Businesses of all sizes face several risks, but the right business insurance can provide essential coverage for many of these exposures.

The professionals at Home Loan Insurance in Grand Junction, Colorado, can help you build a comprehensive insurance portfolio. Contact us today to get started.

How Does Business Insurance Work?

The term business insurance refers to various commercial insurance policies that businesses may purchase to cover the hazards they face. In exchange for paying a premium, policies provide financial assistance for covered losses to help offset a business’s out-of-pocket costs.

There are several policies businesses may select, including:

·        Commercial property insurance—This may cover business property such as buildings, equipment, furnishings or inventory if they’re damaged or destroyed by covered causes of loss (e.g., fire, vandalism or windstorms). It may provide repair or replacement costs.

·        Business interruption insurance—This may provide payments for lost income if your business has to close temporarily due to a covered event. It can help pay for ongoing expenses like wages and taxes.

·        General liability insurance—This may provide coverage for third-party bodily injuries or property damage when your business is responsible. It may also cover personal injuries and advertising injuries (e.g., copyright infringement).

·        Professional liability insurance This is also known as errors and omissions (E&O) insurance, and it may cover claims that a professional service your business provided resulted in a client’s financial loss.

·        Cyber liability insurance—This may provide financial assistance to your business and affected third parties after a data breach or cyberattack occurs.

·        Commercial auto insurance—This may cover automobiles your business owns if they are in an accident or sustain damage.

·        Workers’ compensation insurance—This may cover medical expenses or wage replacement payments if an employee suffers a work-related illness or injury.

·        Commercial umbrella insurance—This may provide an added layer of coverage if a liability claim exceeds your other policies’ liability limits.

Businesses’ coverage needs vary, and other policies or endorsements that you may consider include:

·        Hired and non-owned auto (HNOA) insurance

·        Employment practices liability (EPLI) insurance

·        Products liability insurance

·        Equipment breakdown insurance

·        Builder’s risk insurance

·        Completed operations liability insurance

·        Directors and officers (D&O) insurance

Additionally, some operations may wish to secure surety bonds, which guarantee that your business will adhere to a contract’s provisions or meet specific regulations.

Work with an insurance agent to help determine which coverages are right for you. We can discuss options, limits and exclusions.

How To Get Business Insurance

The team at Home Loan Insurance can assist you in getting the insurance that best suits your needs. We have been in business for over 120 years and are ready to help. Contact us today for more information or a quote.