What Is Business Insurance?
Business insurance provides coverage for your business in the event of a significant loss. This could be due to flooding, snowstorms, vandalism, theft, or lawsuits. The type of insurance your business will need depends on the potential risk factors. These factors can include the size of your business, the types of materials you sell, the number of employees you have on staff, and the amount and type of commercial vehicles you own.
Why Do I Need Business Insurance?
One of the most obvious reasons to purchase business insurance is to be able to cover the costs of physical damage. However, there are several other reasons why having coverage is so important. First of all, it’s the law. Many states throughout the country, including Oregon, require most businesses to carry a certain level of insurance. This is especially true for companies with employees. If you are running a business without coverage, you could end up paying hefty fines and incurring civil or criminal penalties.
Another reason to purchase coverage is to protect your business in the case of a lawsuit. Nowadays, people are becoming what many refer to as “sue happy.” Although some people may have legitimate reasons to sue, this doesn’t stop disgruntled customers from filing haphazardly or out of anger. In any of these cases, it’s important that you are able to cover the associated legal costs.
What Does Business Insurance Cover?
There are literally over a dozen business insurance coverage options to choose from. In fact, depending on the type of business you own, you may need to purchase more than one policy. There are coverages available to help with everything from on-the-job injuries to stolen commercial vehicles. Some of the commercial lines we provide include property insurance, workers’ compensation insurance, liability insurance, group health insurance, and automobile insurance. We are even able to provide tenant’s insurance and machinery insurance.
What Questions Should I Ask My Agent?
Before making a final decision on business insurance coverage, there are several things that should be considered. Here are a few questions you should ask your agent before purchasing your policy:
– Which coverage options are most suitable for my business?
– What are some ways I can lower my premium?
– Are there any discounts available?
– What would be the process of filing a claim?
– How long does it usually take to receive reimbursements?
Focus1 Insurance Group is devoted to doing everything we can to keep your business up and running. Give us a call today at 541-772-3120 for a free quote or request your quote online.