Whether you are just starting out in business or are a seasoned entrepreneur, one of the most essential elements in your business is commercial property insurance. The policies help protect you and your investment against injury claims, lawsuits, medical costs, legal fees, and even marketing/advertising claims and help offset some of the exorbitant expenses that can be incurred in any of these situations.
While many states don’t mandate businesses to carry commercial insurance, people are more litigious than ever, anybody can sue you for anything, and courts are awarding sizable financial judgments to plaintiffs. Owning a business increases the odds of being sued increase exponentially. These lawsuits can cause extreme financial stress, destroy your business and reputation and can easily carry over into your personal finances.
What should my Commercial Property Policy cover?
At Oyer, Macoviak, and Associates, we will ensure you have, at the very least, the basics covered to fully protect your business. We can help you design the most effective policy coverages at the most affordable prices.
Here is a list of some policies you may wish to include when discussing your coverages with us.
- Business property insurance – provides coverage for your physical business location, contents, inventory, and equipment
- General liability insurance – provides coverage from a lawsuit in the event someone gets injured in any way at your business, if your product malfunctions or fails and if your services that have caused any type of financial loss for clients
- Commercial auto insurance – provides coverage if your vehicles cause any type of damage by your or your employees, as well as anyone injured in the case of an auto accident.
- Workers’ compensation – this type of coverage is usually state-mandated – provides coverage for medical expenses and lost wages of an employee due to an on-the-job injury or illness stemming from the job
- Business interruption insurance – coverage ensures business continuity in the event of a catastrophe; may even cover temporary location expenses
Our professional agents at Oyer, Macoviak, and Associates will also bundle property, liability and business interruption policies into a Business Owner’s Policy to help you save money – this is a very attractive option for newly formed businesses. These are strong starting points to focus on when investing in a commercial insurance policy.
All policies have caps on the amount of coverage that you can receive. Here are some additional points to consider during your discussion with our agents.
- As your company continues to grow, you add more employees and increase your annual revenue; your coverages should increase exponentially
- Consider additional/special coverage if you are located in a high flood zone, etc.
Factors that impact costs
Every business has unique commercial property insurance needs; the best way to address them is by getting customized coverage. Additionally, your assets play a big role in the premiums. There are endless options available and our brokers at Oyer, Macoviak, and Associates can help you navigate through all of them.
Here are some things we take into consideration when determining your rates:
- Geography – Environmental risks i.e. flooding, tornadoes, etc. as well as land value and local laws
- Size of business premises
- Safety and security – High-risk factors such as a high-crime area, toxic materials, dangerous activities, type of security measures for the premises
- Age of building – Older buildings are considered higher-risk since damages could translate into more costly repairs i.e. if the building needs to be rebuilt to code due to a fire loss.
- Type of equipment – the more specialized, the higher the premiums
- Age of equipment. If your equipment is hard to repair your premiums may be due to parts scarcity.
- Replacement value vs. actual cash value. Replacement-value coverage costs more. Cash-value coverage, which only pays out what the depreciated property is worth is a good option for smaller premiums.
When you choose to work with us, we will look at specific losses common to your industry and suggest a customized Business Owner’s Policy as well as structure those coverages with budget-friendly premiums.
If you would to like to discuss your options for business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!