Are Your Current Insurance Policies Adequately Covering Your Business?
Accounting for risks and exposures amid daily operations and related to special projects is essential for a business. In addition to implementing risk management programs to assess and address potential perils related to your workplace, you must also be prepared for accidents and errors; even the most experienced and diligent organizations may not be able to avoid all incidents. With that in mind, your loss control measures should include a versatile insurance portfolio capable of insulating you from insurmountable out-of-pocket losses.
What Insurance Does Your Business Need?
Your business may have many unique circumstances, and organizations across sectors may have significantly different risks and exposures. However, there are several core components of an adequate insurance portfolio that are generally advisable for most companies. When assembling your coverage, consider prioritizing the following:
- General liability insurance
- Commercial property insurance
- Business interruption insurance
- Workers’ compensation insurance
Does Your Business Have Enough Insurance?
While compiling your business’s insurance portfolio, you must acquire certain coverages and ensure that your policies include sufficient limits capable of rendering enough financial aid in response to incidents you may experience. Your business’s coverage needs may significantly vary, even compared with seemingly similar organizations.
As you assess your organization’s insurance needs, consider the following questions:
- Does your business have enough liability coverage? If your business regularly handles valuable property, works with wealthy clients or conducts operations off-site (e.g., on clients’ property or in public areas), you may require greater coverage limits.
- Is your physical property sufficiently insured? Your business should ensure that it retains enough commercial property insurance to pay for anything that must be replaced following an incident, such as your building, equipment, electronic devices and inventory.
- Could you sustain your business if forced to close temporarily? An interruption of your operations could have devastating financial ramifications. Your company should retain enough business interruption insurance to cover expenses and losses for an extended period of time.
- How much danger are your workers in? Although employees may be harmed on the job in any workplace, those in specific industries and environments may be more likely to be injured, develop a work-related illness, or have such incidents be more severe. If your workers regularly conduct dangerous work, your workers’ compensation insurance should be adjusted accordingly.
- What other potential losses must be accounted for? Your business should work with a qualified insurance professional to identify your coverage needs. For example, organizations that regularly work with vehicles must assess their risk levels and maintain suitable commercial auto insurance. Similarly, cyber liability insurance is essential if your business stores, transmits, or otherwise works with sensitive data.
Get the Right Coverage
The agents at Action Insurance Company have over four decades of combined experience serving the coverage needs of individuals, families and businesses in the Lake Oswego area. We will work with you to thoroughly analyze your insurance portfolio, assess your risks and exposures, and ensure that you have optimal coverage.
Visit our website or call 503-659-1307 to get started today.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.