Posts made in January 2021

As with any investment, running a small business involves taking risks. While you can anticipate operating costs, revenue, and how they will factor into your daily operations, some things cannot be planned. It is nearly impossible to predict when you might lose key personnel, suffer a data breach, or be on the receiving end of a personal injury lawsuit, for instance.

Fortunately, you have ways to prepare for the unexpected. Your insurance agent in Peoria, AZ, will recommend that you take out a policy that will meet your needs. This post describes some of the most common risks small businesses may face. Most insurance policies have provisions for covering them.

Property Damage

Damage to your store, warehouse, or office can impede your ability to work. Acts of vandalism, damage due to severe weather, and accidents can negatively impact your property–including your inventory and equipment. Your insurance agent might recommend commercial property insurance to guard against incidents like these.

Liability

Despite your best efforts to keep your place of business a safe place to work, the simple fact of the matter is that accidents do happen. If someone gets hurt on the premises, then you might already be in the crosshairs of a lawsuit. Liability is the act of being held legally responsible for something that occurs at your place of business, and it can also include the failure to fulfill a contractual obligation. Liability insurance can protect the company and its employees.

Other risks can include cyber-attacks, data breaches, and commercial auto accidents. Your insurance agent can help you build robust coverage that will protect your enterprise and peace of mind. Contact your agent today and request a consultation.

When it comes to commercial insurance in Peoria, AZ, it might feel like you don’t have enough–or have a little too much. Instead of operating with a coverage gap, why not modify your policy to get what you need? You can strengthen your insurance by getting an endorsement. Here’s how.

What Is an Endorsement?

Don’t worry: you won’t have to make a deal with a social media influencer or celebrity. For insurance products, an endorsement (also known as a rider) is an item that you can put into your existing policy to change it in a meaningful way.

Endorsements will customize your policy to better suit your needs. Even better, they allow you to get more robust coverage without taking out an entirely new policy, saving you money in the process.

How Do Endorsements Work?

Two of the most common ways to use a rider are adding coverage to an existing policy or removing something you do not need. For example, you might want to add an endorsement to your existing commercial insurance to protect key personnel, an entity, or a specific event that is not covered or explicitly addressed.

You may also add an endorsement to remove coverage. Let’s say that your current business property insurance protects against flooding due to a natural disaster. If your location does not get a lot of rain or is not near a river, then you would be spending money for something you will never feasibly need. An endorsement can strike flooding protection from your policy, which might also lower your premiums.

Your commercial insurance agent can help you set up endorsements for your policy. Request a consultation today to discuss your options.