There are many varieties of commercial insurance policies, allowing your agent to customize the right coverage package for your business and your specific circumstances. What is covered under commercial insurance depends on the policy options you choose.
One of the most common needs of any business is protection in case of damage to company property. Fires, floods, storms, theft, or vandalism can prove crippling to a business caught unprepared. In addition to the physical damage done, there’ often lost productivity. The longer your business is unable to communicate with customers, produce goods, or offer services, the harder it is to get back on track even once visible destruction is rectified.
Liability is another area in which almost any business can benefit from coverage. Whether it’s an injury on site, lawsuits from customers or employees, or data breach by an external source, liability protection can you’re your company continue functioning smoothly while navigating the potentially crippling costs of unexpected complications.
Commercial insurance can also include coverage for company vehicles, worker’s comp coverage, or even surety bonds. The better your agent understands the nature of your organization and your specific needs, the more completely they can help you with the most cost-effective and comprehensive coverage for your business.
Every business is different. Some rely on specific machinery or seek optimal locations to reach potential customers. Others primarily reach out through technology or by visiting clients individually. Some have multiple locations; others can be tucked away almost anywhere. It’s no surprise, then, that each company’s property damage coverage needs are unique. Generally speaking, however, property damage coverage falls into four basic categories:
If you own your physical location and that site is damaged or destroyed, do you have sufficient coverage to repair or replace it? We recommend a third-party assessment of total replacement costs to ensure you have a realistic estimate of your actual needs.
Keep in mind that in most cases, flood insurance is treated entirely separately from other forms of property protection. Ask your agent for details.
These policies cover essential supplies within your building – physical inventory, technology, equipment, even furniture and fixtures. If your regularly travel with any of these items, a separate inland marine policy may be appropriate. (“Inland marine” refers to anything transported overland, as opposed to by water.)
Time spent dealing with problems is time you’re not producing. Interruption coverage helps offset lost profits and productivity in times of crisis.
In the twenty-first century, not all damage is physical. EDP coverage protects you in case of electronic attacks or accidental online losses.
Property damage coverage is probably the most familiar insurance need for most of us, but there are several other forms of business coverage you may wish to consider as well.
This is a policy which goes above and beyond your existing policies to cover situations which may exceed normal coverage limits – hence the “umbrella.” Umbrella policies aren’t intended to stand alone, but to act as a backup in extreme circumstances. Because of this, substantial umbrella coverage can be surprisingly affordable.
Even a single employee successfully claiming injury at work can bankrupt a small business without appropriate workers’ comp insurance. The right policy can cover medical care and rehabilitation for employees and even help offset lost wages. A good workers’ comp policy also protects you from any resulting lawsuits.
If you’re a small businessman concerned with the potential costs of the many policies necessary to protect your life’s work, consider a Business Owners Policy (BOP). The BOP is a custom combination of property damage protection, liability coverage, and business interruption coverage designed with the small or medium business owner in mind. It allows you a generous net of protection at a much lower rate than if you purchased each policy separately.
These are only a few of the general types of coverage available to businesses operating across Idaho. Your Alpine Castle Lake agent is ready to discuss your options and work with you to put together the best package for your business and your budget. We’ll even help you reduce how often you’re likely to need that coverage, which lowers costs and stress for everyone involved!
Contact us online or give us a call at 208-552-2100 and let’s start crafting solutions together. It may be easier and more affordable than you think.