Owning a business is fantastic and a lot of hard work. Not only do you put your blood, sweat, and tears into your business but you also put your money into it. It is safe to say that you want to protect that business and all that hard work and money.
In a perfect world, your business would thrive and never come across any issues. But if 2020 has shown us anything, we aren’t in a perfect world. You can have the pan to protect your business, but stuff happens. Yes, you heard me right business-owners you aren’t in control of everything, but that’s OK. Because you have commercial insurance right?
“What type of business insurance I buy?” is a very broad question, because there are many different types of risks, policies and coverages. The purpose of business insurance is to protect your business from injuries, theft, property damage, lawsuits, and a variety of other things.
For example, there is:
Business Property Insurance– which covers the building itself and all the inventory. This policy is not only used by retail, but even contractors to protect their office or location.
General Liability Insurance– a staple when it comes to commercial insurance. This policy will protect you and your business in the event of a lawsuit. Covering you for the damage, injury, etc of any third party or their accompanied property.
Commercial Auto Insurance– This protects the property and covers the liability for any vehicle used in the company. We live in a lawsuit-happy society. It’s safe to assume that if one of your company vehicles causes an accident, the attorneys involved are going to come after your business. Should I mention the dozens of “if you were hurt by a semi-truck” commercials on tv and radio?
Workers Compensation– Another staple of business insurance. This covers your employees if they get hurt on the job. In fact, Alabama law says employers who have more than 5 employees are required to buy this coverage. Side note, our recommendation when it comes to this coverage is to find a carrier or agency that offers “pay as you go” options for worker’s comp. It is more complex than it sounds and if you want to look into that, book a call with us here.
Business Owners Policy (BOP) – this policy is a bundle of many different types of business protection in one policy. It is usually the most affordable option and has the most “bells and whistles”. Generally speaking, this includes your General liability, Property coverage, and a host of other things.
Cyber Liability– At Portal Insurance, this is the coverage we are most passionate about. Every business has a cyber liability exposure no matter how big or small. The scary thing about that is that no one knows exactly how big that exposure could actually be until a breach happens. You may be rolling your eyes at this one, but trust me, you will be hearing more and more about cyber liability. At Portal, we even offer a free cybersecurity vulnerability assessment for your business, click here to check it out.
Employment Practices Liability Insurance (EPLI)– If you have employees, this coverage is a must-buy. This provides coverage to your company against claims made involving discrimination, wrongful termination, etc.
The purpose of insurance is to transfer the loss of a risk to the insurance company. Now the method insurance compensates you back is in the form of indemnity. Indemnity restores the business back to the position you were at before the loss. With that in mind, you can see why commercial insurance can be so overwhelming.
Portal Insurance prides itself on our ease of doing business and our attention to detail. We understand your business is important to you and that makes it important to us.