Frequently Asked Questions Answered – Business Insurance

You got questions on business insurance, you’ve come to the right place.

We all have questions in our mind needing answers. The state of not knowing things hinder us in making the decisions that could benefit us. We tend to just sit back, afraid to ask, especially if it involves cost and if it involves insurance policies. You might think that these policies are so confusing, and they’re better left off to someone who knows the ropes well. However, there’s nothing wrong in knowing how it works; in fact, it helps you gauge which one suits your needs best.

This post is a part of our FAQ series. In this one, we’ll have most, if not all, of your questions, covered. Let’s start with the FAQs in business insurance.

Question 1:  What is business insurance?                                                             

Simply put, business insurance has a range of policies designed to protect a business from financial loss. Business risks are unique to each type of commercial operations; thus, the policies should be tailored to your business. There are a number of factors that you will need to consider when you are deciding for the specific coverage that you’d like to get, it can be the size of your company, the number of workers you have, the materials you handle, the vehicles you use in the business, and others. All these should be accounted for to lessen the risks and to protect your company’s finances.

You need not to hire multiple insurance companies to cover all the risks. You can work with our independent agent in London Insurance Agency and discuss your options ant he coverage that fits your business best.

Question 2: What does business insurance cover?

Business Insurance includes but not limited to the following:

  •       Property insurance – covers loss and damage to your business property due to natural causes like storm, flood, fire, and others.
  •        General Liability insurance – covers third-party liability claims for injuries to other people.
  •        Commercial vehicle insurance – covers commercial vehicles and drivers in accident, collision, liability, property damage, or personal injuries.
  •        Workers’ compensation – covers employees in the event off sickness or injury while on the job.
  •        Records retention policies – covers loss of important financial records and/or data.
  •        Loss of income – covers business expenses (rent and employee wages) if you can’t operate your business.
  •        Cyber-crime insurance – protects your business for safety Internet usage and online communications.
  •        Key person insurance – covers loss of income due to a head of a business or key personnel being unable to perform their job because they’ve been incapacitated, or they’ve passed away.

Is your business covered?

Question 3: How much can business insurance cost?

The cost differs depending on the type of business and the type of coverage you are going to go for. It can also depend on the size of your business. For example, a home-based business can be insured for $500 annually while for the larger companies, it can be as high as $500,000 annually.

The cost can be lessened with effective risk management practices. You can also compare prices from different insurance companies. Here in London Insurance Agency, you can request a quote anytime, anywhere.

Question 4: How can I get business insurance for my business?

There are several insurance companies and agencies around the state. You can even go online or call an insurance company representative. However, to ensure smooth communication and process, your best option is to talk with an independent insurance agent who will see to it that your needs are met. We have independent agents and we represent several insurance companies. We check out the options you have and provide you with the insurance that is appropriate to your business at the lowest price possible.

Our licensed professional agents are always willing to put your best interest forward.