Because every business is different, there is no one-size-fits-all insurance policy. Additionally, many businesses change over time and therefore, their insurance needs change.
One of the biggest factors in determining what insurance coverage is needed depends on the business type. Also factored into consideration are the following:
• Number of employees
• Years in business
• Gross annual revenue
• Whether the business owns or rents vehicles
• Whether the business owns, leases or rents the building(s) they operate from
Many small businesses opt for a business owners policy (BOP), which combines commercial property insurance, general liability insurance, crime insurance and other coverage's into one convenient package.
As an alternative, businesses can select a la carte options that consists of one or more types of coverage including: property, liability, crime, commercial auto, business interruption/loss of income, equipment breakdown, surety bonds, as well as employee benefits such as life, medical, dental, vision and disability.
Other commercial insurance options to consider are: Surety bonds, workers comp, commercial umbrella insurance and life insurance for business owners and employees.
--Surety bonds are used in a variety of cases, such as a requirement for licensing, or for obtaining construction contracts. Their purpose is to provide additional safety in the name of the bonded entity.
--Workers compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. This does not protect against gross negligence at work.
--Commercial Umbrella Insurance is liability coverage that is in excess of specified other commercial insurance policies and also potentially primary insurance for losses not covered by the other policies. When an insured business is liable to someone, the insured's primary insurance policies pay up to their limits and any additional amount is paid by the umbrella policy (up to the coverage limit of the umbrella policy).
-- Life Insurance can be used in many different ways for business owners. It can be used to fund buy-sell agreements, executive bonus plan, deferred compensation arrangement or salary continuation plan. It can also offer protection against loss of income should a business owner or key person require short term disability income or long term care.
Call today to request a meeting with one of our agents who can offer you a personalized insurance quote.
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