TUESDAY, OCTOBER 25, 2022
Securing comprehensive insurance for your business can provide essential coverage for the risks you may encounter through your operations. Some policies may be required by laws, clients or industry standards, while others are recommended.
The professionals at Nexus Point Advisors are ready to help you build an insurance portfolio that best addresses your needs. Contact us today to get started.
How Does Business Insurance Work?
Business insurance is a term that refers to various commercial insurance policies that operations secure to cover their exposures. The business pays a premium to an insurer, and in exchange, the insurer agrees to provide financial assistance if a covered cause of loss occurs. To receive this aid, policyholders may work through the claims process.
There are many policies businesses your agent may recommend, including:
- General liability insurance—This may provide coverage for situations when your business is responsible for others’ bodily injuries or property damage. It may pay for their losses (e.g., medical bills) and for related legal expenses. It may also cover personal and advertising injuries (e.g., libel and copyright infringement).
- Commercial property insurance—This may provide repair or replacement costs if your business property (e.g., your owned building, furnishings and inventory) is stolen or damaged by a covered peril (e.g., fire, theft, vandalism or windstorms).
- Business interruption insurance—This may provide financial assistance to help cover lost income and ongoing expenses if you are forced to temporarily close your business after a covered event.
- Cyber liability insurance—This may help cover losses and notification and recovery costs after a data breach or cyberattack occurs.
- Professional liability insurance -This may provide coverage if a client claims that your business’s service was inadequate or negligent. It is also known as errors and omissions (E&O) insurance.
- Commercial auto insurance—This may cover business-owned cars if they are damaged or in an accident. Hired and non-owned auto (HNOA) insurance may provide liability insurance if your operations uses rented or personal vehicles for work-related reasons.
- Commercial umbrella insurance—This may provide an additional layer of coverage if a liability claim exceeds your other policies’ liability coverage limits.
- Workers’ compensation insurance—This may help employees pay medical bills or provide wage replacement or other benefits after a work-related injury or illness.
Your business may consider other policies, including:
- Products liability insurance
- Completed operations liability insurance
- Employment practices liability insurance (EPLI)
- Equipment breakdown insurance
Businesses’ insurance needs vary, and our team can discuss options, limits and exclusions and help you determine which coverages address your needs.
How Much Does Business Insurance Cost?
Business insurance costs depend on several factors, including your business’s location, size, industry and claims history. Your selected coverages and limits may also impact premiums. Reach out to us for a quote.
Contact Us
Nexus Point Advisors in Locust Valley, New York, can assist you with your business insurance needs. Contact us today for more information.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
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