Insurance Marketplace, Inc Blog
Are you not sure if your business is properly insured? In this article, we’ll walk you through the ins and outs of your business insurance policy to ensure that your business is properly insured.
What Is Business Insurance?
To know what you need to do, you also have to understand what Business Insurance is.
Business insurance is a form of protection that helps businesses and their owners avoid financial losses due to unforeseen events. And you can use this to cover unexpected costs, such as theft or fire.
The Right Types of Insurance for Businesses
There are several types of insurance, and choosing which one you need can be overwhelming. But the essential coverages are as follows:
In a nutshell, the general liability policy covers the costs to respond to a claim that your business caused damage or injured someone. This insurance can help finance claims regarding:
Commercial Property Insurance
Next, Commercial Property Insurance, which is especially essential to home-based businesses. It helps protect rented or owned property. And the three types of property insurance coverage are:
Replacement costs cover the repairs or replacement of essential assets. And in addition to that, the replacement can be something else of equal value or higher.
In contrast, Actual Cash Value coverage pays the replacement cost excluding the destroyed item’s devaluation. If the item is a decade old, you will not get the same value as a new one.
Extended replacement, on the other hand, is based on the coverage limit. However, this often won't exceed over 25% (limit)
The limit is the maximum benefit the insurance company will pay for a situation or occurrence when you buy insurance.
Business Interruption Insurance
Disruption to business operations is covered by Business interruption insurance. This insurance coverage lasts until the end of the business interruption period, as determined by the policy.
To determine if you are properly insured, you have to ask yourself if you have enough insurance to rebuild your business if things go south. If your answer is "yes, I do." then that means you are all set. But if not, then seeking help from your insurer is the best thing to do.
At Insurance Marketplace, Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (541) 779-0177. Get your free quote today by CLICKING HERE.