Business & Commercial Insurance

Regardless of your business’s size and sector, an integral part of its operation should be implementing and maintaining adequate loss control measures, which include a diverse insurance portfolio. Even the safest and most responsible companies could eventually experience an accident or error that leads to significant losses and damages. Without sufficient insurance coverage, even a single incident could be devastating for your business’s finances and future. 

What Is Business Insurance? 
Business insurance, also known as commercial insurance, is not fulfilled by a single policy. Instead, this term refers to a collection of coverage that, when combined, can provide a broad safety net for your organization. Building a suitable insurance portfolio can position your company to manage the financial consequences of many common risks and exposures. 

What Does Business Insurance Cover? 
Although your business may have unique circumstances and needs, the following types of insurance may prove to be an invaluable investment for most companies: 

• General liability insurance—This insurance can protect your business if it’s responsible for these types of incidents:
  • Bodily injury
  • Property damage
  • Personal and advertising injury (e.g., slander, libel, copyright infringement, false advertising)
• Business property insurance—This coverage may provide financial assistance for losses sustained by property used to operate your company, including the following:
  • Structures
  • Equipment
  • Tools
  • Inventory
  • Furniture
• Business interruption insurance—If your company is forced to pause its regular operations temporarily, this coverage, also known as business income insurance, can help pay for these costs and losses:
  • Rent/mortgage payments
  • Payroll
  • Lost income
  • Tax/loan payments
• Workers’ compensation insurance—In response to employees being injured on the job or developing work-related illnesses, this coverage can provide financial assistance for the following:
  • Medical treatment
  • Lost or reduced wages
  • Disability benefits
  • Death benefits
  • Employer legal costs 

Along with these types of insurance, your business should consider its specific operations and circumstances to identify potential coverage gaps. The following additional coverage may be necessary: 

• Cyber liability insurance—This coverage can insulate you from losses and expenses arising from data breaches or other cyber incidents.
• Commercial auto insurance—If your business faces damages related to its use of motor vehicles, this coverage can provide financial assistance.
• Professional liability insurance—If a client alleges that your company provided goods or services that were incomplete, inadequate or late, this coverage can help pay for your legal costs.
• Employment practices liability insurance—This coverage can render financial aid if a former, current or prospective employee alleges that your business took part in improper workplace practices, such as discrimination, wrongful termination or harassment.
• Commercial umbrella insurance—If the liability limits of your company’s other policies are exhausted, this type of secondary coverage can provide additional funds. 

How Much Does Business Insurance Cost? 
Before being able to provide an accurate quote for adequate coverage, insurance companies must assess the details of your business and its operations. In most cases, aspects such as these will be considered: 

• Industry
• Location
• Size of workforce
• Estimated annual revenue
• Company assets
• Prior claims history
• Policy details (e.g., types of coverage, deductibles, limits) 

Get the Right Coverage 
At American Truck Insurance Services, our agents have the knowledge and experience to help businesses in the Justin area protect themselves with optimal coverage solutions. We will work with you to assess your insurance needs and address them with an ideal insurance portfolio. Contact us today to get started.