As the owner of your own business, you are not one to shy away from a challenge. Every day is a new opportunity to grow your business and achieve new success. Of course, with that success comes a certain amount of risk – something no business wants to take on. Instead, you need quality, comprehensive commercial insurance protection that safeguards your business income and assets against unexpected loss. Whether you are in the start-up phase, actively growing your business, or enjoying many years of established success, we here at River City Insurance Agency can help you find coverage that meets your needs.
Types of Business Insurance Coverage
Unlike personal insurance that includes multiple types of coverage in a single policy, business insurance coverage is often sold in separate, individual coverages. That is because all businesses have different needs, and individual coverage selection allows for customized commercial risk mitigation. Depending on your industry and needs, your coverage portfolio may include:
Whether you are working from a leased storefront, own a stand-alone building, or currently operate your business from the office in your home, chances are you need some type of property insurance. This coverage helps pay for covered damages to your business’s physical assets, including equipment, furnishings, electronics, inventory, signage, and the exterior/interior structure of your property. Instead of paying to rebuild or replace your commercial property out-of-pocket, your business can make a claim against insurance for damages caused by things like hail, fire, smoke, high winds, and more.
General Liability Insurance (GL)
General liability insurance is broad liability protection against third-party injuries, property damages, and other covered losses. Given the high risk of lawsuits in today’s litigious society, few businesses can afford to go without this important protection. If your business is sued for a customer’s slip-and-fall injury, for example, GL helps cover the cost of defending yourself in court. Should you lose your case, liability insurance can also help cover the cost of the victim’s medical bills and other expenses reached in the judgment or settlement (up to the limits of your policy).
Business Interruption Insurance
When disaster strikes, it’s not just rebuilding your business that could cost money; it’s the cost of halting your operations and cash flow, too. As a business owner, the costs of running your operation do not stop just because production does. With business interruption insurance, your insurance can help cover ongoing necessary expenses when you are unable to generate cash flow as a result of a covered event.
Workers Compensation Insurance
In the State of Wisconsin, workers compensation insurance is not an option for employers. If you have employees – even part-time workers – you must purchase workers compensation insurance. This coverage helps pay for the medical bills and lost wages of workers who are injured on the job (regardless of fault).
Commercial Vehicle Insurance
Whether you have a floral delivery service or own trucks for your pool servicing company, you need insurance that protects the investment your business has made in its commercial vehicles. The right commercial vehicle insurance can cover your fleet against physical damages and also protect your business against financial liability for any third-party accident-related injuries and damages.
Employment Practices Liability Insurance (EPLI)
There are many laws that regulate the treatment of employees, as well as hiring and firing processes. Employment practices liability insurance helps protect your business when an employee or applicant seeks restitution for unfair employment practices.
Commercial Data Breach Coverage
Computer hackers are targeting commercial businesses more and more, seeking to illegally obtain sensitive and valuable information about the business and customers in its database. If your business is the next victim of data theft, commercial data breach coverage can help pay for the cost of rectifying the situation, including expenses related to notifying and paying for credit monitoring for affected customers.
Business operations for some businesses are contingent upon the use of certain types of equipment. Whether you own an embroidering business, run a small recording studio, or need a commercial refrigeration system for the flowers in your floral shop, it is important to get your equipment up and running as quickly as possible after an unexpected event causes it to break down. With equipment insurance, you can file a claim for the cost of repair or replacement when breakdowns occur as a result of a covered event like an electrical surge or an error made by one of your workers.
Commercial Umbrella Insurance
It may be hard to imagine a scenario that would exhaust the full limits of your general liability insurance, but a commercial lawsuit can easily cost a business millions of dollars in defense costs and judgments. Commercial umbrella insurance helps pay for excess financial obligations when primary insurance limits are not adequate to cover the entire debt. In many cases, that means millions of dollars in extended liability protection – insurance that could ultimately assure the continuity of your business and save it from financial ruin.
Insurance for Specialty Businesses
Some businesses need specialty coverages in addition to the more common commercial coverages above. Contractors, restaurants, and businesses that work in human services are just a few examples of business that may need to speak with an independent agent about purchasing other coverage types that are adapted to the unique risks of their industries.
Wisconsin Business Insurance Quotes
If you own a business in the greater Castle Rock or Lake Petenwell areas, we here at River City Insurance Agency want to help you minimize your risks with affordable commercial insurance that protects your bottom line. Don’t put your investment and hard work at risk. Contact us today to find out more about our commercial insurance options and to find out how an independent insurance agent can help you save. We look forward to serving you soon.