Like strategic leadership or efficient operations, commercial insurance is an essential factor of the success of a business. Even the most profitable business could be at risk to go under following serious financial losses from property damage or a lawsuit, but commercial insurance protects a business from such losses. The industry and size of the business can also affect what coverage options are most appropriate. Having some knowledge of business insurance can thus go a long way toward helping you get the right protections for your business, so you can ensure the business remains strong even when unexpected losses occur.
Coverage Is Necessary for Any Size of Business
A business of any size, whether it is a large company or a small start-up, will face risks capable of causing financial losses. It is true the most commonly experienced losses may vary by industry and business size, but the risk of some type of loss is always present for a business. An insurance agent can help point out possible risks as well as what types of commercial insurance will protect a business from such risks. The owner of a commercial fleet of trucks, for example, would need commercial auto insurance to cover the vehicles against the risk of driving accidents. Because even among a large fleet, the lawsuit from a single accident could put the entire company at risk. On the other hand, an independent building contractor who uses a personal truck only occasionally to pick up supplies might not need commercial auto insurance, but a commercial bond might be necessary, or else the contractor could lose his license. No matter the size of the business, commercial insurance is thus imperative to protect from losses.
Tips for Finding Suitable Insurance Coverage
There are two categories of commercial insurance, including coverage for businesses and coverage for employees. Within each category is a variety of specific options that address many general and industry-specific scenarios. Making a choice as to what insurance is right for your business might seem daunting at first, but there are tips that can help with finding coverage.
Know the Basic Coverage Options
Becoming familiar with the basic categories of commercial insurance can make finding the right coverage options for your business easier. Liability insurance, for example, is one category of coverages that protects your business from losses caused by damages to third parties. If a customer slips and falls in your parking lot and blames your business, for example, liability insurance will cover the costs of a lawsuit. Property insurance, meanwhile, is another category of coverages that protect from your business from damages caused by disasters, such as a fire or a burst pipe that floods the building. Then there’s the category of employee insurance, which includes protections for your business in case an employee gets injured as well as coverage for workers, such as health insurance. An agent at a commercial insurance company can identify coverage options that work for you, but having some insurance knowledge ahead of time enables you to better describe the needs of your business and get the most suitable coverage possible.
Update Coverage as the Business Grows
As your business grows or downsizes, the risks you face will also evolve, and it becomes necessary to update your insurance coverage. Some knowledge of commercial insurance is useful in this case, as you’ll have an idea right away whether new insurance coverage is required. But even if no major changes to your business occur, it’s still advisable to consult your insurance agent routinely to confirm that your protection level is adequate. It is not uncommon for a young business to start out protected with the right type of insurance, only for that business to grow and not update its coverage and then become vulnerable to new risks. For instance, changes as simple as adding a work vehicle or attending a trade show for the first time create new risks of losses from auto accidents or in-transit damages to products. But by conferring with an agent, you can learn what specific coverage options will extend the right protections over your business as it grows.
Choose the Right Insurance Company
After getting a sense of the suitable coverage options for your business, the next step is finding the right commercial insurance company to provide that coverage to you. There are two criteria that a good insurance company should meet. First, it should offer the specific coverage types to suit the size and industry of your business. Second, the insurance provider should also have knowledgeable agents who can customize your insurance policy and process any claims in a timely manner. King Insurance meets both of these criteria. We offer commercial insurance options to protect small and medium-sized businesses in many industries, plus our agents can create individualized policy packages to protect your business and process claims quickly. Some of our coverage options include a business owner's policy, which combines property, liability, and other coverages into an affordable package, and workers’ compensation, which protects against losses after employee injuries and lawsuits. But these are but a few of the many options of business insurance a King Insurance agent can discuss with you.
Commercial Insurance Company
When it comes to commercial insurance, just one aspect of your business being unprotected can put the entire operation at risk. King Insurance is committed to ensuring your business is protected in case of all potential losses. Our agents first work with you to understand all the potential cracks in your current insurance coverage where risk could emerge. Then we pull from our range of commercial insurance options to create a personalized proposal that protects your business from specific risks. And no matter the size or industry of your business, King Insurance has suitable coverage options available. Contact us today to learn how your business can benefit from commercial insurance.