Business

As a business owner, you take calculated risks every day, to keep your business thriving. But what about the risks you haven’t considered? Business insurance is an excellent way to allow you to concentrate on profit, without being blindsided by unexpected liabilities and asset loss.

Regardless of your industry, business insurance protects you in many ways:

• Costs associated with the loss of property
• Risk of business interruption
• Protection from lawsuits
• Claims from Injured workers

The costs associated with a business insurance policy are small when compared with the large risks you’re protecting against.

If you currently rely on property insurance you are protecting your assets, but not the business itself. If there’s a business interruption to your business or a lawsuit, you need business interruption or liability insurance to ensure that you keep going.

Our insurance offerings are a collection of insurance policies a business owner may utilize to guard against some of your greatest business risks. They may shield you from losses arising from property, employee, or customer claims.

Here’s why you should get started right away! 

1. Your business is valuable; don’t let another day go by without shutting the door on risk.
2. It’s easy and quick to get a no-risk quote for a business insurance policy. Just fill out this simple form, and we'll contact you.

Business owners have a task to minimize their business risk through the decisions they make every day. Still, there are unforeseen events that even the most careful planning cannot hedge against. Business insurance protects your business against risks that occur during operations.

Taking out business insurance protects the business from financial exposure arising from injuries to employees, breach of contracts, professional negligence, or business interruption.

Each business faces unique risks, which informs the nature of business insurance they need. Here are a few categories of business insurance.

There are at least four distinct categories of liability insurance.

General liability policies cover a range of contingencies that could cause lawsuits against a business. A manufacturing enterprise that hosts visitors frequently might protect against bodily injuries caused to visitors in case of an accident. Major construction firms could cover themselves against damage to other people's property. General liability policies are also called commercial insurance policies.

Advertising agencies and news publications need commercial insurance against lawsuits arising from causing reputational harm to third parties. This is covered under commercial insurance because those risks are likely to happen in the ordinary course of their business.

Senior executives in companies can take our Directors & Officers Insurance to protect their assets from claims by the shareholders or employers they work for.

Professional Liability Insurance protects professionals from risk arising from mistakes such as negligence, misrepresentation, and inaccurate advice.

This is a business insurance policy to protect the commercial building from where the business operates and its assets. It covers a wide range of risks, including fire, theft, damage from storms, terrorist activity, and other unforeseen events.

Some states require business owners to take workers' compensation cover. This helps businesses to pay employees benefits in case of illness or injuries. However, employee insurance can extend to include compensation for permanent disabilities to employees or to cover funeral expenses in case an employee dies when handling job-related activities.

Sometimes, the business might face lawsuits from the family of an injured or dead employee. An employee insurance policy helps to cater for the expenses incurred.

What Does a Commercial Insurance Policy Cover?

A commercial insurance policy protects the business against loss arising from the core activities of the business. It covers damage to business property, injuries to employees, injuries to third parties, and more.

Many policies can fall under commercial insurance, including maritime insurance, workmen compensation, cyber risk insurance, and fire insurance. The mix of covered risks determines your commercial insurance quote.

What Is Not Covered by Commercial Insurance?

Commercial insurance typically covers liability and property damage. It does not cover professional liability that accountants, doctors, and lawyers normally face. Commercial insurance excludes replacement costs of worn-out machinery. Commercial insurance also doesn't cover business interruption due to such things as storms. It would only pay for damage to property but not lost revenue.

What Is the Difference Between Personal and Commercial Insurance?

Whereas commercial insurance protects a business from liability or loss occurring during money-making ventures, personal insurance covers against risks that occur during ordinary life.

Examples of personal insurance policies are:

• Personal health insurance
• Auto insurance
• Life Insurance

Examples of Commercial Insurance policies are:

• Employee Compensation Insurance
• Commercial Property Insurance

Does my business need a commercial insurance policy?

The cost of commercial insurance policies is quite affordable in relation to the amount of peace of mind it affords business owners.

If your business has employees whose normal work carries the risk of injury, you need a commercial insurance policy. Similarly, if your business uses expensive professional equipment, you need a commercial insurance policy to protect against damage during use or other unforeseen events, such as theft or fire.

What are the potential risks my business is protected from with a commercial insurance policy?

Commercial insurance will cover your business from risks that normal businesses face in operations:

• Theft
• Fire
• Damage to business property
• Liability arising from injuries to employees
• Liability arising from property to third party-owned property

Figuring out the best insurance policy for business owners can be a challenge owing to the many risks a business faces. Business owners also need to understand the applicable state laws on insurance. If you are a business owner in Oklahoma City, do not fret. CPC Insurance will help your business understand the various mix of options available. Find out more or even get a commercial insurance quote through our website.