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What is business insurance

Business insurance is a vital risk management tool that helps protect businesses. Business insurance may encompass protection against property damage, liability claims, employee injuries, and disruptions to operations. By investing in business insurance, companies can safeguard their assets, mitigate potential liabilities, and maintain continuity in the face of unforeseen circumstances, allowing them to focus on their core operations with confidence.

What we offer

Types of Business Insurances

Business Owner's Policy

A Business Owners Policy (BOP) combines property, liability and business interruption coverage for small to medium-sized businesses.

Commercial Property

Commercial property insurance provides a wide range of coverage for buildings, inventory, equipment, tools and more. 

Commercial Umbrella

Catastrophic liability losses can happen to any business at any time, and a commercial umbrella policy protects you when those losses exceed your basic liability coverage.

General Liability

General liability, also known as “commercial liability insurance” is a broad commercial insurance policy that covers general liability exposures of a business.

Workers Compensation

Workers’ compensation coverage pays for medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while they are unable to work.

Surety Bonds

Whether you’re a contractor looking for a complex bid bond or a business owner in need of a simple license and permit bond.


FAQ

  • Why does my business need insurance?

    Business insurance provides crucial financial protection against a variety of potential risks that could significantly impact or even bankrupt your company. These risks include property damage, liability claims (if someone gets injured or their property is damaged due to your business operations), professional errors, and loss of income due to unforeseen circumstances. It helps ensure the longevity and stability of your business by transferring some of these financial risks to an insurance provider.

  • What are some common types of business insurance?

    The types of insurance a business needs can vary greatly depending on its industry, size, and operations. However, some common types include:


    • General Liability Insurance: Protects your business from claims of bodily injury or property damage caused by your business operations, products, or services.   
    • Commercial Property Insurance: Covers physical damage to your business property, including buildings, equipment, and inventory, from events like fire, wind, and theft.   
    • Workers' Compensation Insurance: Provides benefits to employees who suffer work-related injuries or illnesses. This is often legally required.
    • Professional Liability Insurance (Errors & Omissions Insurance): Protects businesses that provide professional services from claims of negligence, errors, or omissions in their work that cause financial harm to a client.   
    • Commercial Auto Insurance: Covers vehicles owned or used by your business for work purposes.
    • Business Interruption Insurance: Helps replace lost income and cover operating expenses if your business has to temporarily close due to a covered loss (like a fire).

  • How much business insurance coverage do I need?

    The amount and types of coverage your business needs depend on several factors, including the nature of your business, its size, the value of your assets, the level of risk involved in your operations, and any contractual obligations you might have. It's often recommended to conduct a thorough risk assessment and consult with an insurance professional to determine the appropriate coverage for your specific needs.

  • What factors affect the cost of my business insurance premiums?

    Several factors can influence the cost of your business insurance, such as:


    • Industry: Some industries are inherently riskier than others.
    • Business Size and Revenue: Larger businesses with higher revenue often have higher premiums.
    • Location: Crime rates and the risk of natural disasters in your area can play a role.
    • Claims History: A history of past claims can increase your premiums.
    • Coverage Limits and Deductibles: Higher coverage limits and lower deductibles typically result in higher premiums.   
    • Number of Employees: More employees can increase the cost of workers' compensation and liability coverage.
    • Safety Measures: Implementing safety protocols and having a good safety record can sometimes lead to lower premiums.

  • How can I determine the right business insurance for my company?

    Determining the right business insurance involves several steps:

    • Identify Your Risks: Analyze the potential risks your business faces.
    • Understand Legal Requirements: Be aware of any legally mandated insurance, such as workers' compensation.
    • Assess Your Assets: Consider the value of your property, equipment, and potential financial losses.
    • Consult with an Insurance Professional: An experienced insurance agent or broker can help you assess your needs and find the right policies and coverage amounts.
    • Shop Around and Compare Quotes: Get quotes from multiple insurance providers to ensure you're getting competitive pricing.
    • Review and Update Regularly: Your insurance needs may change as your business grows and evolves, so it's important to review your policies periodically.