Commercial insurance is one of the most important assets your business can invest in. When you own a business, a million different things can go wrong that can tank your life savings in a matter of seconds. Business insurance solutions provide a necessary level of risk control, allowing you to protect your employees and finances.
Below, we discuss everything you need to know about commercial insurance products, benefits, coverage options, and costs –
Why You Need Commercial Insurance Coverage
Reliable and comprehensive commercial insurance coverage is essential in today’s business landscape. Regardless of your business type, your investment assumes risk the second you open.
For example, thousands of restaurants catch on fire each year, and even businesses without fire risks can face serious legal threats. Workers get injured in the workplace approximately every seven seconds, with over 500 workplace deaths occurring each year from falls alone.
Commercial insurance can protect your business from unforeseen events like car accidents involving company vehicles, property vandalism, business interruptions from weather events, drunk driving lawsuits involving over-serving, employee injuries, and much more.
How Much Commercial Insurance Should a Business Have?
Commercial insurance is a blanket term that includes many different types of policies. Depending on your industry and business size, you can create a plan that includes coverages most suitable to your needs. The basic types of commercial insurance coverages that all businesses should consider include the following:
- Liability insurance: Covers legal fees and awarded damages if someone gets injured on your property.
- Workers’ compensation insurance: Covers employees’ expenses if they get hurt at work.
- Commercial property insurance: Reimburses you in the event of property or asset theft or damage, like if your business catches on fire.
- Commercial auto insurance: Covers your commercial vehicles.
- Product liability insurance: Protects you from legal damages resulting from faulty services or products.
- Business owner’s policy: Bundles policies that protect you from suffering losses if your business must close down or if other events occur.
How Much Does Commercial Insurance Cost?
The cost of commercial insurance coverage can vary greatly, with many different factors affecting how much your company’s policy will actually cost, some of which include:
- Your industry: High-risk industries, like construction businesses, may have to pay more than lower-risk companies, like an online store with no physical location.
- Business location: Like all types of insurance, your location impacts commercial insurance rates.
- Company size: Larger companies must pay more to insure everything. Your annual payroll size will also impact rates.
- Prior claims: If you have prior claims, you will likely receive a higher quote.
- Your chosen coverages: The more coverage you want, the more you’ll have to pay, though you’ll benefit greatly from more protection.
- Your deductible: Low deductibles equal high monthly rates and vice versa.
Can You Customize Your Business Insurance Coverages?
Yes, expert insurance professionals can help you build a policy tailored to your business’s needs. At Lee Insurance Agency, we provide custom business insurance at competitive rates. Regardless of your business size or industry, we can create a plan that covers all your bases.
Call Lee Insurance Agency in Humble, TX. today at (281) 812-8400 to discuss customizing a commercial insurance plan uniquely designed to protect your business.