Business & Commercial Insurance
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Business & Commercial Insurance Information
Business & Commercial Insurance
Every business, from startups to industry leaders, need strong commercial insurance benefits. However, the worst thing you can do is take a hands-off approach to getting coverage. Benefits must be tailored to address your specific operational risks and liabilities, or else you might be denying yourself coverage that is critical to your own security.
Here at Sovereign Financial Group, we’re committed to helping all business owners in greater Chicago establish a strong insurance portfolio for both today and tomorrow’s needs. We’re a team of informed, compassionate and goal-oriented experts who will guide you through the steps necessary to create the best financial portfolio to create a stable and successful future for your enterprise.
To set up an appointment today, call us at (708) 713-4456 or contact us online.
Common Business Insurance Questions
What Is Business Insurance?
Running a business means taking responsibility for it and being aware of the numerous liabilities present that might adversely affect you, your employees, customers, property and bottom line.
Every business has value, and to make yours a success, you have to keep the operation on a stable financial footing. Should something go wrong, you need to have the reassurance that you will be able to recover from these incidents without a substantial financial loss. Tailored commercial insurance options can help you pay your recovery costs without having to sacrifice critical income that you rely on to keep the doors open.
What Does Business Insurance Cover?
There are countless commercial insurance options on the market, and each is designed specifically to address particular risks and liabilities present in a commercial operation. Most businesses need numerous types of coverage in order to be fully insured. These often include:
Property Insurance: If something damages physical property – such as your building or possessions - then this coverage can help you repair or replace them.
General Liability Insurance: This covers the business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident.
Commercial Auto Insurance: When the company owns vehicles, this coverage will provide the requisite physical damage, liability and other benefits to help the company afford the costs of wrecks or other vehicle hazards.
Workers Compensation Insurance: If an employee gets hurt on the job, they are often eligible for workers compensation coverage. It will provide them supplementary income during their recovery.
Errors & Omissions Insurance: Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business.
Surety Bonds:If you are contractually obligated to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.
Furthermore, numerous more specific policy options are designed to insure an operation against niche liabilities. These include:
Products/Completed Operations Liability Insurance
Cyber Liability Insurance
Umbrella Liability Insurance
Hired/Non-owned Auto Liability Coverage
Equipment Breakdown Insurance
Ask our agents about the ways you can design your policy portfolio so that it’s perfect for you. We will help you choose the policy limits, specialty endorsements and deductibles that will ensure that you receive optimized protection.
What Business Insurance Is Best For Me?
Most businesses are required by law to carry several types of commercial insurance, depending on their operating liabilities. Commonly required coverage includes:
Additionally, industry-specific requirements for coverage might also exist. For example, dining establishments that serve alcohol will need liquor liability insurance, while contractors will need builder’s risk insurance.
If you are a small business owner who is looking for the best way to start your business insurance portfolio, then consider investing in a business owners policy (BOP). These are packages of coverage that offer essential benefits—property, general liability and business interruption—in one package. You can expand your plan in the best ways to offer you perfected coverage.