What Is Business Insurance?
Business insurance, also known as commercial insurance, protects you from the unexpected costs of running a business. This insurance can help protect your business from property damage from accidents or natural disasters. It can also protect you from lawsuits that could run you out of business if you do not have the right insurance coverage.
How Much does Business Insurance cost?
In general, the cost of business insurance depends on several factors and based on the needs of your business. Here are some examples:
Industry of your business - If your business involves heavy equipment and hazardous environment, your general insurance quote will be higher than a business whose employees are sitting quietly at a desk.
Number of employees - this is another factor for commercial insurance cost, especially for workers’ compensation coverage.
Business Location - Some states have higher insurance costs. For example, business insurance in California is higher than in Texas.
Scope of Operations - Customer-facing businesses have higher rates compared to those who work on their own. This is because there is a higher risk involved if you are interacting directly with the customers.
Experience - Professionals with more experience in their field have lower insurance costs than newer professionals.
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What are the Different Types of Business Insurance?
There are different types of coverages that you can get for your business. Some examples are:
Business Owner’s Policy (BOP) - this is an insurance package that combines typical coverage options like property coverage and liability coverage into one bundle. It simplifies the buying process for small business owners.
General Liability Insurance - this helps protect your business against financial losses from bodily injury, medical expenses, lawsuits, libel and slander.
Commercial Property Insurance - this protects your business from against loss and property damage due to fire, wind and hail storms.
Commercial Auto Insurance - The right commercial auto insurance covers you for accidents, injuries and other incidents that can put your company at risk. This type of insurance best suits businesses with a fleet of vehicles like delivery vehicles, taxis, limos or buses.
Worker’s Compensation Insurance - this insurance is required by most states to help compensate employees for work-related illnesses and injuries.
Professional Liability Insurance - this helps protect you and your company if you are found negligent in the professional services you provide.
Data Breach Insurance - it helps cover liability expenses from technology related risks such as cyberattack or data breach.
Commercial Umbrella Insurance - it's tempting to think that once you’re insured, you’re in the clear. But sometimes your losses are greater than the coverage of your commercial insurance policy. This can result in devastating consequences for a business, especially small businesses that can’t afford to fight large lawsuits or cover other unexpected expenses. Commercial umbrella insurance is a catch-all to protect you where your regular coverage might meet its limit.
Do I Need Business Insurance?
The simple answer is yes, even if you’re a sole proprietor. Your business insurance depends on the industry you are working at and the work that you do. For example, General Liability Coverage is recommended for all businesses while businesses with valuable properties and company vehicles need commercial property insurance and commercial auto insurance.
How Can G&G Help Me Get the Right Coverage?
No two businesses are the same, so it's important to speak to a qualified insurance professional like us, who can sift through your various options. The last thing you want is some cookie-cutter policy that's riddled with exclusions and limitations.
We are also proactive in identifying any factors that may increase your premiums or change your risk, and provide consulting and risk management options to protect your business.
Whether you are a retailer, wholesaler, contractor, or electrician, we can tailor a package to meet your specific needs and requirements. Choosing the right commercial insurance plan for your business can be very confusing, so we have developed many different options and programs to meet the needs of our commercial insurance clients.
At G&G Independent Insurance, we can design a specialized package according to your property, liability, and casualty needs.