Author: ISU-ARMAC

Do You Need Vacant Land Insurance?

People own vacant land for a variety of reasons. Your property might be empty until you can get planning permission, or you might keep the land vacant for recreational purposes. If you believe that members of the public regularly spend time on your land, you should look into vacant land insurance. This can protect you in case someone gets hurt or their property gets damaged.

Lawsuits related to personal injury can be extremely expensive, especially if the victim can’t go to work or has to spend time in hospital due to the accident. Vacant land liability insurance can cover you for $1 million or more and therefore protect your financial future. Read on to find out whether you need to purchase a policy and what kinds of damage it covers.

Do You Need Vacant Land Insurance? 

Insurance for vacant land is designed to protect the owner from lawsuits. If someone gets injured or their property, they might sue you and ask for compensation. This can cost you a six or even seven-figure amount, particularly if their injuries are extensive and they need ongoing medical assistance as a result of the incident.

While property owners in most areas aren’t required to get insurance, it can be a good way of protecting yourself and your investment. When determining whether you need this kind of insurance, you should think about who might visit the land and what elements are on it. For example, if there is a body of water, or if the terrain is very uneven, the risk is higher.

What Is Considered Vacant Land?

When you think about the term “vacant land,” a plot that is not currently being used might come to mind. It could be a piece of land you’ve purchased and are hoping to develop in the future, which isn’t currently occupied. In this case, you might not expect anyone to spend time on your property.

However, that’s not the only space that is considered vacant land. The word can also describe plots that are in constant use, such as a field used for farming or a piece of land that includes a shared access road. You should always get insurance if you believe that people are likely to spend time on your land. This could be the case if the property is in a city or if it is a beautiful spot, such as a woodland or a forest, which members of the public are likely to visit.

What Does Insurance Cover? 

Every policy is different, and you should speak to your insurance agent to find out what kinds of risks are common in your area and what type of cover you should purchase. Most vacant land liability policies protect you when another person gets hurt on your property, so they pay for the medical bills related to the incident and the injured person’s lost wages during their recovery time.

In some cases, the victim will also claim that they need compensation for their pain and suffering. This may be covered. If the person passed away, the insurance company will pay their relatives, who are also entitled to make a claim. No matter how severe the accident, you should always get a lawyer involved. Most insurance policies will cover legal costs as well as compensation.

What Is Not Covered by Insurance? 

While any accidental injuries are covered, your insurance won’t pay out if you harmed someone on purpose. This is true even if the people who are on your land are trespassers. Similarly, anyone working on your property isn’t covered, so you’ll need to get a specific policy if you’re having work completed on the land. Finally, the insurance policy is unlikely to cover you, your spouse, and your dependents.

Frequently Asked Insurance Questions 

Now you understand what vacant land liability insurance is, you might have some additional questions. Anyone considering taking out a policy should speak to an insurance expert, who can help them evaluate their individual situation and compare various options. Since not every area is the same, the availability and cost of policies might vary significantly, and it can be hard to find a good deal in certain locations.

How Much Is Vacant Land Liability Insurance? 

Most policies that insure vacant land aren’t very expensive because the risk of property damage and personal injuries is often relatively low. Unless there are dangerous elements like bodies of water on the property, you might be able to get a policy that costs you around $15-30 per month. Even if you have a very large piece of land, it’s unlikely that insurance will cost you more than $100 per month.

In return for this fee, you get the reassurance that you won’t have to pay should something happen. Many policies offer cover for $1-2 million, which should be plenty even if the accident is severe or the person passes away. If you’re not sure how much insurance to get, you should speak to an agent, who can analyze your situation and help you choose the most suitable policy.

What Determines the Cost of My Policy? 

Various factors affect the cost of vacant land insurance. Remember, insurance companies are looking to make a profit and minimize their risk, so they will charge you more if they believe that an accident is likely. You might have to pay a higher fee if your land is large and there are natural structures that could endanger people. Most insurers will also ask you to pay more if the land is located in a populated area, where many people might have access to it.

It’s important to consider that you won’t be able to get vacant land liability insurance on any land that still has structures on it. In this case, you’ll have to get a different kind of insurance for your property, most likely home insurance, which is more expensive. This is true even if the buildings are ruined and not currently in use.  

Do I Need Insurance If I Expect Trespassers? 

While you are always responsible for people who visit your property legally, those who are trespassing are technically not your responsibility because they are acting against the law. Therefore, you might not need to get insurance if the piece of land is not accessible to the public and you have also made it clear that entering the land is trespassing. Unfortunately, there are some exceptions that could affect your rights and responsibilities.

