Every day your business is open, it focuses on providing customers and clients with products and services. But what if an unforeseen event, such as severe weather or building break-in, occurred? You’d want the business to recover quickly and carry on. Business insurance exists to safeguard against the unpredictable. King Risk Partners is committed to providing businesses with personalized commercial insurance solutions, so you can focus on serving clients while we take care of your coverage.
Benefits Of Business Insurance
Commercial insurance can have numerous benefits. For example, insurance for your business could help the company continue after the disability or death of a key person, such as an executive or senior manager. Business insurance can be a big investment, but consider the expenses a company could incur if a customer were injured on the property and filed a claim, or if a natural disaster struck and damaged structures that took years to build. Here are some of the ways in which insurance coverage could aid your business in an emergency.
Reducing Legal Liabilities
Starting and maintaining a business is hard work. Insurance policies that limit liability allow entrepreneurs to focus their energy on daily operations and take risks that allow their companies to grow without feeling paralyzed by the fear of winding up in a tough legal situation.
Mitigating the Impact of Natural Disasters
A natural disaster, such as a hurricane, tornado or flood, can wreak havoc on a business of any size. In fact, nearly 40 percent of businesses don’t reopen after disaster strikes. Property and Casualty (P&C) insurance covers lost buildings and equipment, while a Business Owner’s Policy (BOP) can protect you from loss of income after a catastrophe.
Contracts Often Require Proof Of Insurance
If you rent or lease the location of your business, you may be required to have insurance. Some landlords and property management companies cover the business under their policies, but many don’t. Other times proof of insurance may be necessary to finance a building, equipment, or operations. Also, some clients require insurance in their contracts to cover the risks of things potentially not going according to plan.
Nobody Has A Crystal Ball In Business
Accidents happen all the time, even to people who regularly take precautions. Commercial insurance companies such as King Risk Partners exist to help businesses protect themselves against the what-ifs in life.
Save Time & Money By Bundling
You’ve likely heard of saving money on auto insurance by purchasing home insurance coverage from the same company. Business insurance works in a similar manner. Called bundling, it saves policyholders, in this case, business owners, time and money through economies of scale. Bundling commercial insurance with other types of coverage provided by King Risk Partners also takes away the hassle of remembering when individual policy premiums are due.
Business Insurance FAQs
As a business owner, you likely have a lot of questions about commercial insurance. If they are not answered below, call or office today to speak to an agent. Otherwise, here we answer the five most frequently asked questions.
What does business insurance cover?
Generally speaking, business insurance is the broad name for a range of specific liability areas many businesses and commercial operations deal with. A business may need only a handful of policies or many, depending on its size and operations. Examples of business insurance include:
- General liability;
- Professional liability and malpractice;
- Property;
- Commercial vehicle;
- Loss of income; and
- Key person.
How do I get commercial insurance for my company?
Like most forms of insurance, you can shop online or call an insurance company to learn more about their service. Keep in mind that commercial insurance policies and the cost of premiums can vary significantly among companies.
An agent with King Risk Partners will check rates from several companies and provide quotes for you to compare. We help you to build a plan of insurance for your business that is tailored to your needs.
How much does business insurance cost?
It varies greatly depending on the type of coverage and how many policies a business has. Common factors that affect the cost include:
- Type of policy purchased;
- Policy limit;
- Deductible;
- Size of the business;
- Industry;
- Geographic location;
- Business revenue; and
- The number of employees.
Is a Business Owner’s Policy business insurance?
Yes. It’s a combination of property, commercial general liability, and crime insurance in one policy. Yet, a BOP is only applicable to certain businesses with specific needs and risks. A King Risk Partners agent will help you determine if a BOP is right for your company.
Do I need to have business insurance?
Most states require businesses to provide workers’ compensation and unemployment coverage for employees. Disability insurance may also be required depending on the location of your business. In any case, it’s a good idea to have coverage against the risks and liabilities that come with running a business.
Commercial Insurance
Businesses come in all shapes and sizes, and for that reason, we believe business insurance policies should, too. Many business owners want to protect their hard work and the success of their business, but in a cost-effective manner. With a comprehensive list of carriers, our agents are able to design an insurance policy specifically for your business and industry, not a one-size-fits-all, as some business insurance providers do. To begin protecting your business, call King Risk Partners today!