If you are a business owner, chances are you probably have some type of business insurance. And chances are, too, that you find it challenging to keep track of what you need and what you do not need when it comes to choosing business insurance.
Whether it is minimum coverage or specialized protection, there are flexible options helping you to insure your business according to your business’s needs.
All small businesses need general liability insurance – the very basic liability coverage that guards against accidents, injuries, property damage and lawsuits.
Liability (also known as Casualty) insurance covers losses that result from direct accidents, protecting very different aspects of your business.
Most businesses with financial stake in a business are required to have liability coverage, in order to protect a business if a customer gets hurt on the property or your product somehow injures someone. For instance, if a customer falls on a wet floor or something falls on a customer, the insurance would cover medical payments, legal expenses and settlement costs up to the limits of the plan.
Specialty lines of liability not normally covered by a “basic” general liability policy include things like pollution, cyber liability/data breach, employment practices, employee benefit liability and professional errors & omissions liability. These areas require special attention and should be specifically addressed.
For most small businesses, insurance needs extend beyond basic liability coverage, and the business owns assets requiring specific protection, such as property insurance.
Business property insurance is carried by a variety of businesses, including service-oriented businesses, retailers, not-for-profit organizations, and manufacturers, and is used to cover any type of commercial property to protect it from fire, theft and natural disaster.
Commercial Property Insurance can protect your business’s physical assets, including its building, furniture, equipment, and inventory. It helps you when you need to repair or replace business property that is damaged by fire, hail, lightning, windstorm, vandalism, and explosions. It can also provide protection for loss of business income to help with lost profits and continuing expenses during the period of restoration.
It basically provides the same kind of protection as property insurance for consumers; however, businesses can usually deduct the cost of commercial property insurance premiums as business expenses.
Property and liability insurance are often sold in a tandem business policy called a Business Package or BusinessOwners policy, since most businesses need both types of coverage to be adequately protected and meet requirements of outside stakeholders.
At Ross Insurance Agency, we do our best to protect your dreams, efforts, and assets. Our knowledgeable and dedicated team is here to provide you with sleep-at-night peace of mind – by making sure you understand your coverage and have the protection you feel you need.
Ross Insurance Agency’s Independent Agents are also committed to shopping among over 30 of the top-rated insurance companies in the country to be sure your pricing is competitive.
Contact us today to see how we can tailor both business and personal policies to fit your specific needs.