For instance, you might be held responsible if you know that people regularly cross your land to get to a destination, such as a bus stop or a school. In such a case, you’re not allowed to put people in danger, even if you’ve put up “no trespassing” signs. You might be able to put up barriers and even involve law enforcement to get people to stop accessing your land, but you can’t allow anyone to be put in a dangerous situation.  

How Can I Find the Best Policy in My Area?

Finding a good liability insurance policy can be a challenge because there are various providers that offer slightly different types of cover. The best way to find suitable insurance is to speak to an agency like ISU Armac. Using the most up-to-date software, we can quickly compile various quotes, so you don’t risk missing out on a policy that could be right for you.

What’s more, our experienced staff can help you consider factors such as your risk level and the kinds of risks you’re likely to encounter. Together with your agent, you can determine which policy best suits your needs and then access it at a low price. Since there are often introductory offers, you might pay less than average in your first year.

How Can I Minimize the Cost of Insurance? 

There are several ways to reduce the total cost of vacant land liability insurance. While this type of policy isn’t usually expensive, it can be costly if your piece of land is large or if it’s considered risky. To lower the chance of a problem, you should put up “no trespassing” signs and, if necessary, fence off your property, so it becomes more difficult for people to access your land. Additionally, you can anticipate potential issues and remove the source of the problem.

For example, holes in the ground should be filled in, since they can easily cause accidents. The less risky your property is, the less you will have to pay the insurance company. Another great way of reducing your insurance cost is to check in with your agent once a year to see whether you can switch to a cheaper policy. The insurance market changes constantly, so you should always keep a lookout for better options.

Just because a property doesn’t currently have any structures on it doesn’t mean you can skip insurance. Vacant land insurance is designed to protect you from lawsuits related to personal injuries and property damage. If you know that other people access your land on a regular basis, you shouldn’t delay getting in touch with an experienced insurance agency. Contact us now at ISU Armac to find out how you can find the best policy.

10 Factors to Consider When Getting Life Insurance

In the US, just over half of the population has life insurance, but not everyone who has taken out a policy is optimally covered. Before you sign up, you should consider a wide variety of factors and speak to an insurance agent. A professional will help you determine whether you need to get insurance, who your beneficiaries should be, what risks and lifestyle choices affect the cost of your insurance, and what kind of policy is best for you.

They can also provide you with a wide variety of quotes so you can select an appropriate insurance company, and they will help you fill out all the necessary forms. In some cases, the amount of insurance you need increases or decreases as you grow older, but there are policies that cater to these fluctuations. Read on to find out what you should consider when getting insurance.

10 Factors to Consider When Getting Life Insurance

1. Do You Need Insurance? 

Not everybody needs to get insured to the same degree, so you should consider various factors before you sign up to a policy. The most important is whether you have any dependents who would suffer if you no longer provided them with financial support. Most commonly, dependents are children, but this doesn’t have to be the case. If you and your partner have bought a house together and your partner’s income isn’t enough to pay the mortgage, they are also your dependent. 

Someone who doesn’t have anyone relying on their income, such as a single person with no close relatives, might not need to get much insurance. However, anyone who has loved ones that need their support should take out a policy. Similarly, you should get covered if you would like to continue subsidizing a charity, church, or individual after you pass away, or if you know you will not have enough liquid funds to cover your own funeral and don’t want your extended family to be responsible to do so.

2. Choosing Your Beneficiary

You will have to choose your beneficiary before you can put together a suitable policy. Typically, this is a close family member such as a child, a spouse, or an elderly parent, but your beneficiary can be anyone, whether they are related to you or not. In some cases, people leave their money to a charitable organization, a close friend, or a trust.

While some have just one beneficiary, others have multiple people relying on them. If you are currently supporting several others, you should consider how much money each beneficiary needs and for how long. For instance, if you have several children, the younger ones are likely to require more assistance than the older ones, who might have already gone through school and started their college education.

3. Your Risks and Lifestyle Choices 

People who lead a healthy life and don’t participate in any risky activities are much less likely to pass away early, but that doesn’t mean they shouldn’t take out an insurance policy. In fact, healthy individuals will have an easier time finding a good deal because they are less of a risk for the insurance company. By quitting smoking, achieving a healthy weight, and avoiding dangerous behaviors, you can decrease your premiums significantly.

Some people, such as firefighters or construction workers, are more at risk of becoming disabled or passing away due to their job. While you can’t do anything about this, you should look into getting insurance at a younger age if you work in a risky environment. That way, your family is taken care of, no matter what happens.

