Owning and operating a business comes with challenges that can put your business at risk. Business insurance is an easy way to receive financial protection from losses. There are several options available for business insurance coverage. What’s right for your business may vary from another, so consider speaking with a Dolan Insurance Agency agent before getting started.  

How Does Business Insurance Work?

Business insurance functions similarly to other insurance policies. In exchange for a premium, an insurer agrees to provide financial assistance after a covered cause of loss occurs. In order to receive those payments, a policyholder works through the claims process, which varies depending on the insurance company and the type and size of the claim.

What’s Included in Business Insurance? 

There are multiple different types of insurance you can have to protect your business, including: 

• General liability insurance. This policy helps cover expenses and attorney fees resulting from injuries or property damage claims for which your business may be legally responsible. General liability insurance may cover costs if an injured third party sues your business. These insurance policies typically have four coverage elements:

·        Premises liability covers you if a person not employed at your business becomes injured on your property.

·        Products liability covers you if a product or service causes injury to someone’s body or inflicts damage on a consumer’s personal property. 

·        A personal injury is when your business inflicts physical, financial or mental damage to a third party.

·        Advertisement injuries that result from alleged misinformation, copyright infringement or slander made by your business.

• Workers’ compensation helps cover medical bills or wage replacement for employees who experience a work-related injury.
• Commercial auto helps cover business-owned or -leased vehicles, as well as employees who drive company vehicles for business purposes. Commercial auto coverages may include liability, comprehensive, collision and hired and non-owned auto coverage. 
• Commercial property insurance helps you if your business experiences a loss such as a fire, explosion, burst pipe, storm or theft. The insurance compensates you for losses or damage to your building, leased or owned equipment and other property on the premises. 
• Employment practices liability insurance helps cover wrongful acts that occur during the employment process, such as claims of discrimination, wrongful termination, sexual harassment or retaliation. This coverage can also reimburse you for the costs of defending a lawsuit in court.
• Professional liability insurance, also known as errors and omissions (E&O) insurance, can help protect your business against claims that a service you provided caused a client to suffer due to a mistake or failure on your part.
• Cyber liability insurance can help protect your business from a cyber attack or interruption that can cause a loss in data, revenue or trust between you and your customers.  

Other policies and endorsements may be available. Reach out to our agents to discuss options, limits and exclusions.

What Business Insurance Do I Need?

Each business’s insurance needs are unique, and a risk assessment can help organizations identify their exposures. Our agents can also consult with you regarding your risk profile and recommend coverages based on your needs.

How to Get Business Insurance

At Dolan Insurance Agency, we are prepared to help you navigate your business insurance options to safeguard against everyday risks. Reach out to an agent to learn more about your coverage options or to get started today.