Business Insurance Basics

Tips for Finding Appropriate Coverage for Your Company

By Jeffrey Long, Allstate Exclusive Agent

Whether you’re a business owner, a risk manager or an executive, have a large or small business or employ five people or 500, purchasing the right insurance coverage is essential to your business plan.

Insurance companies offer a wide range of coverage that may be sold separately or combined in a package policy.  Business owners will also find an extensive array of limits and deductibles from which to choose.

Generally, many businesses need four types of protection:  general liability, workers’ compensation, property, and commercial automobile. 

General liability insurance typically helps protect companies from a wide range of liability exposure such as slip and fall accidents, defective products, dissatisfaction with the work performed by the employees of the business, libel or slander suits and legal liability that may result from advertising your business.  Another coverage worth considering is Umbrella Excess Liability Insurance, which provides liability limits above what’s already available through the company’s primary liability policy.

Property insurance helps protect the buildings and contents of the business from a covered loss.  That loss may have been the result of a fire, theft or catastrophe.

Commercial automobile insurance generally provides liability, collision and comprehensive coverage for your company’s vehicles.

Optional coverage that might be important for your business to consider may include:

• Cargo Coverage, which helps protect your cargo or inventory while in transit or during storage.

• Tool and Equipment Coverage, which helps protect your tools and equipment used in your business while on your vehicle or at the job site.

• Business Interruption Coverage, which helps protect against loss of income (for up to 12 consecutive months) resulting from a covered loss.

• Crime Insurance, which helps protect against loss from burglary, robbery, and even employee dishonesty.

Because purchasing business insurance can be a complex process, it is important to speak with an agent to help you review your current coverage and discuss your insurance options.  An agent can help you design a flexible and individualized insurance package.

Allstate Exclusive Agent Jeffrey Long can be reached at (203) 855-8444 or by visiting his office at 94 East Avenue in Norwalk, CT. For more information, you can also visit www.allstate.com.