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What is Business Insurance?
Business insurance is designed to protect commercial enterprises that offer products or services to customers. This type of insurance can yield plenty of funds for legal services, facility restorations, replacement of stolen valuables and much more.
Who it is For
This insurance can be validated for entities that operate for a profit. Some common examples of classifications of businesses that are open to earn revenues include limited liability corporations, partnerships and entrepreneurship. In most cases, each owner of a business has to contribute equally to the insurance payments. Non-profit organizations and government agencies would not be able to obtain this type of insurance policy.
How it Works
Before a business can be insured, it has to be thoroughly evaluated. An insurance agency carefully analyzes various factors that focus on the risk factors of a given business. For example, the financial history of an enterprise might be reviewed. Similarly, the criminal records of employers and employees can also be considered by insurance agency. The net assets and other valuables often determine the coverage that is available for a given business. As long as an enterprise is open to earn a profit, it has to pay a monthly insurance premium to be eligible to file claims.
Different Types of Coverage in Existence
A business can insure its physical possessions that are used for daily operations such as furniture, hardware and electronics. Coverage is also available for a given inventory that is sold for a profit. The infrastructure of a commercial facility could be insured against man-made damage and natural disasters. In today’s digital age, it’s also possible to insure virtual property such as databases and domain names. Entire websites can be insured against cyber attacks and other online threats.
Business people can protect their enterprises with this type of insurance policy. If a business is sued, it can use insurance money for legal defense against libel, slender, personal injuries and malpractice. This type of insurance could also deliver some critical funds to keep a business open in dire situations that would otherwise lead to bankruptcy and closure.