3 Ways to Identify the Coverage that You Need for Your Business

Before you start a business, you should already have an idea how tough the road ahead will be. The risk is high no matter which industry you prefer and the competition is stiff regardless of your target market or your capital investment. It is the sole reason why insurance exists; it lives to support the business and lead it to success. However, every company has different needs, so which policy do you need the most?
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Here are three ways to figure out the commercial insurance coverage that you need for your business.

​Type of Business
Some coverage may not apply to a specific kind of business. If you have an auto shop or car rental enterprise, then Commercial Auto Insurance will be right for that. Meanwhile, if the company has nothing to do with cars and vehicles, this type of insurance is not fit for it. Professionals who work from home may be excluded in Commercial Property Insurance due to the lack of a physical building or office. However, freelancers may need a Professional Liability coverage.

Location and State
Different states have different laws when it comes to business. In most states, business owners need to take out an Employer’s Liability insurance before they can start operating. It doesn’t matter if your employees work part-time or full-time, as long as you employ them, you need the coverage. Here are the types of employees under the Employer’s Liability Insurance.

• If the employee is replaceable in circumstances when they can’t work
• If there is a deduction of income tax from their wages
• If you set the time frame and setting of their work
  
  

The location of the business is also imperative especially if the place is prone to theft. Then, it needs more coverage than the areas where it’s safe from that offense. If the location is susceptible to flood, the business should have flood coverage. Remember, there are policy packages that only include fire in its clauses.

Financial Capability
Some business owners think that insurance is just another expense and that their business can operate without it. Sure, the company has its legs to run, but the policy coverage is that extra leg that is beneficial when one of the legs get injured. Insurance is an investment that saves the business in times of troubles.

Conclusion
It is the business’ responsibility to protect its properties and workforce. The people do not just work for the money; they also want to be valued and appreciated for their hard work. Providing insurance is one of the best ways to show care and affection to the community. At Arnold, Bruce & Doerfler Insurance, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (503) 222-1951. Get your free quote today by CLICKING HERE.