4. The Best Kinds of Policies

There are various kinds of policies available, and not all of them will suit you. The best way to find out what your options are and to select a suitable deal is to speak to an experienced insurance agent. The two basic types of policies are term insurance and whole life insurance. The former ends after a specific amount of time, such as five, ten, fifteen, or twenty years. It is a great option for people who want to be covered until they achieve retirement. 

The latter covers you for the rest of your life, so your beneficiaries will get paid no matter when you pass away. This is a more expensive type of cover, but it can act like a savings account for your dependents. There are also other policies that cover specific items. For instance, mortgage insurance covers the remaining cost of your mortgage if you pass away before it is paid off, and funeral insurance covers your end-of-life costs.

5. How Much Coverage You Need 

Once you’ve determined what kind of coverage you need, you have to think about the amount of money you would like your beneficiaries to receive. You should consider various factors, including the amount your spouse or children would have to spend on the mortgage, any remaining education costs, the regular cost of living, and potential future medical needs. 

Most people underestimate the amount of cover they need, so it could be worth speaking to an expert before deciding on an amount. Since future expenses are somewhat variable and subject to change, it can be helpful to add a certain percentage to the expected total to make sure your beneficiaries don’t run out of money.

6. Factors that Affect the Price

Several factors affect the price of your insurance policy. As discussed, your lifestyle impacts the premium you’re charged because people who lead a risky life are more likely to develop life-threatening conditions or to pass away. Additional factors that make a big difference are the type of policy you select and the amount of cover you need. 

Your insurance agent can help you to estimate the amount you will spend on insurance. They will take into account your lifestyle, your job, your current age, your desired level of coverage, and your medical history. Once you’ve found out what your insurance is likely to cost, you can determine what kind of policy is within your budget.

7. How You Can Find the Best Policy for Your Needs

There are countless insurance companies out there, and not all of them offer excellent value for the money spent. Remember, the primary goal of an insurance firm is to make a profit, so they will try to charge you as much as they can. To make sure you’re not spending too much, you should contact an insurance agent, who can help you compare quotes and select the deal that offers the best coverage for the least amount of money. 

Often, there are introductory offers that pull you in and promise you cheap premiums, but you should be wary of those. Carefully read the small print of the policy you’re considering before you decide to sign up. This can prevent you from getting locked into an expensive plan.

8. What Information You Need to Provide 

Before sending you an accurate quote, insurance companies will ask you to provide them with a lot of information. That way, they can assess whether you are living a risky lifestyle or not. Some of the documents you might need to show are your proof of ID, a record of your personal medical history, your driving record, and some evidence of your occupation.

You will also be asked to fill out a lengthy application, which includes questions about your smoking habits, your alcohol consumption, your weight, your mental health, and your hobbies. Although you might be tempted to lie, it’s always best to be truthful because your insurance company might use third-party sources to verify the information you give them. If you’re working with an insurance agent, they can help you with this process.

9. Your Future Needs 

The needs of your beneficiaries will change drastically over time, and your cover should reflect this. For example, young children who need a lot of financial assistance are likely to be self-sufficient by the time they have completed their college degrees. Therefore, you won’t need to provide support for them once they have their own full-time job. Similarly, your mortgage might be paid off in several years, at which point your expenses will drop.

On the other hand, medical needs often increase with age, so your spouse might need more money to cover various treatments and medications as they grow older. When signing up for an insurance policy, you have to keep all these factors in mind. Many insurance companies offer individualized plans, so you might be able to decrease or increase your coverage over time.

10. Your Funeral 

When calculating the cost of your policy, you shouldn’t forget about your end-of-life costs. The biggest one is likely to be your funeral, but there might be medical bills or other expenses, as well. To take some of the stress and trauma out of your passing, you should consider getting funeral insurance. In some cases, this is included in a general insurance policy, but you can also get it separately. 

Life insurance is important for anyone who has dependents or would like to pass their wealth on to an individual or organization after they pass away. If you’re interested in getting insured, you should speak to a professional, who can provide you with various quotes and guide you through the process. Call us today at ISU Armac to find out more about the policies you are eligible for.

Does General Liability Insurance Cover Negligence?

Almost everyone who runs a small or medium-sized business needs to take out general liability insurance. This type of policy protects companies from lawsuits related to personal injury and property damage. It is therefore crucial for anyone who runs a business that involves contact with customers. But what exactly does this kind of insurance cover? Can you expect the provider to pay out if you’ve injured someone due to negligence?

