Business & Commercial Insurance

Preparing for the unexpected is an integral part of ensuring your business operates as smoothly as possible. While mishaps and errors may not be ideal, most can be manageable as long as you have adequate loss control measures in place. With that in mind, your organization should prioritize acquiring and maintaining a robust insurance portfolio. 

What Is Business Insurance? 
Business insurance generally does not refer to a single type of coverage. Instead, business insurance usually entails various policies that can create a diverse collection of financial protection. 

Although specific insurance needs may vary according to your organization’s unique circumstances, in most cases, the following coverages are needed: 

• General liability insurance—If a third party is affected by an incident caused by your operations or that occurred on your premises, this coverage can help pay for their losses. This type of insurance may include coverage for the following:
  • Medical costs
  • Lost or reduced income
  • Damaged property
  • Legal costs arising from lawsuits
• Business interruption insurance—This coverage, also known as business income insurance, can provide financial assistance if your company is forced to pause or alter its normal operations temporarily due to a covered event. This may include aid for the following:
  • Rent
  • Mortgage payments
  • Payroll
  • Lost income
  • Tax payments
  • Loan payments
• Commercial property insurance—This coverage can help pay for losses and damages related to physical property and possessions used to operate your business, such as the following:
  • Structures
  • Equipment
  • Furniture
  • Inventory
  • Signage
  • Landscaping
• Workers’ compensation insurance—This coverage, which is legally required for most employers in the state of Rhode Island, can help pay for the losses and expenses of your workers if they are injured on the job or develop a work-related illness. Covered costs usually include the following:
  • Medical treatment
  • Lost or reduced wages
  • Disability benefits
  • Death benefits
  • Legal costs arising from lawsuits 
• Cyber liability insurance—By including this type of coverage in your insurance portfolio, you can access funds to manage the aftermath of a data breach or other cyber incident. These policies may include financial assistance for the following:
  • Notifying affected parties
  • Restoring or repairing compromised equipment
  • Investigating the incident
  • Ransomware payments
  • Legal costs (e.g., fines, representation, settlements, judgments) 

You should also conduct a comprehensive analysis of your risks and exposures to ensure additional policies fill any coverage gaps. Depending on your operations and circumstances, the following may also be advisable: 

• Commercial auto insurance—This coverage can provide financial protection if your business owns motor vehicles.
• Professional liability insurance—This coverage, also known as errors and omissions (E&O) insurance, can insulate you from losses if a client or customer alleges that you provided incorrect, inadequate, negligent or incomplete services.
• Product liability insurance—If your business sells, manufactures or distributes goods, this coverage can protect you financially if a defective product injures someone or causes property damage.
• Employment practices liability insurance—This coverage provides financial assistance if a former, current or prospective employee accuses you of improper workplace practices, such as discrimination, sexual harassment or wrongful termination.
• Commercial umbrella insurance—By including this form of secondary insurance coverage in your portfolio, you can access additional financial assistance if the liability limits of your other policies are exhausted. 

How Much Does Business Insurance Cost? 
Like most types of insurance, the policies that make up your business insurance portfolio may vary in cost depending on your business’s unique circumstances. In most cases, insurance companies consider the following criteria: 

• Industry
• Location
• Number of employees
• Assets
• Revenue
• Policy details (e.g., types of coverage, policy limits, deductibles)
• Prior claims 

Get the Right Coverage 
The experts at Podmaska Insurance Agency have over 40 years of experience helping individuals, families and businesses in the Providence area assess and address their coverage needs. We will work with you to craft optimal insurance policies suitable to your unique needs. Contact us today to get started.   

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