Although thinking about unfortunate circumstances may not be enjoyable, planning ahead and being prepared is critical for your business’s financial security. Certain accidents, incidents and other unexpected situations may be inevitable regardless of how responsible or diligent you are in mitigating risks. With this in mind, commercial insurance should be a top priority. 

What Does Commercial Insurance Cover? 

Also known as business insurance, the various safeguards that make up your company’s coverage portfolio are integral to protecting its fiscal stability. Business insurance policies may be available as prearranged packages from some insurance companies; however, you may also need to compile several types of coverage to ensure comprehensive loss control measures. 

Every business’s insurance needs are at least somewhat unique, but in many cases the following coverages may be applicable for most companies: 

• Commercial property insurance may help pay for losses involving your organization’s buildings, equipment, inventory and other tangible assets.
• General liability insurance may financially protect you from third-party losses for which you are responsible, such as bodily injuries and property damage.
• Workers’ compensation insurance is legally required for many employers and may render financial aid to employees who have been injured on the job or developed a work-related illness.
• Errors and omissions insurance may provide financial protection if a client or customer sues your business for incorrect, inadequate, negligent or late professional services or advice.
• Business interruption insurance may compensate your company for ongoing expenses and losses if its normal operations are delayed or disrupted. 

Depending on your business’s operations, you also require additional coverage. For example, commercial auto insurance is likely needed if you use motor vehicles. A qualified insurance professional, such as those at Metro One Insurance Agency, can help you identify exact coverage needs. 

How Much Does Commercial Insurance Cost? 

It should be no surprise that commercial insurance rates can vary significantly, given how unique companies’ coverage needs may be. That’s why, before quoting you a rate for adequate coverage, insurance companies must consider many factors, such as the following: 

• Industry
• Location
• Workforce size
• Assets and revenue
• Claims history
• Coverage details (e.g., endorsements, coverage limits and deductibles) 

Learn More 

At Metro One Insurance Agency, we have over 20 years of experience serving businesses in the Oklahoma City area. Our agents have the knowledge and resources to procure policies tailored to your needs, such as small business insurance. Contact us today to learn more or to get a personalized commercial insurance quote.