Running a business is a tall order. It takes a special person to jump through hoops and take a chance on entrepreneurship. While starting and maintaining a business requires a certain amount of healthy risk, we here at Carrigan Insurance think that there are certain risks you should never have to face as a business owner. That is why we offer premium business insurance designed to meet the unique needs of your company, big or small.
Accidents happen. From natural disasters and fires to auto collisions and on-the-job injuries, one major incident can set your business back thousands of dollars and perhaps even force you to close your doors without the right insurance coverage. Take the following example:
A small delivery business hires drivers to operate their personal vehicles while making local deliveries. At the time of hire, the business owner verifies the employee’s safe driving record and that the driver is adequately insured. A few months later, the employee causes a collision, permanently disabling a passenger in the other car. Unfortunately, the employee has let his insurance lapse and the victim chooses to sue your business for losses and damages. Without commercial vehicle insurance – even for non-owned employee vehicles – you may be left footing the bill.
Think your sole-proprietor business is too small to have any real risk? Think again. Home-based businesses need insurance, too. Consider this:
A stay-at-home mother starts a home-based cosmetic sales business but does not declare it to her insurance company. She stores thousands of dollars worth of inventory in her home and also meets customers there. If one of those customers were to fall in the driveway while picking up an order, the liability is not likely to be covered, since it is business-related. Likewise, if a fire destroyed the home and everything in it, she would be unable to make a claim for the lost inventory.
Business Insurance in Waukesha
Each business has different levels of risk exposure and insurance needs. However, there are a few primary coverage types that most business owners should consider. Often, these types of insurance are rolled into one neat policy called a business owners policy (BOP). They include:
Commercial Property Insurance
When your storefront is vandalized or a fire destroys your factory and all of its expensive machinery, your property insurance can help pay to repair or replace it. Whether you lease or own the property you do business from, ensure your policy covers all of your physical property.
Commercial Liability Insurance
If one of your customers slips and falls in the bathroom at your business, liability insurance helps pay the medical bills and protect you from a potential lawsuit. Even if you win a lawsuit, the cost of defending yourself in court can cost thousands of dollars. Keep in mind that you can be held liable for any loss or injury occurring on your business property or as a result of the actions of your employees. You may also be held liable for loss or injury caused by a product you sell or manufacture.
If you have employees, workers compensation insurance is a must. When someone is injured on the job, workers compensation helps pay their lost wages and medical bills while they recover. Not to mention, it helps shield your business from a lawsuit.
Commercial Auto Insurance
If your business owns company vehicles or requires employees to operate personal vehicles for business purposes, you need commercial auto insurance. Not only can it pay to replace or repair your company’s vehicle assets, but it can also provide liability protection if you or one of your drivers injures someone else in a collision during work hours.
Selecting business insurance is not an easy process. It requires time and meticulous understanding of your individual risk exposures. By working with an independent agent, you can uncover liability and asset risks that you may not otherwise find on your own. You can also shop and compare rates on business insurance from multiple Wisconsin carriers until you find the coverage that is right for your company.
For more information about business insurance in Waukesha or the greater Milwaukee area, contact our office to speak with one of our helpful staff members. We look forward to serving you soon.