An insurance plan is a key contributor to the livelihood of your business whether you’re operating a large corporation or local business. A business owner’s policy is a money-saving combo of three types of coverage recommended for business owners. At Keystar, we recommend commercial general liability, property, and business interruption insurance for businesses in all industries because of the wide range of areas that can be covered.
Read on to learn more about what policies your business could benefit from.
Employers Liability
The fact is that lawsuits are part of the business landscape, and when they happen to a small business, the costs can be devastating. We’ve seen between 36% and 56% of small businesses sued and often taken advantage of simply for being in business. Team Keystar encourages General Liability Insurance because it provides coverage for customer injuries and customer property damage. Immediate medical expenses and legal costs leading to a lawsuit are also covered. A General Liability Policy helps pay for lawsuits over:
- Third-party bodily injuries.
- Third-party property damage.
- Product liability.
- Advertising injuries.
If customers, clients, vendors, subcontractors, or other non-employees sue you over the reasons listed above, the insurance company can cover the cost of the lawsuit, paying for:
- Legal teams to represent your small business.
- Witness fees.
- Evidence costs.
- The judgment or settlement (the final amount of damages you owe the other side).
General Liability Insurance is an essential safety net when you don’t have deep pockets because it can provide funding when things go wrong.
Property
Property coverage is essential for a Business Owners Policy where it covers damages to your physical space and threats of fire, theft, vandalism, and more. This type of coverage also comes in handy in the event of a natural disaster where you otherwise would pay for damages out of pocket which could put your business at risk.
Business Interruption
To complement physical insurance, business interruption coverage covers your loss of income if you lose work time because of property damage. This type of insurance can help put business owners minds at ease when rebuilding after damages by relieving pressures of operations.
Keystar Services
In addition to Business Owners Policies, Keystar offers services to help make the insurance process a lot smoother.
- Loss Prevention Programs – With our insurance company partners, we can evaluate your business’s current conditions and recommend ways to lower property, auto, workers compensation or liability losses.
- Quick Claim Response – When you do have a claim, you need fast and fair service, and as independent agents, we work to make that happen.
- Competitive Rates – Many of the insurance companies we represent specialize in insuring specific types of businesses or industries, offering special coverage and pricing.
With various coverage options for businesses to consider, Keystar Insurance will help guide you to the best policies that match your unique business model and situation. Business Owners Policies are a great way to get a solid insurance foundation for many industries.
For more information about what policies are fit for your business, please contact Team Keystar for a consultation!
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