Business Insurance

Watching your business grow and succeed can be rewarding. However, without adequate loss control measures, even a single accident or error could have devastating consequences for your organization’s short- and long-term viability. Acquiring and maintaining business insurance should be considered an integral part of operating your company.

Why Is Business Insurance Important?

As its name suggests, business insurance may provide a financial safety net across many common risks and exposures faced by policyholders. This means that in response to covered incidents, you may be able to access funds and resources capable of limiting potentially catastrophic out-of-pocket losses. Meanwhile, insufficient coverage could put your company’s financial wellness and future aspirations in jeopardy.

What Business Insurance Do I Need?

Your company should first understand that business insurance may consist of many separate components. Your business may face risks and exposures beyond those covered by a single insurance policy, so a package of coverage may be necessary. While the details of an adequate insurance portfolio may vary among organizations, the following coverages are commonly purchased among commercial enterprises:

• General liability insurance—This coverage may help your business manage third-party losses for which you were responsible, such as those arising from bodily injuries or property damage.
• Business property insurance—Also known as commercial property insurance, this coverage may help pay for losses involving your company’s physical assets, such as buildings and equipment.
• Business interruption insurance—If your company’s operations are interrupted or delayed, this coverage may help pay for ongoing expenses (e.g., rent, payroll and loan payments) and lost income.
• Workers’ compensation insurance—This coverage may provide financial assistance in response to employees’ work-related injuries or illnesses, including medical expenses and lost wages.
• Employment practices liability insurance—This component of your business insurance portfolio may help pay for legal expenses in response to employment practices liability claims, such as harassment, discrimination and wrongful termination.
• Errors and omissions insurance—This coverage may render financial aid to limit your losses in response to clients or customers accusing you of providing inadequate services, such as those that were negligent or late.
• Commercial umbrella insurance—This coverage may act as a secondary form of liability coverage that provides additional financial assistance if the policy limits of other types of insurance, such as general liability insurance, are exhausted.

While several core types of insurance may be suitable for many commercial enterprises, your business should also assess its specific operations to identify any additional coverage needs. For example, companies that use motor vehicles or store sensitive data may require commercial auto and cyber liability coverage, respectively.

How Are Business Insurance Premiums Determined?

As insurers gather information to quote you rates for suitable business insurance coverage, the following criteria may be considered:

• Type of business
• Location
• Number of employees
• Assets and revenue
• Claims history
• Coverage details (e.g., types of insurance needed, policy limits, endorsements and deductibles)

Get the Right Coverage

With over 65 years of service to businesses, families and individuals, the team at The Wyatt Agency has the knowledge and experience to provide optimal coverage for your organization. We will work with you throughout the process to ensure your business’s finances and future are secure. Contact us today to get started.