Business Insurance in Norcross, GA
Accounting for potential risks and exposures is an integral part of operating your business. Many accidents and errors may occur involving your company regardless of how experienced, careful and diligent you may be. With that in mind, you should prioritize securing loss control measures capable of limiting the financial consequences of incidents, including a versatile business insurance portfolio.
How Does Business Insurance Work?
Your company should first understand that business insurance may not refer to a single policy. Rather, your organization should be prepared to purchase several types of coverage that, when woven together, may be capable of casting a suitable safety net across various risks and exposures. By assembling an adequate insurance portfolio, your business may be able to access critical financial assistance in response to incidents that might otherwise incur significant out-of-pocket costs.
What Does Business Insurance Cover?
Although the business insurance needs of companies may vary significantly, there are several types of coverage that may be applicable for most organizations. When building your business insurance portfolio, consider the following coverage offerings:
- General liability insurance—This coverage may help pay for third-party losses caused by your business or its operations, including bodily injuries, property damage and personal and advertising injuries (e.g., slander, libel, false advertising and intentional copyright infringement).
- Commercial property insurance—Such coverage may help pay for losses and damages involving your company’s property, including buildings, equipment, furniture and inventory.
- Workers’ compensation insurance—If your employees are injured on the job or develop a work-related illness, this coverage may help pay for resulting expenses and losses, including medical bills, lost income, disability benefits and legal costs.
- Employment practices liability insurance—This coverage may insulate your business from legal expenses and financial losses if a current, prospective or former employee accuses you of improper workplace practices, such as harassment, discrimination and wrongful termination.
Your business may require additional coverage depending on its specific operations. For example, companies that use motor vehicles may need commercial auto insurance and those working with sensitive data should strongly consider cyber liability coverage.
What Does Business Interruption Insurance Cover?
Another core component of most companies’ insurance portfolios is business interruption insurance. Also known as business income insurance, such coverage typically helps pay for losses and expenses related to your company’s normal operations being disrupted or delayed. Although coverage details may vary, business interruption insurance often provides financial assistance for the following expenses:
- Mortgage payments
- Lost or reduced income
- Employee payroll
- Tax payments
- Loan payments
- Relocation costs
How Much Business Insurance Do I Need?
Your business’s insurance needs may vary significantly. The specific details of your operations, including your industry, location and workforce size, should all be considered when assembling your insurance portfolio. Furthermore, your organization may be beholden to various laws and coverage requirements. For example, most states require you to carry workers’ compensation insurance.
Similarly, while not legally required, some landlords and lenders may require you to purchase commercial property insurance. Even in the absence of these requirements, you should ensure sufficient policy limits and essential endorsements are included in your business insurance portfolio. Inadequate coverage may leave you without the means of financially recovering following an incident and could even jeopardize your company’s future.
Get the Right Coverage
For over 20 years, the staff at Express Insurance Services have committed themselves to helping businesses, families and individuals address their coverage needs. Our agents have the knowledge and experience to analyze your circumstances and compile insurance policies capable of providing optimal financial security. Contact us today to get started.