of a non-operating furnace or other important machinery. It can also include coverage for losses due to machine malfunction.
- Bailee's insurance: This policy covers someone else's property while it is in your care, like when you are servicing a customer's equipment.
Commercial property damage does not include flood coverage, however. Flood damage is notoriously expensive, and Oshkosh businesses are at risk of flooding due to extreme weather.
Adding commercial flood insurance to your policy is a smart move. Flash flooding can happen anywhere as a result of heavy rains, and your agent can help you get the flood insurance you need to cover your business assets.
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Why Is Business Interruption Insurance a Good Idea in Oshkosh, WI?
Major disasters can cause damage beyond your business property. If you need time to rebuild or repair your business, you may need to close for awhile. Business interruption insurance can help you stay profitable, even if you can't conduct business as usual.
There have been 54 federally declared disasters in Wisconsin since 1953. Severe storms, floods, and tornadoes are the most common reasons for big insurance claims in the area.
Closing your business for several weeks can mean long-term financial problems for your business. Business interruption insurance helps provide income until you can get things back to normal and reopen.
With this coverage, you may be able to continue to pay your employees, cover regular monthly expenses, and keep up with your financial obligations. Your agent can help you understand how business interruption insurance can help you.
Do Businesses in Oshkosh Need Workers’ Compensation Insurance?
Oshkosh business owners are required by law to provide a safe workplace for their employees. No matter how many precautions you take as a business owner, accidents happen.
If your employee is hurt at work, you are legally obligated to cover their financial losses resulting from the injury or illness. That's where workers' compensation insurance comes in.
All employers in the state of Wisconsin are required by law to cover their full-time and part-time employees with workers’ compensation insurance under these circumstances:
- They have three or more employees on the payroll
- They pay one or more employee more than $500 in gross wages during any calendar quarter for work done at locations inside the state of Wisconsin
- They are farming, and employ six or more workers during one day for any 20 days per calendar year.
Workers' compensation insurance rates depend on the type of work your employees perform and the statistical likelihood that they'll be injured on the job. Your agent can walk you through the legal requirements and help you protect your employees with this important coverage.
What about Insurance Products for Employee Benefits Packages?
Healthcare coverage is expensive and costs climb every year. It's helpful to employees when a company subsidizes their health insurance. You could increase your chances of attracting high-quality applicants if you offer a competitive business benefits package.
You have many choices when it comes to life insurance and health insurance for your employees. Your agent can help you understand those options and get you (and your employees) the best possible coverage while staying within your company's budget.
Why Work with an Independent Insurance Agent in Oshkosh, WI?
The ability to fully customize your business insurance is priceless for Oshkosh companies. An independent insurance agent with an office in or near Oshkosh has experience with your community. They understand how local laws apply to businesses in Wisconsin and are ready to help.
Find an agent near you today and get started building your ideal business insurance policy.
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