Business & Commercial Insurance
Business & Commercial Insurance Quote Forms
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Business & Commercial Insurance Information
Accounting for risks and exposures should be a regular part of daily operations at any business. Regardless of size, industry or specific operations, robust risk management and loss control practices are an integral part of securing your business’s finances and future. Even a company that conducts its due diligence and maintains a safe workplace may not be able to eliminate risks entirely. That’s why an adequate insurance portfolio is necessary.
The agents at Saratoga Insurance Brokers are well equipped to help businesses in the Westminster area assess and address their coverage needs.
What Is Business Insurance?
Adequate business insurance is an essential investment for your company. Without proper coverage, you may have to pay unexpected losses and damages out of pocket, which could result in serious financial ramifications. Fortunately, a suitable insurance package can provide critical financial assistance. In general, most business insurance portfolios may include the following coverages:
- General liability—If your business is liable for an incident that caused losses for another party, this coverage can help pay for various expenses, including medical treatment, repairing or replacing property and legal costs.
- Commercial property—If property used to operate your business, such as your building, equipment, tools, inventory or furniture, is damaged, your insurance can help cover repairs or replacement costs.
- Business interruption—If your company is forced to pause its ordinary operations temporarily, this coverage can provide financial assistance for various losses and expenses, including rent, missing income, employees’ wages and loan payments.
- Workers’ compensation—If an employee is injured on the job or develops a work-related illness, this coverage may render crucial financial aid for medical care, lost wages, disability benefits and legal expenses.
- Professional liability—If a client alleges that your business provided improper or negligent services, this coverage, also known as errors and omissions insurance, can insulate you from damages.
- Employment practices liability—If a current or former employee accuses your business of improper employment practices, such as discrimination or wrongful termination, your insurance may be able to help pay for legal costs and settlements.
In addition to the aforementioned protections, your business should also take the time to analyze its specific operations and consider augmenting your insurance portfolio with additional coverage. For example, businesses that depend on motor vehicles or heavy machinery may need commercial auto and equipment breakdown insurance respectively.
How Much Does Business Insurance Cost?
Your business’s insurance rates will depend upon several factors. Most providers will consider the following criteria when giving you a quote:
- Number of employees
- Business assets
- Estimated annual revenue
- Prior claims
- Policy details (e.g., types of coverage, deductibles, coverage limits)
Get the Right Coverage
Regardless of how cautious and diligent your business may be, certain inherent risks and exposures may be outside your control. Being prepared is a necessary part of securing your company’s future. Without adequate insurance, a single error or moment of negligence could lead to catastrophic consequences.
Our agents are well equipped to protect you from such an outcome. Saratoga Insurance Brokers will work with you to understand your business’s specific circumstances, determine your coverage needs and build an optimal insurance portfolio. Contact us today to get started.