Business & Commercial Insurance

Regardless of the size of your business or the industry in which you operate, it’s necessary to be prepared for a rainy day. Every business faces certain risks and exposures, and a comprehensive insurance portfolio is critical to adequate loss control practices. Without suitable coverage, a single incident could derail your company’s entire future. 

What Is Business Insurance? 

The right insurance coverages can protect your business from losses and damages arising from many incidents. By acquiring adequate protection and maintaining it by paying your premiums, you may be able to access crucial financial assistance following unexpected events. Although insurance needs may vary significantly between different businesses, in general, most will find the following coverages to be valuable investments: 

• General liability—If a third party suffers losses in an incident for which your business is responsible, this coverage can help pay for damages, including health care costs, property damage and legal fees.

• Commercial property—This coverage can provide financial assistance if property your business owns or uses to operate is damaged or lost. This may include your physical workplace, equipment, inventory and furniture.

• Business interruption—This coverage can help pay for various expenses if your business is forced to cease its normal operations temporarily, such as rent or mortgage payments, employee wages and missing income.

• Workers’ compensation—If an employee develops a work-related illness or is injured on the job, this coverage can render financial aid for medical care, rehabilitation, lost wages and legal expenses.

• Professional liability—If your business is accused of providing inadequate services or products that resulted in damages for another party, this coverage can provide financial assistance.

• Employment practices liability—This coverage can help pay for legal expenses and settlements if an employee makes allegations of inappropriate workplace practices, such as sexual harassment, discrimination and wrongful termination.

While the aforementioned core coverages may be suitable for many businesses, your company must take the time to assess its own circumstances and consider if additional protection, such as cyber liability or commercial auto insurance, may be necessary. 

How Much Does Business Insurance Cost? 

Just as various businesses may have vastly different coverage needs, they might also be quoted significantly different prices. Insurance providers must analyze many aspects of your company before determining your premiums. In most cases, the following factors will be considered: 

• Operations

• Location

• Size of workforce

• Assets and revenue

• Past claims history

• Policy details (e.g., types of coverage, deductibles, coverage limits)

Find the Right Coverage 

Even the most careful businesses need a robust and diverse insurance portfolio. Without adequate coverage, errors, incidents and negligence could lead to substantial financial losses that may jeopardize your entire company. 

The agents at Gerhart, Hartman and Ritner are here to help. Our mission is to help insure the futures of businesses in the Boyertown area by diligently assessing your insurance needs and tailoring optimal coverage. Contact us today to get started.