What is Business Insurance?
Business insurance needs vary from industry to industry and company to company, which is why they can be complicated. We are here to understand your operations and then put together an insurance package that’s as unique as your business. Being an independent insurance agency with several options to quote, we can help businesses of every size and industry.
Types of Business Insurance
General Liability Insurance: Covers you against lawsuits of bodily injury, advertising injury, products & completed operations, and more.
Commercial Property Insurance: Covers your building, signage, and business personal property.
Workers Compensation Insurance: Covers medical expenses and lost wages if an employee is hurt or becomes ill in the course of their work.
Commercial Auto Insurance: Covers vehicles used in the business.
Directors & Officers Insurance: Covers board members against claims of wrongful acts in their capacity as a member of the board.
Business Owner Policy (BOP): Package policy comprising several policy types to more thoroughly cover the business.
Errors & Omissions Insurance: Covers against claims of professional errors.
Commercial Umbrella Insurance: Provides additional liability coverage above and beyond your general liability, commercial auto, and other underlying policy limits.
There are numerous factors that can impact your business insurance costs, including the policy types you are considering and your business operations. Here are some of the most common factors that can affect the price of your policies:
- Type of business or Industry: Different professions carry different levels of relative risk.
- Number of employees: The cost of your insurance will depend on whether you are a sole proprietor or have numerous employees. Workers’ compensation insurance, in particular, is affected by your payroll, the number of employees, and the type of work or business.
- Claim history: Insurance companies use certain metrics to determine a company’s level of risk, and an agency will likely ask for your insurance loss runs if you are applying for a new policy. One way to keep your claims to a minimum is to make sure that employees are properly and continually trained on safety protocols specific to your workplace.
- Risk: While the type of business that you are in is the biggest determinant of risk, there might be other factors besides the level of risk for your employees. For example, if your company has a location that is frequented by the public, there might be risks associated with walkways, parking lots, or other issues with the physical premises that you might not have if your business isn’t frequented much by the public.
Your business should have a general liability policy to protect you because accidents do happen. You also may need the following:
- Building insurance if you own your building
- Business personal property insurance to cover your equipment, tools, furniture, and inventory
- Workers compensation insurance to protect your employees
- Business automobile insurance if your business owns vehicles
General liability insurance provides insurance protection for a company’s assets, financial obligations, legal defense, and any settlements or judgments awarded to an injured party. It may also include claims for copyright infringement, false or misleading advertising, or libel and slander. If a patron is injured in some way in the course of doing business with your company, your general liability insurance will provide coverage to protect you.
BOP stands for Business Owners Policy and is often appropriate for small to medium-sized businesses, usually covering property, casualty, liability, and business interruption coverage. A business is likely to pay less expensive premiums with a package deal instead of having separate policies.
Jeff Johnson Insurance Agency is an independent insurance agency, which allows us to quote a number of different companies to find you the best fit and the best price for your insurance needs. Benefits of working with us as independent agents include:
- Save time – we do the leg work for you to quote numerous options
- Offer choices – we aren’t a captive agency and limited to representing one company
- Offer Expert, Unbiased advice – we can quote numerous companies to find you the best fit and are not biased to steer you to a single company
- Save money – with so many options to quote, we can find you the best value for your money
- Forge a long term relationship – if your company loses its competitiveness over the years, we can requote you with all of our other options and keep you as a customer as your agent
Jeff Johnson Insurance Agency is affiliated with Atlas Insurance Brokers, LLC, which is based out of Rochester, Minnesota. Atlas provides services for over 100 agencies throughout Minnesota and Iowa. The affiliation gives our Agency greater flexibility and a number of options to provide you the most cost-effective and comprehensive insurance packages and provide you with the best fit for your needs.
If you have an accident or claim you can contact Jeff or Dan at Jeff Johnson Insurance Agency and they can assist you through the process or you can contact the company you are insured with using their 800 contact information on our Customer Service page.