When it comes to business and any threats that may occur, one thought that immediately comes to mind is the competition. If the competition can do something better for less, it is a threat. Whether they have a higher quality product, a more convenient location, better ad campaign, or better services, these could all be viewed as threats. It is in part, why so many believe competition is a good thing. It causes us to react and make our own businesses better.
However, threats like lawsuits, theft, weather damage, accidents and injuries, water and fire damage are not so great for business. These factors will not only prevent a company from growing, but in a worst-case scenario, destroy them completely. With the right precautions and business insurance, companies can react properly to these threats, and even prevent them all together while making the company more secure.
With Commercial Property Insurance, you can cover the physical assets of your company from a variety of threats including fire, vandalism, broken water pipes, and more. Keep in mind like homeowner’s insurance, commercial property insurance will not protect you from financial loss due to floods or earthquakes. That coverage will need to be acquired separately.
Commercial General Liability Insurance is critical in keeping your employees and property insured from injuries and damages while on the job. General Liability Insurance will not only cover the costs of any settlement but all associated legal expenses in defending your business in a claim, medical expenses, attorney fees, settlements, and more.
If vehicles are used in conducting business, owners should strongly consider Commercial Auto Insurance. This is particularly important if your company has a fleet or delivers products, however, it is also important even if employees occasionally use their personal vehicles to run company errands.
Workers’ Compensation is another form of commercial insurance that covers employees should they be injured while conducting activities associated with your business. Whether it’s a car accident, back injury, or an equipment malfunction, having the right Workers’ Compensation plan will ensure medical expenses, treatment, and replacement of lost wages are covered.
If you have a business that provides financial, legal, medical, or other professional services, Professional Liability Insurance is needed to safeguard your assets. Whether you have claims of negligence, misrepresentation, and more, Professional Liability Insurance provides a solution to protect you. Because each business has specific requirements, this type of insurance must be customized to each company’s needs.
At some point, every business may come across an employee that is dishonest. But with Crime Insurance, you can make sure all your bases are covered before it’s too late. Whether there’s a case of fraud, missing inventory, employee theft, or destruction of property, you can develop a plan that address potential risks and protects all your assets.
At Strategic Insurance Partners (SIP), we specialize in helping businesses of all sizes protect themselves from these types of risks with a range of commercial loss prevention products that are designed to assist in defending your business, no matter how unique the circumstances. We provide a range of commercial insurance products to businesses of all sizes in New York, New Jersey, Delaware, Pennsylvania, and Connecticut. We would be proud to assist you in protecting your business, making it better and more secure along the way. Contact one of our insurance agents today to get started.