Business Insurance

Regardless of size or industry, every business must evaluate potential risks and vulnerabilities and implement appropriate loss control measures to mitigate them. These precautions should be integral to the daily operations of any organization. Building a strong and comprehensive insurance portfolio is crucial for businesses to safeguard their financial well-being and secure their long-term future.

What Is Business Insurance?

Organizations must recognize that business insurance is not limited to a single policy or product. While some insurance companies offer prepackaged business coverage options, many businesses may need to collaborate with their agent to tailor their insurance portfolios by obtaining multiple policies. By acquiring appropriate coverage, organizations can gain access to vital financial support in the event of various incidents.

What Does Business Insurance Cover?

What is covered under business insurance will depend on the policies you’ve purchased. Many companies purchase the following forms of insurance:

• General liability insurance—If a business is at fault for third-party injuries or property damage, this coverage can help pay for resulting expenses, such as medical bills, property damage and lost or reduced income.
• Commercial property insurance—This coverage can provide financial assistance for losses due to a covered peril involving a policyholder’s physical property, such as structures, equipment and inventory.
• Business interruption insurance—If a covered event forces a business to temporarily pause or alter its everyday operations, this coverage can help pay for lost income, rent and employees’ wages.
• Workers’ compensation insurance—This coverage may provide financial assistance to employees who suffer a work-related injury or illness to help cover medical bills and lost or reduced wages.

Your business may need additional commercial insurance policies to avoid coverage gaps. For example, organizations that own motor vehicles may need commercial auto insurance, and those that handle sensitive data may need cyber liability coverage. Work with The Kimberlee Agency to navigate your business’s exposures and build an appropriate insurance portfolio.

Is Business Insurance Expensive?

Like most types of insurance, the cost of adequate coverage for a business may vary significantly. Insurers must analyze many factors when determining coverage needs and providing quotes for suitable policies. The type of business you operate, its location, the number of employees you have, past claims history and portfolio details may all affect the cost of coverage.

Get Business Insurance Today

The Kimberlee Agency is here to help Oklahoma businesses get the business insurance coverage they need. Contact us today to discuss your business’s insurance needs and get a no-obligation quote.