As a business owner, you know how important it is to have a plan of action. When you choose a business insurance policy, you’re securing your livelihood and making a plan for when the unexpected occurs. Any business with one or more employees must carry business insurance to operate Louisville, KY. The team at Daniel Fabulic Agency is here to help you explore different types of coverage for your company, so you can protect your business in the event of an accident or unexpected event. Contact us to schedule a consultation or get a free quote.
Types of Business Insurance
There are many types of coverage that we can incorporate in your business insurance policy. Our qualified agents will help you determine what type of insurance and coverage levels you need based on the products or service you provide, the number of employees you have, and the types of property and vehicles you use. These are common divisions of business insurance:
- Property Insurance – Property insurance covers damage to any property your business owns or rents. This includes physical structures, like buildings, as well as any equipment or product that you own that is damaged in an accident. You’ll want property insurance if you have an office space, storefront, warehouse, factory, or you produce goods of any sort.
- Liability Insurance – Just as liability coverage for your car pays out to cover the cost of damages to another person’s car, business liability covers you if someone is injured or their property is damaged as a result of your business or employees. Liability insurance also protects you if you’re sued by someone who was injured.
- Workers’ Compensation Insurance – Workers’ comp, as it’s known for short, provides financial support for an employee who is hurt on the job or from a work-related injury. You’re required to carry workers’ compensation insurance, and your employees are not allowed to contribute to it. If an employee is injured on the job or falls ill because of a work-related incident, workers’ comp comes through to cover the cost of medical care, as well as wages your employee may have lost resulting from the injury. It also protects you from lawsuits against employees who are hurt in a work-related accident.
- Commercial Auto and Trucking Insurance – if your company uses any type of vehicles on the job – even for minor tasks like running errands – you’ll need commercial auto insurance. Depending on the type of policy you choose, commercial auto can cover the cost of repairs to a vehicle damaged on the job and the medical care for an employee who is hurt using the vehicle. Commercial liability auto insurance protects you financially if a work vehicle causes damage to someone else’s property or causes him or her injury.
- Umbrella Insurance – Umbrella insurance is a catch-all type of extra coverage you can purchase to cover anything that may not be covered by other types of commercial insurance. It can also help with any costs that exceed your coverage limits for other parts of your policy. It can cover miscellaneous costs associated with a claim. If you have the extra money to contribute to umbrella insurance, we strongly suggest it.
Protection and Peace of Mind
At Daniel Fabulic Agency, we serve clients Louisville and nearby Kentucky cities. We offer free quotes and would love to answer any questions you have about business insurance. We can find you a policy with a great premium and the right level of coverage for your unique needs.