Whether you’re a startup or a well-established corporation, business insurance—or commercial insurance—can help protect you financially in the event of a disaster. The specific types of coverage will vary depending on your industry, but it can include property and liability coverages to cover losses related to accidents, natural disasters or even lawsuits. A licensed broker-agent who specializes in business-insurance can help you assess your risks and choose the policy that’s right for you.
The most common type of business insurance is property insurance. This covers damages to your physical location, tools, assets and documents. It can also help pay for lost income due to damage that renders your business unusable until repairs are completed. The specifics of the policy can vary widely, but it’s typically very comprehensive.
Liability insurance can help you pay for bodily injury or property damage caused by your products, business operations or employees. It can also cover libel, slander, or settlement bonds and judgments awarded against your business. It’s essential to have this protection in case of a lawsuit, as it can easily bankrupt a small business.
In addition to general business insurance, there are many other types of commercial policies. A broker-agent can recommend specialized coverages such as a business owners policy (BOP), which is designed specifically for small, “main street” businesses like hardware stores, barber shops or greeting card companies, but can be used by businesses of any size. BOPs combine property, general liability and business interruption into one policy at a lower premium than separate policies.
Other types of business insurance to consider include auto insurance for work-related vehicles, workers’ compensation, crime, and employment practices liability. Georgia law requires that employers with three or more full- or part-time employees carry workers’ compensation. In addition to being a legally mandated requirement, workers’ comp provides medical treatment and income replacement for employees who are injured or made sick as a result of their job.
It’s important to revisit your business insurance needs regularly, especially as your company grows and changes. New employees, additional locations and more revenue can all have a impact on your business’s liability and property coverages. It’s also a good idea to review your policies after any significant life events, such as marriage or divorce, as these may affect your rates and coverage options.
As your broker-agent reviews your business insurance, they will discuss loss control strategies to reduce your risk. They can suggest things like installing security systems, implementing an employee safety program and creating backup plans for key data. They can also help you understand the claims process and how to file a claim, should the need ever arise. They can recommend an experienced adjuster to assist you in a timely and professional manner. Your broker-agent can also refer you to a network of attorneys who specialize in business litigation. In many cases, they can work with your insurance carrier to resolve disputes as quickly as possible. This helps you focus on running your business.
