Owners have to be judicious about using and protecting their resources, and thus come up with the correct business insurance plan. The insurance they carry may need to address a moderate or wide range of risks. Additionally, it must deal with the extent of those risks could range from nominal to substantial.
The Best Business Insurance Plan
A business’s coverage needs and limits can vary dramatically depending on its unique activities and risk exposures. Thus, owners must consider their individual needs and objectives in choosing business insurance.
General Liability
The bedrock of commercial insurance packages for businesses consists of general liability coverage. Also, this policy can be a business’s first defense against claims involving bodily injury or property damage.
Employment Practices Liability Insurance
Businesses have to be vigilant about requirements for employers that are a matter of federal or state law. Likewise, an EPLI policy can enable a company to deal with claims alleging that it violated wage and hour mandates. It also deals with anti-discrimination safeguards for protected classes and other common causes of action involving employer-employee relationships.
Directors and Officers Insurance
Business insurance plans may need to include a policy that indemnifies corporate directors and officers. Without this coverage, business owners and board members could face financial liability for claims against a company or claims against them in their capacity as a corporate officer or director.
Property Coverage
A business has to protect its natural and tangible assets with due care. Coverage for a commercial property could have benefits that differ from policyholders’ expectations. Consequently, you need to access which business insurance plan is right for you. It is at this point where you need to determine whether your business needs a policy that will compensate you for the property’s actual value or the replacement value. Bear in mind that there could be a sizable disparity between these two values. Then, the type of coverage you choose could considerably impact premiums.
Business Interruption Insurance
An event that causes significant damage to your business’ property that prevents you from operating could inflict long-term and irreparable financial harm. Also, a sudden interruption to your operations can precipitate serious liability concerns due to the’ business’ inability to honor one or more contractual obligations. A policy that issues compensation for lost revenue can equip you to withstand an abrupt halt in revenue. Continuing paying bills can avert defaults, and having the resources to make payroll could preclude EPLI claims.
Umbrella Coverages
The limits assigned to each policy may not be adequate to counter a business’ risk exposure fully. Umbrella coverage can be beneficial, and so can a liability policy. Ultimately, either would serve as a valuable tool to fill any notable shortfalls in policy limits.
Working with an insurance company that has served businesses similar to your own could benefit your decision-making process. Moreover, it could help you access competitive quotes from the most prominent and affordable carriers in your industry’s marketplace.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
