Business Insurance in Prairie Village, KS
Planning for accidents and interruptions is essential to operating a business. Even the most experienced and diligent professionals may eventually be involved in accidents or errors that could incur significant financial consequences. With this in mind, your company must prioritize adequate risk management and loss control measures. Fortunately, a versatile business insurance portfolio can provide critical financial security.
How Does Business Insurance Work?
Your organization should first understand that business insurance is typically not a single type of coverage. Rather, this term often refers to a package of policies that, when combined, create an adequate financial safety net capable of protecting your company from many common risks and perils. By maintaining each component of your business insurance portfolio through regular (e.g., monthly or annual) premiums, you can retain access to financial assistance that may be critical to limiting out-of-pocket costs and losses following an incident.
What Does Business Insurance Cover?
Your business’s circumstances are unique, as are its exact insurance needs. However, the importance and usefulness of several common coverages may transcend industry lines or other characteristics. When compiling your business insurance portfolio, including the following is typically advisable:
- Commercial property insurance—This coverage, also known as business property insurance, may financially protect your physical assets, including structures, electronics, equipment, tools and inventory.
- General liability insurance—This coverage may provide financial assistance if your company is at fault for an incident from which a third party (e.g., guests or passersby) claim occurs, such as bodily injuries and property damage.
- Business interruption insurance—If your organization’s regular operations are delayed or disrupted, this coverage, also known as business income insurance, may help pay for ongoing expenses and financial losses, such as rent, reduced income and payroll.
- Workers’ compensation insurance—Legally required in many states, this coverage may provide financial support in response to on-the-job injuries or illnesses, including for employees’ medical expenses and lost income, as well as for your legal costs if a lawsuit arises from the incident.
While the aforementioned types of insurance may be advisable for most commercial enterprises, your company should work diligently to identify any remaining coverage gaps. Depending on your operations, the following additional policies may be necessary:
- Commercial auto insurance
- Errors and omissions insurance
- Cyber liability insurance
- Employment practices liability insurance
- Commercial umbrella insurance
How Much Business Insurance Do I Need?
The amount of insurance your business requires may depend on several factors, including your industry, location, workforce size, assets and annual revenue. As a general rule, greater business value and higher risk levels make higher coverage levels necessary. In addition, your company may also be subject to various requirements regarding insurance. For example, landlords or lenders may mandate commercial property insurance if you have leased or financed your physical location. Businesses may also be beholden to various laws, such as those concerning workers’ compensation insurance and commercial auto liability coverage.
How to Get Business Insurance
Exploring, acquiring and maintaining adequate business insurance can be complicated and even intimidating. Fortunately, the dedicated staff at Bovard Insurance Group is well-equipped to help you assess and address your coverage needs. Our agents will utilize their extensive knowledge and experience to analyze your circumstances, explore available options and procure policies capable of securing your finances and future. Contact us today to get started.