Business & Commercial Insurance
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Business & Commercial Insurance Information
Your business must take steps to implement and maintain adequate loss control measures. Certain risks and exposures may be impossible to fully suppress regardless of how careful or diligent you are in establishing safe workplace practices. Even if you operate in a generally low-risk sector, slight errors or miscalculations can have costly consequences. With that in mind, it’s essential to understand and maintain suitable business insurance.
How Does Business Insurance Work?
Business insurance generally refers to a combination of coverages that, when woven together, cast a comprehensive safety net across common risks and exposures. Business insurance can render crucial financial assistance in response to potential accidents or errors from which your organization might otherwise incur significant losses.
What Does Business Insurance Cover?
Although the business insurance needs of companies may vary significantly based on industry or unique circumstances, several forms of coverage may be advisable for most. As your organization assembles its business insurance portfolio, consider the following coverages:
General liability insurance—This coverage can provide financial assistance if your business is responsible for the losses of a third party, such as a customer or guest, and may help pay for the following costs:
- Legal costs arising from lawsuits
Business property insurance—This coverage can help pay for losses involving your organization’s property from covered perils, including the following:
Business interruption insurance—If a covered event forces your company to pause or temporarily alter its normal operations, this coverage, also known as business income insurance, can render financial aid for the following costs and losses:
- Rent or mortgage payments
Workers’ compensation insurance—If your employees suffer work-related injuries or illnesses, this coverage can help pay for the following:
- Vocational rehabilitation
- Disability/death benefits
- Legal costs arising from lawsuits
Employment practices liability insurance—This coverage can help pay for legal expenses if a former, current or prospective employee accuses your organization of improper workplace practices, such as the following acts:
- Improper hiring practices
What Business Insurance Is Required by Law?
Specific components of your business insurance portfolio may not only be advisable but required by law. For most businesses with employees, workers’ compensation insurance must be maintained to help ensure that your employees can access medical services and other resources after a work-related injury or illness. Commercial auto insurance may also be required by law for businesses-owned vehicles, although specific details may vary depending on your location and circumstances. Beyond legal obligations, your organization may also be subject to other requirements. For example, if you rent your business’s premises or have purchased your building using a mortgage, your landlord or lender may require you to maintain business property insurance.
Get the Right Coverage
At the Bromell Agency, our insurance professionals are well-equipped to help your business assess and address its coverage needs. Contact us today to get started.
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