Business Insurance in Homewood, AL

As a business, planning for when things might go wrong is an integral part of your operations. Although this may be an unpleasant task, implementing and maintaining adequate loss control measures may be critical in the aftermath of accidents, errors or other incidents. With this in mind, your organization should prioritize a robust and versatile business insurance portfolio.

How Does Business Insurance Work?

Business insurance may not refer to a single type of policy. Rather, your business’s optimal coverage may be formed by a collection of insurance policies that, when combined, form an adequate safety net capable of covering many potential incidents and perils. After securing your business insurance portfolio, you’ll typically be responsible for maintaining it with regular (e.g., monthly) premiums. By taking these steps, your company can secure what may turn out to be critical financial assistance to limit out-of-pocket costs and losses.

What Does Business Insurance Cover?

All businesses have unique circumstances that may affect their exact insurance needs. However, there may be several core coverages that offer valuable financial protection for businesses regardless of industry or operations, such as the following:

• Commercial property insurance—This coverage may help pay for losses involving your company’s assets and possessions, including structures, electronics, equipment, inventory and furniture.
• General liability insurance—This coverage may provide financial assistance following incidents for which you were responsible that led to third-party losses, such as bodily injuries and property damage.
• Business interruption insurance—If a covered incident disrupts your company’s operations, this type of insurance may help pay for ongoing expenses and resulting losses, such as rent, payroll and lost income.
• Workers’ compensation insurance—Legally required in many cases, this coverage may render financial following work-related injuries and illnesses, including for employees’ medical expenses, lost wages and disability benefits, and your business’s legal costs.
• Employment practices liability insurance—This coverage may help pay for legal expenses and financial losses arising from lawsuits accusing your company of improper workplace practices, such as discrimination, harassment and wrongful termination.

Your business should consult with a qualified insurance professional, such as those at Servi-Express, to identify additional coverage needs. To fill all potential coverage gaps, the following types of insurance may be advisable:

• Commercial auto insurance
• Cyber liability insurance
• Errors and omissions insurance
• Commercial umbrella insurance

What Business Insurance Covers Theft?

Criminals are serious threats to many businesses, and having your property stolen can lead to significant financial losses. Theft is typically listed as a covered peril on most commercial property insurance policies, and business interruption insurance may provide financial aid for any resulting lost revenue. Your company may also be able to augment its defenses against theft with a commercial crime insurance policy. A cyber liability insurance policy may provide essential financial protection in cases of cyber theft.

How Much Does Business Insurance Cost?

The cost of an adequate business insurance portfolio may vary significantly depending on your organization’s needs and unique circumstances. Before being able to provide an accurate quote for suitable coverage, insurers may consider the following factors:

• Industry
• Location
• Number of employees
• Assets and revenue
• Previous insurance claims
• Portfolio details (e.g., coverages purchased, deductibles and policy limits)

Get the Right Coverage

At Servi-Express, our knowledgeable insurance professionals are well-equipped to protect your business’s finances and future with ideal insurance policies. Visit our website or call 205-588-4583 to get started today.