What Is Business Insurance?
Business insurance is a broad term used to describe various policy options designed help manage a business’s risk and protect them from financial loss. Every commercial operation is unique and needs a commercial insurance policy tailored to their business. In order to obtain the best program and ensure that your assets are properly covered, be prepared to provide information such as gross revenues, payroll, number of employees, detailed operations information and loss history. All of these factors help in identifying specific coverage to mitigate risk and protect your company’s bottom line.


How Does Business Insurance Work?
Business Insurance is a contract between the insurance company and the insured. The insurance company agrees to share the business risk with the insured in exchange for premium payments. In the event of a covered loss, the insurance company pays for the financial losses the insured incurs up to the limit of the policy after the deductible amount is paid to the insurance company.
At the time of a covered loss, the insured can file a claim with the insurance company. If a fire destroys a portion of the business premises, for example, the company will file a claim against the property insurance policy. An adjuster will assess the damage and process the claim on behalf of the insurance company. The insured will then receive the appropriate amount of compensation for the loss.
There are many different scenarios with regard to business risk and how insurance claims are filed and processed. Please be sure to discuss any potential claims or scenarios with your insurance agent in order to understand how the claims process will be handled and what to expect. 

How Much Is Business Insurance?
The cost of business insurance varies and is dependent on a number of things including type of business, coverages selected, revenues, employees and claims history.
The cost of business insurance can be controlled with effective risk mitigation practices. An independent insurance agent like Tyler Betts at Energy Insurance Agency can provide added benefits such as loss control services, HR services, employee manuals and safety programs. 

I am located in a flood zone. Does Business Insurance Cover Flood Damage?
In order for your business insurance to cover property damage due to flood, your company must carry a separate flood insurance policy. The typical commercial property insurance policy may cover specific water damage situations but will always exclude flood.

What type of insurance do I need for a contracting business?
Depending upon who you work for, what jobs you perform, and how many employees you have, contractors may need some or all of the following types of insurance: Workers Compensation, General Liability, Commercial Automobile, Property Insurance, Equipment, Bonding, Employment Practices Liability Insurance and more. Contact Tyler to help you determine what coverages you need to protect your business.

How can I get a certificate of insurance sent to someone who is requesting it?
Once we furnish you with a policy, you will also be assigned a designated Account Representative that will handle the day-to-day requests of your business. In addition to processing certificates of insurance, they can also make policy changes, send auto ID cards and turn in claims on your behalf to the insurance company.