From a teeming digital storefront to the bustling hallways and warehouses of a physical business address, many events can quickly arise that will make you want to feel protected. We provide many kinds of business coverage here at the Alexander Insurance Agency of Saint Charles and have learned over the years that the perfect balance of policies you need will depend on several variables regarding your company.

Business Insurance will aid with multiple claims, private property, and legal payments in case anything goes wrong while you are conducting business. The act of being insured is setting yourself up for security in the event of a business loss of income and can be a huge help with recovery and getting back on track with logistics after an incident. 

What Types of Elements are Covered?

Here are some of the traits that business insurance can assist you with and protect: 

• Lives with business principles
• Lives for essential employees
• Lives of a specified employee group
• Long and short-term disability of owners and employees
• Needs for the buildings and essential machinery property and casualty coverage
• Liability for and damage to transportation assets essential for work
• Liability for general product
• Employee health insurance in the event of injury or sickness
• Lost earnings after an injury falling under workers’ comp

How Much Will This Protection Cost me?

The biggest factor that affects how much your monthly cost will be is the type of business insurance you choose. Business insurance can average from $75 per month for general liability and sometimes around $130 per month for worker’s compensation. There is also the option of securing a business owner’s policy that combines the liability and property coverage elements into one form of coverage. The average cost in the US for this type of policy is around $110 per month. 

Another very important factor that decides how much you purchase is what type of business you run. Someone in the contracting business can expect to pay more than someone who functions in an office-oriented setting such as a call center. The reasoning behind the drastic difference is the hazards that are related to each different job since the machinery, pacing, and atmosphere of a contracting business can carry much more hazardous potential than is found within the office. 

The amount of coverage you are seeking influences your costs as well, and you can offset this a bit if you can settle for having a bit higher deductible. If a claim is ultimately made, an adjuster assesses the damage amount, and decides on the final cost to fix or completely replace the items in question. After the deductible is paid, your provider issues you a payment for reimbursement, much like medical coverage kicking in for a hospital stay after a certain threshold. 

What Are the Different Forms of Business Insurance?

Although it can seem a bit more complex than standard auto coverage, that’s why we are here and happy to help! Here are some of the options you can choose from to “custom-build” a functional coverage that works for you and every facet of your business:

• A Business Owners Policy consists of a combination of general liability coverage and property insurance. There is also the option of adding employment practices liability insurance policy to make sure that your employees have appropriate coverage.
• Business Interruption Insurance is also commonly known as business income insurance and helps you recover valuable lost income and expenses related to operating pay. Elements such as payments on loans, taxes, and your mortgage can be covered if you are forced to shut down because of some type of disaster. Occurrences such as burglary, flooding, and fire all apply here.
• Management Liability Insurance: This will kick and provide combined coverage such as employment practices liability, fiduciary liability, and essential coverage for businesses operating with a board of directors. 
• Errors and Omissions Insurance is one form of coverage you want to consider if you offer professional services. It will protect you if a client can adversely claim that using your services was the cause of financial stress. Having coverage like this is especially vital for dozen financial advising in tax prep professions.
• Product Liability Insurance is important to protect you against claims that are related to the use and vitality of a product. If any component of your product causes damage or injury and triggers or lawsuit, product liability insurance will be in place to protect you. 
• Auto Coverage: When you or your employees are using vehicles for business purposes, you will need coverage. The choice between commercial or personal auto insurance depends on what type of vehicles you are using, and what level of coverage you are after. 

What Steps are Taken to Determine What Type of Insurance Your Business Needs?

1. Take Inventory of your Assets Vs. Responsibilities:

It is very important to do a thorough inventory of your business and its assets, to clearly determine just what needs coverage. Ask yourself what insurance you are legally required to have, and exactly where your liabilities that can add up quickly are. If you are working around dangerous equipment you may want to secure coverage for injury, as well as a pawn shop owner may want protection against various theft. 

Missouri State Law requires businesses with five or more employees to carry worker’s comp insurance, and every business-owned vehicle must be covered with a commercial insurance policy.

2. Closely Examine all Risk Factors:

Take the valuable opportunity to analyze your additional risk and liability will help you with determining which insurance can offer the perfect fit of coverage for you. Some difficult questions may need to be addressed such as what would happen in the event of a commanding chief’s death, and other issues should be looked at regarding day-to-day risks for your profession. Tree-trimming, framing, and concrete laying all provide unique risks that should not be brushed off in case of accidents and liability issues. 

3. Settle on a Defined Level of Comprehension:

Depending on what type of business you’re insuring, you may need a basic level that covers all aspects of what you could potentially lose. The best way to do this is by tallying the cost, and then stack that up against the probability of those events occurring during your daily operation. it has become obvious over the last two years that no business can ever have too much protection, as the world becomes more uncertain every day.

This is a big decision for any business owner, as you are providing security for yourself along with a chance to know that you’ll be covered if your day’s business operations have any unexpected pitfalls for you to accommodate. Having to pay out a claim yourself is something that you won’t want to have to handle on your own, and we will gladly assist you during this process: you won’t ever feel as if any employee or facet of your business could take an unexpected hit.