Accounting for risks and exposures is an integral part of responsibly operating your business. Organizations of all sizes and across all industries should conduct this due diligence and ensure that sufficient risk management and loss control practices are in place, including a robust and diverse insurance portfolio. Without adequate coverage, even a single accident or error could result in devastating losses that will have to be paid out of pocket.
How Does Business Insurance Work?
Business insurance, also known as commercial insurance, generally refers to a collection of policies that, when combined, create a wide array of financial protection across many common hazards and perils. By working with one of the knowledgeable agents at Top Coverage Insurance, your company can assess and address its risks and exposures by compiling an exhaustive package of coverages. As you maintain these policies with regular premiums, your business may be able to access critical financial resources in response to various incidents.
What Business Insurance Do I Need?
Regardless of size or sector, many businesses face the same or similar risks and exposures. Of course, there are unique circumstances that must also be addressed, but to begin constructing the core of your insurance portfolio, consider the following coverages:
General liability insurance
This coverage can provide financial assistance if you are at fault for an incident that affected a third party, such as a guest or customer, and may help pay for the following costs or losses:
- Medical bills
- Lost wages
- Damaged property repair or replacement
- Legal expenses
Commercial property insurance
By including this coverage in your portfolio, you may be well-equipped to absorb losses involving property used to operate your business, including the following:
Business interruption insurance
If a covered event affects your business’s ability to maintain regular operations, this coverage, also known as business income insurance, can help pay for the following expenses:
- Rent and mortgage payments
- Lost income
- Employee payroll
- Tax and loan payments
Helps pay for the repair or replacement of your vehicle if it’s damaged in a noncollision-related accident or incident such as a fire, severe weather event or criminal activity.
Workers’ compensation insurance
This coverage can render crucial financial assistance in response to employee injuries and illnesses, and may help pay for the following:
- Medical bills
- Lost or reduced wages
- Disability benefits
- Death benefits
- Employer legal costs
After acquiring the aforementioned policies, it’s still necessary for your business to analyze its operations and circumstances to identify any potential coverage gaps. Before your insurance portfolio can be considered complete, the following coverages may be needed:
Commercial auto insurance
Is essential if your business uses motor vehicles. It can help pay for repairs or other parties’ losses for which you are liable.
Professional liability insurance
Also known as errors and omissions insurance, can help pay for legal costs if your company is accused of being at fault for another party’s losses due to incorrect advice, misrepresentation or negligence.
Cyber liability insurance
May render financial assistance in response to a data breach or other cyber incident.
Employment practices liability insurance
Can help pay for losses and damages arising from a current, prospective or former employee accusing your business of improper workplace practices, such as discrimination, wrongful termination or sexual harassment.
Commercial umbrella insurance
May provide additional financial resources if the liability limits of other policies, such as general liability and commercial auto, are exhausted.
How Much Does Business Insurance Cost?
Like most types of insurance, the cost of adequate business coverage varies significantly depending on many factors. Before being able to provide your organization with an accurate quote for a suitable portfolio, insurance companies may consider the following criteria:
- Number of employees
- Estimated annual revenue
- Business assets
- Policy details (e.g., types of coverage, policy limits and deductibles)
- Prior claims
Where to Get Business Insurance
At Top Coverage Insurance, our agents have the knowledge and experience to analyze and address your business’s insurance needs. We will work with you to assess risks and exposures, explain available coverage options and tailor an optimal insurance portfolio. Visit our website or call 305-690-1849 to get started.
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