Business owners face a challenge when identifying the business insurance they need. You want an insurance policy to comprehensively protect your company. However, you also want to avoid paying for coverage your business may not need.
By identifying the coverage you need, you limit the financial burden to your company.
Liability insurance is a necessity for every company. Even a company with a low perceived liability risk should buy a policy with liability protection.
The policy limits the cost to a business when a client or visitor to your company sues for injuries that occur on company property or as a result of using a company's services. A business with a low risk may not need a large amount of protection. But, you should obtain some coverage for liability concerns.
Worker's Compensation Insurance Coverage
Any business with an employee should obtain appropriate worker's compensation coverage. Often, this is the law. The business insurance protects your employees from accidents, injuries or work-related illnesses. It allows your employees to seek assistance without facing high bills or expenses while they are unable to work.
Exact standards for workers' comp coverage depend on the state. However, most businesses want the policy when they decide to hire an employee. You may qualify for some exceptions if the other individual is a partner in the company. But the standard usually applies to most businesses and situations.
Coverage for Business Properties
If your business owns a property, then you want coverage for the building and the items in the building.
Commercial property insurance depends on the type of property owned by the company. For example, a policy for an office building differs from the policy provided to a restaurant. The risks differ between these two places. Ideally, you want coverage against most risks to a property itself. You also want to cover risks to the business that relate directly to the property.
Some policies offer coverage for lost income when a covered peril prevents a business from operating. The business interruption coverage depends on the policy you purchase.
Business insurance protects against major financial losses. Therefore, every company needs coverage for common risks. While the amount of coverage depends on the perceived risk to your business, you want to obtain liability protection, coverage for any properties the company owns and protection for employees.
We've got you covered. Consumer Insurance Services can help you get business insurance to meet your unique needs. Call us at (541) 383-1733 for a Bend OR business insurance quote.