Things To Know About Commercial Insurance
Commercial insurance is a vital component for businesses, offering protection against potential financial losses arising from unforeseen events. Bixler Insurance provides commercial insurance in Fort Wayne, New Haven, IN, Portland, IN, Bluffton, IN, Decatur, IN and surrounding areas.
Whether a small business or a large corporation, having the right commercial insurance safeguards your assets, employees, and operations.
- Types of Commercial Insurance
General Liability Insurance: This covers claims of bodily injury, property damage, and personal injury that occur during the business operations.
Property Insurance: Protects business property (buildings, equipment, inventory) from risks like fire, theft, or natural disasters.
Workers’ Compensation Insurance: Provides wage replacement and medical benefits to employees injured on the job.
Professional Liability Insurance: Also known as Errors & Omissions (E&O), this protects businesses from claims of negligence or mistakes in professional services.
Commercial Auto Insurance: Covers vehicles used for business purposes.
Business Interruption Insurance: Helps cover loss of income if a business is temporarily unable to operate due to an insured event like a fire.
- Coverage Limits
Each type of policy has specific coverage limits. It’s important to assess your business’s unique needs to ensure that the policy limits are sufficient. If a claim exceeds your limit, you’ll be responsible for the remaining costs.
- Policy Costs
Several factors influence the cost of commercial insurance, including business size, industry, number of employees, and the level of risk involved. Businesses in high-risk industries like construction may pay higher premiums than low-risk businesses like consulting.
- Importance of Risk Management
Insurance isn’t a substitute for risk management. Implementing safety procedures and ensuring compliance with regulations can lower your insurance premiums and reduce the likelihood of claims.
- Tailoring Coverage
A one-size-fits-all policy doesn’t work for commercial insurance. Working with an experienced insurance agent or broker can help tailor a policy to fit your business’s specific risks, ensuring adequate protection.
Would you like to discuss? Please give us a call, or email us!