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Business Insurance
An essential part of operating a business is accounting for risks and exposures. Without proper risk management and loss control measures, even a minor incident could derail your operations. With that in mind, regardless of industry, size or circumstances, all businesses must understand the importance of an adequate insurance portfolio.
For over 15 years, the insurance experts at Morehead Agency have been working diligently to help clients in Lee’s Summit and the greater Kansas City area assess their coverage needs and acquire optimal policies.
What Is Business Insurance?
Business insurance, also known as commercial insurance, is a versatile and valuable investment that protects against losses and damages that may arise from many common incidents. These policies can render crucial financial assistance in the aftermath of accidents, legal issues and other predicaments. For most businesses, a suitable insurance package will include the following coverages:
- General liability—This coverage can help protect your business from losses and damages arising from incidents for which you are responsible, such as:
- Bodily injury
- Property damage
- Personal and advertising injury
- Commercial property—This coverage can help pay for repairs or replacement costs made necessary by damage to your business’s property, including:
- Structures
- Equipment
- Inventory
- Furniture
- Signage
- Workers’ compensation—If an employee is injured at work or develops an illness related to their duties, your insurance can help pay for the following expenses:
- Medical care
- Lost wages
- Disability/death benefits
- Legal costs
- Professional liability—If a client alleges that your business made an error or was negligent while providing products or services, this coverage can provide financial aid.
- Business interruption—If your business is forced to cease its normal operations temporarily, this coverage can help pay for the following costs:
- Rent or mortgage payments
- Payroll
- Lost income
- Relocation
- Commercial auto—This coverage may protect your business from losses arising from incidents involving company-owned vehicles.
- Cyber liability—If your business is involved in a data breach or cyber incident, this coverage can help pay for various resulting expenses, including notifying affected parties and restoring affected systems.
How Much Does Business Insurance Cost?
As your company explores its options for business insurance, it can be helpful to know the various considerations providers are analyzing. In most cases, the following criteria of your organization will be considered:
- Industry
- Location
- Number of employees
- Business assets
- Annual revenue
- Prior claims
- Policy details (e.g., endorsements, deductibles, coverage limits)
Get the Right Coverage
Businesses must be prepared for unfortunate circumstances. Even the most careful companies may not be able to mitigate all risks entirely. Further, as your business grows and evolves, its risks and exposures must also be reassessed. With all of this in mind, it’s critical to ensure that your business has adequate insurance.
At Morehead Agency, our team has the knowledge and experience to analyze your business’s unique circumstances, determine your coverage needs and construct an optimal portfolio. Contact us today to get started.
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