Your Business – Your Dream – Protect It!
Have you been going in circles trying to decipher Chesterfield MO Business Insurance? Not quite sure if you have the right business insurance protection? Chesterfield MO Business Insurance encompasses all the different types of coverage available to protect business owners from losses. Through business o rcommercial insurance as it is often called, you can cover your property and business vehicles, insure against legal claims against the business with liability or workers compensation coverages, and also provide health insurance for your employees, among other things. Alternatives Insurance® of Chesterfield will breakdown the facts and provide you the resources you need to understand business insurance and help you make the best choice, for the best price.
Even if you don’t think your business has enough assets to be sued, or if you believe because your business in incorporated, you’re shielded from personal liability through the so-called “corporate veil,” you still need business insurance. Nowadays, people sue at the drop of a hat! Unfortunately, anyone can be sued and assets can be compromised. Judgments can be collected through wage garnishments and bank account seizures, and even corporate veils can be pierced under certain circumstances; indeed, the smaller your business is, the more likely that you can be held personally liable for debts through your personal assets.
Your business needs comercial insurance because of the many risks and potential threats to its successful and continued operation. As a business owner, you want to have the confidence that the business you’ve built is covered in the event of loss. Partnering with Alternatives Insurance® of Chesterfield to handle your business insurance coverage needs can keep you focused on your business. Alternatives Insurance® of Chesterfield offers several options for business owner’s protection, and we can tailor your Chesterfield MO Business Insurance policies to help protect you and your venture as much as possible.
Business Owners Policy (BOP) is often appropriate for small to medium-sized businesses, usually includes property, casualty, liability, and business interruption coverage; you’re likely to pay less expensive premiums with a package deal instead of buying the policies separately. Other choices are the home office policy, which combines homeowner’s and business insurance, and a “business pursuits” endorsement to your homeowner’s policy, which provides the least protection. Other business insurance needs may also include worker’s compensation, commercial auto insurance, errors and omissions, builder’s risk, cargo, vacant property, bonds and special events.
Keep in mind, if your business services include counseling clients on legal, tax or other advisory topics, a BOP does not cover professional liability, auto insurance, workers’ compensation, health or disability insurance – all of which need to be purchased separately. Other businesses may have particular risks that will require more customized coverage than what’s included in a standard BOP. For example, a jewelry store has different risks that a home-based business.
If we determine your business does not qualify for a BOP, we will consider Commercial Package Insurance Policy (CPP) options. CPPs can be issued to include almost any type of coverage offered, from property and liability to auto, crime, inland marine and professional liability. When your business risks goes beyond the coverages in a BOP, the flexibility offered by a Packaged Policy provides the opportunity to design a policy specifically to meet the needs of your business.
Most Commercial Package Insurance Policies offer expanded coverage endorsements. These endorsements provide additional coverages or increase the base current coverages for lower premiums than purchasing each coverage separately. We know this all sounds so confusing, this is why we encourage you to contact one of our licensed agents to discuss your options.
During your business review with one of our professional agents, we will go through your insurance requirements step by step. After we have determined whether you will be better insured by a Business Owner Policy or a Commercial Package Insurance policy – we’ll then review your property.
Property insurance coverage protects small business owners from losses to physical property space or equipment. For insurance purposes, a business property includes the physical building in which other property, such as tools and equipment may reside. With property insurance, you can buy either actual cash value or replacement cost insurance. Actual cash value insurance reimburses you for the value of lost, damaged or stolen goods after depreciation is taken into consideration. Replacement cost insurance reimburses you the amount it would take to replace, rebuild or repair damages with materials of similar kind and quality, without deducting for depreciation.
All of the following, owned or leased, can be considered business property:
- Business Inventory
- Furniture and Equipment
- Computers and Electronics
- Artwork and Antiques
- Signs and Outdoor Property Not Attached to a Building
There are three types of property insurance plans described below:
- Basic – includes losses resulting from a fire, lightning, windstorm, hail and explosion, plus the cost of removing property to protect it from further damage.
- Broad – includes basic plus extended coverage for other types of perils, such as a roof collapse (e.g. caused by snow or ice etc.
- Special – includes basic and broad, and covers all direct physical losses except for losses specifically excluded as listed in the policy.
Commercial Auto Insurance covers delivery trucks, fleet vehicles (limousines), and company provided cars, to name a few. All motorized vehicles, whether used for personal or business purposes, need auto insurance. While the types of coverage provided by personal and commercial auto insurance policies are essentially the same, there are important distinctions. Typically, commercial auto insurance policies have higher liability limits. They also may have provisions that cover rented and other non-owned vehicles, including employees’ cars driven for company business.
Several factors related to ownership and use of vehicles determine whether a personal or commercial policy is appropriate. We will determine who owns or leases the vehicle, who drives the vehicle and how the vehicle is principally used. We will discuss these matters with you and make the best decision based off of your needs for collision and comprehensive coverage to protect yourself against damage to your vehicles.
Contact one of our professional agents today to schedule a meeting to discuss your options. We will work with you to identify the insurance and financial services that are right for your business.