As a business owner, there are many tasks you have to worry about on a daily basis, such as providing the highest quality services or products and meeting sales goals. Give yourself one less worry by taking out a commercial insurance policy. If a worst-case scenario were to happen, you can rest easy knowing your business insurance will help you get back to serving your customers. Below are a few answers to common questions about how commercial insurance can protect businesses. 

4 Commonly Asked Questions About Business Insurance

What Types of Insurance Do I Need for a Business?

Most states require a business with employees to purchase workers’ compensation, unemployment, and disability insurances. These all protect the employees if they are hurt and can’t work or are terminated from their job. You should also get a business owner’s policy, which includes property, liability, and income insurance. These will protect your building and its contents in addition to covering some legal fees in case of a lawsuit. It will also cover lost income if your business can’t operate due to damages from a natural disaster or other unforeseen circumstances.

How Does an Umbrella Policy Work?

An umbrella policy is meant to protect you from anything that’s not included in your commercial insurance. For example, if a customer was injured while visiting your business and sued you, then you might be required to pay for their medical bills in addition to legal fees. While your general liability insurance should cover up to a certain amount, you may need additional financial protection. This is when an umbrella policy would kick in.

Why Do I Need Commercial Auto Insurance?

You may need a commercial auto insurance policy if a vehicle is primarily used for business operations. If you get into an accident while performing a service for your company, a commercial auto insurance policy should compensate you for the damages to the car and repairs to other vehicles involved.

What Is Property Insurance?

Property insurance is similar to homeowners insurance, except it covers damages to your building, equipment, and inventory. Depending on the policy type, it may even provide financial compensation if your business cannot stay open during restoration. A basic policy will cover losses from fire, wind, hail, civil disruption, and other unforeseen circumstances.

If you don’t have commercial insurance for your company, Financial Strategies Group Inc. DBA Arlene Lear Insurance in Bolivar and Humansville, MO, can help you find the right coverage. Their team consists of independent insurance agents offering a variety of insurance products through Safeco™, Hartford®, Progressive®, and Grinnell Mutual®. They provide a personalized level of service, so you can find customized coverage. In addition to commercial insurance, they also offer life, homeowners, auto, accident, and health insurance. Contact their Bolivar location at (417) 777-3000 or their Humansville location at (417) 754-8377. You can also visit their website to learn more about how they can protect your business.