The Elements of a Business Insurance Plan

One of the misperceptions about insurance is that it is a product designed for a singular purpose. Insurance policies, in reality, have multiple elements.

A well-crafted business insurance plan, for example, is actually a combination of coverages designed to protect your particular business. While there are cookie-cutter policies out there, you will likely be better served through a program created for you. What are the common components of a small business insurance program, and what protection does each provide?

Liability

The liability portion of a business insurance program can offer protection for a business owner should there be claims made against them in the event an injury occurs on their premises. This can include incidents like slips, trips, and falls. Liability insurance can cover the legal costs associated with injury claims, settlements, and judgments.

Property Damage

This portion of a business insurance program covers any structures owned by the business and their contents, within policy limits. This includes furnishings, equipment, computers, inventory, and more.

Professional Liability

Sometimes referred to as malpractice insurance or errors and omissions coverage, this coverage is designed for medical professionals, investment counselors, and other professionals whose mistakes can be costly.

Commercial Vehicle

Commercial vehicle coverage is critical for businesses that have fleets or even who own just a few vehicles. Vehicles used for business purposes are not generally covered.

Loss of Income

Loss of income coverage protects the income of a business should the business be shut down as the result of damage from a covered calamity. This can keep a business going while it makes repairs or recovers from the damage it suffered.

When you contact one of our independent business insurance agents, we start with a conversation about your business. We discuss your operation and your risks. We search our network of companies to craft a business insurance plan specifically for your business and your budget.

Operating with little or no business insurance can put your business in jeopardy every day. Contact us today for the coverage and peace of mind you deserve.