Business Insurance in Cranston, RI
Accidents and errors at your company may be inevitable regardless of how experienced, diligent and careful your workers are. With that in mind, your business must prioritize robust loss control measures, including acquiring an adequate insurance portfolio.
How Does Business Insurance Work?
As a business leader, you should understand that business insurance generally does not refer to a single policy. Rather, business insurance, or commercial insurance, is often composed of several coverages. When woven together, this collection of policies can provide a diverse safety net capable of protecting your business financially in the aftermath of an incident from which losses are accrued. Your organization should work with a qualified insurance professional to assess risks and exposures and compile a suitable insurance portfolio.
What Does Business Insurance Cover?
Although the specific insurance needs of businesses may vary significantly, several types of insurance may be invaluable investments for most organizations. In general, most business insurance portfolios should include the following coverages:
General liability insurance—If your company is responsible for third-party losses, such as those arising from bodily injury or property damage, this coverage can help pay for the following:
- Medical bills
- Lost or reduced wages
- Repairing or replacing damaged property
- Legal costs arising from lawsuits
Business property insurance—This coverage, also known as commercial property insurance, can financially protect the following:
- Buildings
- Electronics
- Equipment
- Furniture
- Inventory
- Signage
Business interruption insurance—If a covered event forces your company to pause or alter its normal operations temporarily, this coverage can help pay for the following:
- Lost income
- Rent/mortgage payments
- Employee payroll
- Tax/loan payments
Workers’ compensation insurance—This coverage can help pay for losses and expenses arising from employees’ workplace injuries or illnesses and provide other benefits, such as the following:
- Medical treatment
- Lost or reduced wages
- Vocational rehabilitation
- Disability benefits
- Death benefits
- Employer legal costs
While the aforementioned coverages may form a reliable core of most organizations’ insurance packages, your company must also thoroughly assess its operations and circumstances to determine additional coverage needs. It may be necessary to augment your business insurance with the following:
- Commercial auto insurance—This coverage can provide financial assistance in the wake of incidents involving your business’s motor vehicles.
- Cyber liability insurance—This coverage may help cover losses arising from cyber security incidents.
- Professional liability insurance—This coverage can protect your business if a third party accuses you of providing inadequate, incomplete, negligent or late services.
- Employment practices liability insurance—This coverage can help pay for legal costs arising from accusations of improper workplace practices, such as discrimination, harassment and wrongful termination.
- Commercial umbrella insurance—This coverage acts as a secondary form of insurance and can provide additional coverage if the liability portion of other policies is exhausted.
How Much Does Business Insurance Cost?
Like most types of insurance, the cost of an adequate business insurance portfolio may vary significantly. Before providing your company with an accurate quote for coverage, insurance companies must consider the following factors:
- Industry
- Location
- Number of employees
- Assets and revenue
- Prior claims
- Portfolio details (e.g., coverages needed, policy limits, deductibles)
Get the Right Coverage
We’re here to help. At Gaulin Insurance, our dedicated agents have the knowledge and experience to help your business assess and address its coverage needs. Visit our website or call 401-781-4010 to get started today.