Business Insurance
Protecting your business from financial loss, lawsuits, or asset deterioration is a crucial investment. Even the most well-established companies can benefit from insurance coverage that could save them in the future. In an unpredictable business environment, having a trusted insurance plan and company can make all the difference. To ensure the longevity of your company and protect all those who work there, learning more about business insurance options is recommended.
Tower Insurance Brokers offers many different types of insurance for all industries in Idaho Falls. We know how important these steps are to protecting your company and want to help you establish a setup that is comprehensive but also easy to understand. Learn more about some of our business insurance offerings below.
Key Types Of Business Insurance
Business insurance is a collection of many policies that will protect your business. There are a few different types of insurance coverage that can benefit most businesses. Here are some common types that you can choose from to meet your unique needs.
General Liability Insurance
General Liability helps cover the most common risks that all businesses could experience. Having this type of coverage will help cover bodily injury, property damage, or advertising injuries. When your company causes an accident, this insurance will help cover the expenses of accidental damages. Having a safety net for these common risks will give you more peace of mind when running your business.
Property Insurance
Physical and valuable assets like property or a storefront need to be protected. Commercial property insurance will help cover the costs of replacement, repair, or stolen property. When it comes to insurance, it is best to plan for the unexpected and hope for the best. Commercial insurance will help you feel more prepared for the unexpected, as well as protect your property from irreplaceable damage.
Workers’ Compensation Insurance
This insurance covers medical costs and lost wages that often come with work-related injuries. Workers’ compensation helps cover the business from liability lawsuits and covers those who were injured monetarily. Injuries that were sustained on the job or in commuting to work will be covered by a workers’ comp insurance plan.
Business Interruption Insurance
If your business is shut down or temporarily shut down for any reason, this insurance will help cover lost income. Interruptions could include fire, natural disasters, or other special circumstances.
Commercial Auto Insurance
If you use vehicles for your business for any reason, having commercial auto insurance is essential. Commercial auto insurance covers vehicles used for business purposes like travel, delivery, or service appointments. It protects you in the event of accidents or hit-and-runs on company vehicles.
How Do I Choose Business Insurance?
This is a common question for new businesses. If you are unaware of what your commercial insurance currently offers, looking into a new insurance type could help provide more coverage. When considering insurance, you should look at a few important elements like location, how long the business has been in operation, your gross annual revenue, what assets you need to be covered, and the rental agreements of your property.
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Filing An Insurance Claim
Depending on the damage or loss that has occurred, you will need to talk with your insurance about what the next steps are. If you lost money, or property, or are dealing with an injured employee, Tower Insurance can help evaluate the claim and provide adequate coverage. Property loss may often require more compensation than company vehicle damage.
Some claims can be quite complex, so it is best to file a claim as quickly as possible and work with a trusted professional. For a business, having rights liability coverage can also be helpful if you’re in need of legal representation.
Why You Need Business Insurance
Obtaining the right business insurance will help cover you in many different situations including lawsuits, customer injury, and employee lawsuits. If you don’t procure insurance before these instances occur, you will be out a lot of money paying for legal proceedings. Protecting your business from large financial loss is a great business practice and will ensure the longevity of any company.
Tower Insurance Brokers works with many industries to provide them with peace of mind. Working with our insurance company will give your business a sure foundation so you can move forward with confidence. There are many aspects of business that we cover in our insurance offerings. From simple items like property insurance to more complex matters like workman’s compensation, we are your top choice for Idaho Insurance.