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Business Insurance in Westmont, IL

Even the most diligent and experienced businesses may eventually be involved in accidents or commit errors. Given this potential, your organization should prioritize assessing and addressing potential risks and exposures. Sufficient loss control measures, including an adequate insurance portfolio, may be critical in the aftermath of an incident. If you lack coverage, even a single event could have dire ramifications for your organization’s finances and future.

How Does Business Insurance Work?

Business insurance can cast a crucial safety net across many common risks and exposures that may transcend industry lines or company size. Although some insurance companies may provide prearranged combinations of coverages for businesses, your organization may need to compile its own portfolio composed of several separate policies to ensure adequate financial security. Regardless of how you assemble and maintain your business insurance package, doing so can help your company access critical financial assistance in response to incidents that might otherwise incur significant losses.

What Does Business Insurance Cover?

Your business’s unique insurance needs may vary significantly based on many factors. Still, several coverages are typically advisable for most organizations. When putting together your business insurance portfolio, consider the following:

  • General liability insurance—This coverage may insulate your organization from the financial losses of third parties for which you were responsible, including those arising from bodily injuries, property damage or personal and advertising injuries (e.g., slander, libel, false advertising, unintentional copyright infringement).
  • Commercial property insurance—This coverage may help compensate your organization for incidents affecting its physical assets, including buildings, equipment, tools, inventory and furniture.
  • Business interruption insurance—This coverage may help your organization recoup financial losses and pay for expenses arising from a disruption of its normal operations. This may include aid for rent, lost income and payroll.
  • Workers’ compensation insurance—This coverage may provide financial assistance following work-related injuries or illnesses by helping to pay for employees’ medical expenses, disability benefits and lost income, and your organization’s legal costs.
  • Employment practices liability insurance—This coverage may render financial aid if a current, former or prospective employee sues your organization alleging improper workplace practices, such as harassment, discrimination or wrongful termination.

Additional coverages may be required to ensure your business insurance portfolio is adequate. Consider all aspects of your organization’s operations and the accompanying risks and exposures. For example, if you provide professional services or guidance, you should prioritize errors and omissions insurance. Similarly, commercial auto and cyber liability coverage may be advisable if you own motor vehicles or handle sensitive data. Discuss your insurance needs with your agent, who can help determine appropriate coverage.

What Business Insurance Is Required by Law?

In addition to providing essential loss control protection, some types of insurance may be mandated by law. Although these requirements may vary significantly depending on your circumstances, operations and location, you should ensure you fulfill any legal obligations. For example, commercial auto liability coverage is typically required if you own and operate motor vehicles. Similarly, most states have laws requiring workers’ compensation insurance for certain businesses. Failing to adhere to these requirements could lead to significant financial penalties.

How Much Business Insurance Do I Need?

The insurance needs of your organization may vary significantly. Depending on your unique circumstances, you may be beholden to various laws. Furthermore, your operations may include many different risks, perils and exposures. When purchasing business insurance, it’s essential to realize that having policies in place does not guarantee adequate financial protection. Instead, you must also consider the details of your coverage, such as by ensuring sufficient policy limits and including necessary endorsements.

The dedicated staff at TW Group are here to help. With over 75 years of experience addressing the insurance needs of businesses, families and individuals, our agents are well-equipped to help you assemble a comprehensive coverage portfolio. Contact us today to get started.