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Business Insurance in Logan and Huntington, WV and Bloomington, IN

Owning and running a business requires a lot of time and effort, and looking after such an investment is essential. Building a robust insurance portfolio is one way to protect everything you’ve worked for. Business or commercial insurance can help safeguard what you worked hard to build. Without insurance, you could be susceptible to financially devastating incidents.

How Does Business Insurance Work?

Business insurance is a risk management tool designed to safeguard your business from financial losses due to unforeseen events and liabilities. To get started, you assess your business’s risks and select appropriate insurance policies, such as general liability or property insurance. Regular premium payments maintain coverage, and policy terms outline conditions, deductibles and coverage limits. When a covered event occurs, you report it to your insurer, who evaluates and, if approved, provides compensation, often with a deductible you pay.

What Business Insurance Is Required by Law?

Business insurance requirements mandated by law can vary based on your location, the nature of your business and your workforce size. Common legal insurance obligations include workers’ compensation, which provides coverage for employee injuries or illnesses, unemployment insurance to fund jobless benefits and commercial auto insurance if your business utilizes vehicles. Certain professions may have specific professional liability insurance prerequisites tied to licensing. Additionally, some industries may necessitate surety bonds for licensure or project bids. While general liability insurance isn’t always legally required, it’s a wise choice for many businesses to protect against liability claims. To ensure compliance and avoid penalties, staying informed about the specific insurance regulations applicable to your business is crucial, as these requirements can change over time.

What Does Business Insurance Cover?

Business insurance isn’t a single policy that you can buy but rather a type of policy that is designed for businesses. Every business’s insurance portfolio is unique to the operations it covers; however, most businesses need a minimum of the following four types of coverage:

1. Property insurance

2. General liability insurance

3. Business interruption insurance

4. Workers’ compensation insurance

The following are additional coverage options an insurer may recommend, depending on your circumstances:

  • Cyber liability insurance
  • Commercial auto insurance
  • Commercial umbrella insurance
  • Professional liability insurance
  • Directors and officers insurance
  • Product liability insurance
  • Business interruption insurance
  • Employment practices liability insurance

How Much Business Insurance Do I Need?

Determining the amount of business insurance you need can vary depending on several factors, such as the size and type of your business, its location and the specific risks it faces. To help determine how much business insurance you need, contact Thornburg Insurance Agency. We can make recommendations based on your specific operations.

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