Business Insurance in Alexandria, Louisiana
Business insurance, also called commercial insurance, is insurance coverage designed to cover a business, including its employees and ownership. There are a wide variety of different types of business insurance available.
Having the right commercial insurance policies is a significant component of a comprehensive risk management strategy that can help protect your business’s finances. Our agency is here to help you with all of your insurance needs. Call Harlan Insurance today to learn more or to get a free, no-obligation quote.
What Is Business Insurance?
As its name suggests, business insurance can provide critical financial protection for your organization and may help limit out-of-pocket losses and expenses arising from various incidents. Your company should assemble and maintain a portfolio of coverages appropriate for its unique circumstances. In doing so, you can retain access to crucial funds and resources that may insulate you from the financial ramifications of accidents and errors.
Types of Business Insurance Policies
Business insurance is typically composed of several policies. Although the ideal makeup of your organization’s insurance portfolio may vary, securing the following coverages is generally advisable for most commercial enterprises:
- General liability insurance may provide financial assistance if you are at fault for third-party losses, such as bodily injuries or property damage.
- Commercial property insurance may help pay for losses involving your company’s physical assets, including buildings, equipment, inventory and furniture.
- Business interruption insurance may compensate your organization for ongoing expenses and losses following a disruption of normal operations, including rent, loan payments, lost income and payroll.
- Workers’ compensation insurance is often legally required and may provide financial assistance following employees’ work-related illnesses and injuries, such as for medical bills, reduced earnings and legal costs.
- Employment practices liability insurance may insulate your company from financial losses and help pay for legal expenses if you are accused of improper workplace functions, such as discrimination, harassment or wrongful termination.
- Errors and omissions insurance may provide financial assistance if a client or other party accuses your business of providing professional services, goods or advice that were improper, late, negligent or inaccurate.
- Commercial auto insurance may financially protect your company from incidents involving your motor vehicles.
- Cyber liability insurance may help pay for losses and expenses arising from data breaches or other cyber incidents, including restoring compromised data, responding to lawsuits, paying fines and notifying affected parties.
Why Do You Need Commercial Insurance?
Several components of business insurance may be legally required, meaning you could incur significant fines and penalties by failing to secure adequate coverage. For example, most employers must carry workers’ compensation insurance to ensure their employees can receive the care and aid they need following work-related illnesses and injuries. Similarly, commercial auto liability coverage is typically required by law. Other parties may also mandate additional insurance, including landlords or mortgage lenders requiring commercial property coverage.
Even in the absence of any formal obligations, a versatile and robust commercial insurance portfolio should be considered a top priority, as lacking adequate coverage could leave your company with catastrophic out-of-pocket losses.
How to Get Business Insurance
If you need insurance solutions, we’re here to help. Give Harlan Insurance a call today to get started on a quote.