Business Insurance in Saratoga Springs, UT
Businesses require a lot of investment, but it only takes one problem to jeopardize everything you’ve built. Having business insurance can help you navigate financial challenges when unexpected covered events occur.
What is Commercial Insurance?
Commercial insurance may help create a financial cushion to support your business through unexpected challenges. Businesses face various risks, such as the following:
- Fires or severe weather could damage your property.
- Theft or dishonest employees could steal company assets.
- A customer could get injured on your property and sue you.
- Company drivers could have accidents, or company cars could get stolen.
These situations can lead to financial setbacks.
What Does Commercial Insurance Cover?
Unlike homeowners, auto insurance or life insurance, commercial insurance isn’t a single policy. It’s a term that includes various commercial insurance options a business might need. Some policies you can select include the following:
- Commercial property insurance may cover damage to physical property like buildings or possessions.
- General liability insurance may cover third-party property damage or injuries caused by your business.
- Business interruption insurance may pay bills and help replace lost income if you need to temporarily close after a covered incident.
- Commercial auto insurance may cover company-owned vehicles, including physical damage and liability.
- Workers’ compensation insurance may help cover employees injured on the job.
- Errors & omissions insurance may compensate clients for financial losses due to professional advice or mistakes.
How Does Business Interruption Insurance Work?
Business interruption insurance helps cover lost income and operating expenses when a business is forced to close due to a covered event, such as fire or storm damage. It typically covers ongoing costs, such as rent, payroll, and utilities, while the business recovers. Coverage begins after a waiting period and lasts until operations return to normal, within the policy’s defined limits.
There are many other policies available that you can choose from, such as the following:
- Inland marine insurance
- Employment practices liability insurance (EPLI)
- Products/completed operations liability insurance
- Cyber liability insurance
- Umbrella liability insurance
Collaborate with Moore and Moore Insurance to create a commercial insurance plan. Contact us today to request your free commercial insurance quote.