BUSINESS Insurance - Customer-friendly
Purchasing business insurance is a smart way to provide protection for your business against various risks that can occur at any time.
What Is It?
Insurance for businesses provides financial protection against a variety of potential losses such as property damage, liability and theft. Ideally, because each business may have their own unique needs. One may select the types of coverage needed to protect their specific commercial operation.
Who It’s For
Natural disasters, accidents, lawsuits and unforeseen events can happen to any business regardless of size and should be covered with insurance.
How It Works
Companies purchase a business policy through an insurance company. Essentially, the insurance company is agreeing to share your business risks in return for the premium payments you make. If the business suffers a loss and files a claim, which is covered in the policy, the insurance company pays for the financial loss.
However, the financial loss is only covered up to the limits defined in the policy. In addition, the deductible listed in the policy must be paid by the business before the claim is paid.
Common Types of Coverage
Property insurance coverage is designed to cover physical assets of businesses from damage or loss caused by fires, theft or natural disasters like hurricanes or tornados for example. Physical assets of the business could include inventory, buildings, computers, equipment or furnishings.
Liability insurance covers a business when claims or lawsuits are filed against a business. They could be the result of property damage or injuries.
Workers' Compensation Coverage
This coverage is required in some states, and it covers medical care costs and lost wages for employees injured on the job.
Commercial Auto Insurance
Auto coverage covers all drivers while driving company vehicles or rentals.
Insurance for businesses provides the financial protection businesses may need to recover from natural disasters, theft or liability claims. In addition, insurance provides a sense of security, so you can focus on running your business.
No one can say when an injury may occur on your business property or your roof is damaged in a storm, but having business insurance is a wise investment for any business.