Business Insurance

Businesses of all sizes face exposures and risks daily. Effectively mitigating such risks is essential to the overall success of your business. One key component of a strong risk mitigation strategy involves securing the appropriate business insurance coverages for your organization. Perry Paige is here to help your business navigate its commercial insurance needs and build a policy that provides adequate coverage.

What Types of Coverage Can Be Included in a Business Insurance Policy?

The insurance requirements of your business can differ significantly based on its unique circumstances, risks, and vulnerabilities. However, while the ideal combination of coverages may be somewhat distinct to your organization, several types of insurance are generally recommended for most companies. When constructing your business insurance portfolio, take into consideration the following factors:

• General liability insurance—This coverage can cover third-party losses for which your business is at fault, such as those arising from third-party bodily injury or property damage and personal and advertising injury.
• Commercial property insurance—This coverage can provide financial assistance for covered losses involving your business’s physical assets, such as the following:
  • Buildings
  • Equipment
  • Furniture
  • Inventory
• Business interruption insurance—If a covered incident temporarily affects your company’s ability to conduct its normal operations, this coverage can help pay for lost revenue and recurring expenses (e.g., rent and payroll).
• Workers’ compensation insurance—This coverage, which is legally required for most employers, can provide liability coverage and financial assistance following employees’ work-related illnesses or injuries by helping to pay for disability expenses, medical expenses, death benefits and wage replacement.

Perry Paige can help your business identify any additional coverage needs. Depending on your operations and circumstances, the following may also be advisable investments:

• Commercial auto insurance
• Cyber liability insurance
• Professional liability insurance

What Factors Determine the Cost of Business Insurance?

The cost of adequate business insurance may vary significantly even among organizations that appear similar or share specific characteristics. Insurance companies must consider many factors of your company, such as the nature and scope of operations, location, number of employees, claims history and portfolio details (e.g., coverages you have, deductibles and policy limits) before determining your premiums.

How to Get Business Insurance

At Perry Paige, our agents are committed to helping your company assess and address its coverage needs. Contact us today to learn how we can work together to build a robust insurance portfolio to manage your business’s risks and exposures.