Business insurance is a must to protect your business from heavy financial losses, especially if you own commercial or retail property. What business insurance options are available for your business? Would you like to add property coverage to your business insurance policy? If you want to know the answer to either of those questions, then stick around.
In Wyoming in 2019, there were over 65,000 small businesses employing over 130,000 people, and like clockwork, business insurance claims occurred. In 2019, the total amount of business claims paid out was over $9.2 million, making business insurance vital in protecting your business.
Building a complete business insurance policy can be full of twists and turns, but you are not alone. Independent insurance agents in Casper, WY, can help by identifying your business’s individual risks and recommending the appropriate policies to cover against them.
How Does Business Property Insurance Protect My Casper, WY, Business?
Business property insurance is one of the key components of any business owners policy. Business property insurance protects your building, its contents, and any exterior features, such as parking lots or outdoor signage. Business property insurance also protects your business from other losses such as damage from employee injuries, liability, and theft.
If your business does not have the appropriate amount of business insurance coverage and it sustains considerable property damage, you may have a hard time recovering from any financial losses. So, it is crucial to purchase a sustainable amount of business insurance to protect your business from any financial losses.
All businesses require different coverage options because they all have their own individual characteristics and risks. So, it is crucial that you identify the individual risks your business faces and find ways to reduce them.
Does My Casper, WY, Business Really Need Liability Insurance?
A sizable portion of your business insurance policy consists of business liability insurance and is designed to cover your business’s court costs, legal fees, and financial damages in case of any legal claims. Be aware that even if you are not found legally responsible in court, legal fees can still be steep.
In addition, you also want to make sure to purchase the correct business liability options for your specific industry. Below are some of the business liability insurance options available to you:
- Premises liability insurance: This option covers damage occurring to a third party due to an accident on your business property.
- Commercial vehicle liability insurance: This insurance coverage is required if your business owns and operates automobiles. It covers your business's additional liability risks if one of your employees causes an accident that results in damage to a third party.
- Product liability insurance: This option covers damage occurring to a third party caused by faults in goods your business produces, sells, or promotes.
- Pollution liability insurance: This optional insurance covers the cleanup costs and losses if your business is legally responsible for an incident leading to the pollution of the air, ground, or water.
- Cyber liability insurance: This option covers financial losses and liabilities if hackers gain access to your computer systems and steal sensitive customer data.
- Employment practices liability insurance: This option covers claims related to allegations of unlawful employment practices such as a breach of contract, discrimination, harassment, and wrongful termination.
What Other Business Insurance Options Are Available for My Casper, WY, Business Property?
If your business is situated near a waterway, specifically, the North Platte River, you are more at risk for flooding, so this is where business flood insurance would be a great idea.
In Casper, WY, your business property is more likely to suffer property loss or damage due to threats such as the following:
- Wildfires and residential fires
- Flooding and water damage
- Severe storms and lightning damage
- Burglary and other property crimes
Nearly all the above threats are covered by your business property insurance and are a basic part of all business insurance policies. It is intended to include your business-owned property and covers your computers, furniture, inventory, and other merchandise.
There may be times when you must add specific business insurance options to your business insurance policy. Your independent insurance agent may recommend adding one or more of the following insurance options:
- Equipment breakdown insurance: This option covers repairs, or the replacement of damaged equipment and any loss related to equipment breakdowns.
- Bailee's insurance: This option covers other people’s property when in your business’s care, such as when you are doing repairs or upkeep on it.
- Inland marine insurance: This option covers your movable business property during transfers or if you store it away from your place of business.
- Flood insurance: Note that business property insurance does not cover flood damage, even if a covered hurricane damages your business property.
As previously stated, make sure your business insurance options are high enough so you can rebuild, repair, or replace if needed.
Why Should I Buy Business Interruption Insurance in Casper, WY?
When a fire occurs and the damage is extensive, you may have to close your business for an extended period, while you are having repairs made. Below is data on past declared disasters in Wyoming:
- Number of federally declared disasters in WY since 1953: 36
- Most common reasons for declared disasters: fire/20
- Average number of tornadoes in WY per year: 12
If your business has to close for a prolonged period, it can be catastrophic financially, especially if you own a small business. Business interruption insurance provides your business with a revenue until your business can resume regularly scheduled activities. This allows you to pay monthly payments such as employee wages, loan payments, and utility bills when your business is unable to generate an income.
Does My Casper, WY, Business Need to Carry Workers' Compensation Insurance?
As a Wyoming business owner, you are legally obligated to furnish your employees with a safe working environment to carry out their job duties. However, even when all safety measures are taken, employees do get hurt or become sick on the job. When you own a business in Wyoming, you must also cover your employees’ financial losses if they become sick or hurt on the job.
Insurance companies establish their workers' compensation rates on the types of jobs your employees perform and the probability they will get hurt or sick on the job. Therefore, it is extremely important to be suitably insured with workers' compensation insurance.
Are There Insurance Options for Employee Benefit Packages?
Healthcare coverage rates can be astronomical, and they vary depending on the options you choose for your employee benefits package. But then if your business offers subsidized health coverage to your employees, it can impact your business favorably. Human resource managers have investigated and agreed that businesses that offer a feasible employee benefits package, have a better chance of enticing and retaining good employees.
There are many car, health, and life insurance options available for you and your employees to choose from, and this can make it tough to figure out which options to add to your employee benefits package. This is where expert advice from an independent insurance agent comes in handy.
Why Work with an Independent Insurance Agent in Casper, WY?
Insurance companies recognize that every business has its own risks, and they allow business owners to personalize their business insurance options. An independent insurance agent can go over the advantages and disadvantages of each business insurance option so you can make an educated choice.
Find a TrustedChoice.com independent insurance agent with an office in or near Casper, WY, to find out more. Find out how easy it is to create a comprehensive business insurance policy for your business.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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