Your Business Insurance Agency
At Tatum Insurance LLC, we are committed to providing excellent insurance services to you. We will assist you to find the right business insurance coverage so that you don’t have to worry about uncertainty.
Tatum insurance will educate you about the requirements of business insurance in simple language you can understand. We can show you how to save on your monthly premiums by qualifying for discounted rates, while still being adequately covered.
Understanding Business Insurance
Whether you are venturing into business for the first time or you have an existing business, disaster could happen anytime and collapse your establishment. From small local start-ups to large international businesses, companies purchase insurance to mitigate the risk of unexpected financial loss.
Your business affects the well-being of your employees and customers in serious and costly ways. Business insurance protects you financially from consequences which may arise from day to day business transactions. Find out what the requirements for business insurance are in your state and make the right choice.
Business Insurance Coverage Types
In most states, it is mandatory for your company to have some type of business insurance like workman’s compensation. Some businesses require specialized insurance coverage depending on the underlying risk in the industry. This coverage may be bought separately, or they may be added to your policy as endorsements.
Find out from your insurer whether you need special coverage for your business or not. Business insurance coverage available for most businesses includes:
- General Liability Insurance
- Commercial Property Insurance
- Business Owner Policy (BOP)
- Professional Liability Insurance
- Workers Compensation
- Product Liability
- Commercial Auto
General Liability Insurance
General liability coverage (GL) is also called business liability insurance, or commercial general liability (CGL). GL provides coverage for expenses related to non-employee injuries that may occur at your business premises. This coverage will protect you from lawsuits which may occur while conducting business every day.
Lawsuits may arise while interacting with customers, renting property, and working with clients. General liability will also offer you financial protection in the following areas:
- Bodily Injury/Accidents On Your Property: A client may decide to sue you for a fractured arm after slipping and falling in your business premises
- Property Damage: Your landlord may sue you after a fire in your business premises destroys part of the building
- Reputation Damage: Your competitor may sue you after posting comments on social media which may harm their reputation
- Copyright Infringement: A competitor may sue you claiming your marketing and advertising materials are similar to their own
Businesses operating from commercial spaces can benefit immensely from property insurance coverage. This policy protects your company from covered perils including damages from fire, smoke, severe weather, and vandalism. The meaning of property varies, but it typically means buildings, records, equipment, money, and other tangible things rented or owned by your company.
If you do business from your home office, you can get the same coverage added to your homeowner’s policy. Property policies are different depending on your insurance provider. Ensure you get a detailed list of what is covered and what’s not from your insurer.
Professional Liability Insurance
Professional liability insurance is also called errors and omissions (E&O insurance). It is a policy meant to protect your company against negligence and malpractice lawsuits. Your company could be sued because of a service it provided to a client who in turn suffered financial loss due to the company’s mistake (errors).
A lawsuit may also be filed against your company because of failing to perform certain services (omissions). E&O insurance covers cost associated with defending your company in a court of law and certain damages you may be awarded.
Workers’ compensation is mandatory in most states. It is meant to protect you from claims of negligence arising from within your company. This policy ensures employees get medical care and compensation for the days they are unable to work due to injuries. Workers are compensated regardless of who was at fault when the accident occurred.
If there’s loss of life, workers’ compensation pays death benefits to the worker’s dependents. No two states have similar laws and regulations. Consult your insurance provider to find out what the law is in your state.
Product liability insurance is also called general liability insurance. It is typically included in the public liability insurance policy. Product liability is useful to professionals who supply various products to their clients or members of the public. This policy protects your company from claims of personal injuries or property damage caused by defective products sold or supplied by your business.
Qualifying For Discounts
There are several opportunities for you as a business owner to reduce your overall insurance premiums by targeting discounts. A critical step towards qualifying for discounts is to work closely with an independent agency. At Tatum insurance agency, we devote the time to understand your business needs and risks fully.
We will help you discover ways you can qualify for discounts and ultimately save on your monthly premiums while maintaining adequate coverage. There are steps you could follow to get discounts by improving your company’s overall safety and security. Some of these steps include the following:
- Developing workers safety training programs
- Installing security cameras and building systems for security
- Installing water sprinklers and accessible fire extinguishers
- Strengthening your company’s firewall against cyber-attacks
- Improving fraud awareness by hiring a forensic expert to train your staff on what to look out for