Business Insurance 101

Business Insurance 101

Every company, large and small, has unique risks. Some have workers who operate heavy machinery or drive vehicles on the job, while others serve food and alcohol or handle toxic substances. Doctors and hospital staff handle patients, bodily fluids, sharp needles and equipment. Some employees handle sensitive documents, data, expensive merchandise, or money, potentially opening the door to business fraud. For this reason, every company needs commercial insurance coverage specifically matched to the risks of the enterprise.

Business insurance can be complex, and it takes an experienced insurance agent to help you get the right commercial coverage for your enterprise. You need an agent who can provide all of your commercial coverage and options, from commercial vehicle insurance to professional liability coverage to workers comp. Unlike captive agents who provide specific coverage from one insurance company, Covenant is a full service independent agency that specializes in business insurance. We will help you determine your commercial insurance needs, and can fully address every aspect of your business coverage to help ensure that you do not have gaps that could leave your business exposed to financial risk (even when you need speciality coverage, or several different policies from different carriers).

One of the biggest challenges of risk management is simply assessing the potential problems your business may face so you can take the appropriate measures to reduce or eliminate those risks. Determining your risks and making sure you have the right commercial insurance in place requires an evaluation of a wide range of factors, including:

  • Your business needs
  • How you serve your customers
  • How many employees you have on staff
  • The materials or substances those employees handle
  • Whether your employees drive in the course of their work
  • The safety of your building, equipment, and processes
  • The security of your data and intellectual property
  • Risks facing your corporate officers

By assessing your business risks from multiple angles with a Covenant agent, you can more adequately protect your company from the challenges that can undermine your company’s financial health. After helping determine your needs we will be able to recommend a package combining the coverage types you need, tailored to your risk management concerns.

For example, you may need some combination of the following types of commercial coverage:

  • General liability, contractor’s liability, or professional liability (errors and omissions)
  • Directors’ and officers’ liability
  • Malpractice insurance
  • Commercial property insurance
  • Commercial vehicle or commercial truck insurance
  • Contractors and builder’s risk coverage
  • Inland marine coverage
  • Business interruption insurance
  • Landlord insurance
  • Commercial tenants insurance
  • Crime coverage or fidelity insurance
  • Cyber-crime insurance
  • Workers compensation
  • Construction bonds

While you certainly do not need all of these coverage types to safely run your business, it’s nice to know that with Covenant you have access to a variety of ways to manage the specific risks your company faces. Using the power of the many insurance company partnerships we have worked to develop we are confident we can handle all your business insurance needs out of one office, simplifying your business policies, and even finding you discounts. Get a quote today and experience the Covenant difference for yourself.

 

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Information about Business Insurance provided by Trusted Choice

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