In most cases, the answer is yes. The purpose of liability insurance is to protect businesses from the risk of being sued due to negligence and accidental damage. If someone gets hurt while they are at your firm’s office or shop, you injure someone or damage their property at their home, or you make an advertising mistake, you can expect the costs of the resulting lawsuit to be covered by your insurance.

Does General Liability Insurance Cover Negligence? 

Negligence is defined as the failure to uphold the duty of care and protect others from harm. Often, it is not an action but the lack of action. For example, a business owner might be negligent if they fail to place warning signs in an area where the floor is slippery. This puts their customers at risk and can cause an accident. While some forms of negligence are obvious, others are more subtle and harder to prevent.

If you own a business, you must purchase liability insurance to protect yourself from lawsuits related to negligence. Generally, this type of policy covers negligent acts, as long as you weren’t aware of what you were doing and there was no intention behind your failure to act. Depending on your business and local area, your insurance provider might require you to take certain precautions to minimize the chance of a lawsuit.

An Injury or Property Damage at Your Business Location

The most common problem liability insurance protects you from is an injury or property damage that occurs at your in-person business location. Since we live in a litigious society, members of the public can sue business owners if they slip and fall or otherwise injure themselves while on the company’s premises. Such a lawsuit can cost you hundreds of thousands of dollars, but a good liability insurance policy can protect you from financial ruin.

If someone gets injured or their property gets damaged while they are in your shop, office, or center, your insurance policy will pay for the compensation and the legal costs associated with the case. When you purchase insurance, always read the fine print. Sometimes, there are conditions that stipulate when a policy does and doesn’t pay out. You might not be covered if you didn’t warn your customers or you didn’t tell the insurers the truth about your business.

An Injury or Property Damage at Another Location  

Company owners who don’t operate out of a physical location that is visited by clients might wonder whether they need to take out liability insurance. The answer is still “yes” in most cases, especially if the owner or employees interact with customers in-person. For example, contractors who visit people’s houses could accidentally injure someone while on the job or damage their property.

This could be due to negligence or due to a circumstance outside of the worker’s control, such as a badly manufactured tool or an unsafe work environment. No matter the cause of the issue, you can usually expect liability insurance to pay out. If you run a business that involves visiting people’s homes, you should consider looking for industry-specific liability insurance that covers your business’s risks.

Problems Related to Advertising

What if your business is conducted entirely virtually? Can you skip insurance in this case? The answer is most likely “no” because you’ll still interact with others and potentially cause harm. The most common issue is related to advertising. You could accidentally make a false claim or offend someone, who then sues you for damages. This type of issue is also covered by general liability insurance.

What Is Excluded? 

As discussed, liability insurance can protect businesses against claims of negligence, personal injury, and property damage. However, most companies also face other risks that might not be included in the policy. Issues related to employees, professional mistakes, and car accidents aren’t usually included in general liability. What’s more, intentional or expected damage is never covered.

Expected or Intended Damage

Most general liability policies don’t protect against damage that is expected or intended. If you or one of your employees intentionally damage your own product or someone else’s property, your policy is unlikely to pay out.

For example, if a contractor gets frustrated while working a job and smashes a window or punches a wall, the worker or the business owner will need to pay for the repairs. To avoid any such issues, you must always conduct yourself professionally, and employees must be trained before starting their job.

Workers’ Compensation 

The purpose of liability insurance is to cover you in case a customer files a complaint against you. However, it doesn’t include issues related to your workers. To protect your company against claims made by your employees, you should take out workers’ compensation insurance. This type of policy pays out when one of your employees files a lawsuit due to an injury or discrimination at work.

Workers’ compensation insurance can pay for your employee’s lost wages, their medical treatment, and their emotional recovery. It also covers any legal fees associated with such a case.

Auto Accidents 

Many businesses rely on their company cars or fleet of vans. Without these vehicles, your workers can’t make deliveries, visit clients, or pick up items. Unfortunately, auto accidents are common, and if your firm has been in operation for many years, it’s likely that there will be at least one incident on the road.

Liability insurance doesn’t cover damage related to car accidents, so you’ll need to take out a separate policy called business auto insurance. This can pay for the medical bills of injured parties and the repair or replacement of your company vehicle.

Professional Mistakes 

Many jobs involve responsibilities towards other people or their property. For instance, a therapist or counselor has a duty of care and must speak up if they believe that someone is in danger. Similarly, financial advisors or attorneys are responsible for people’s assets, and they shouldn’t make errors that could cause losses.

While most professionals act ethically and do their best, mistakes can happen to anyone. If you’ve made an error or failed to act, and it has caused financial, physical, or emotional damage, you might be faced with a lawsuit. Problems directly related to your profession aren’t covered by general liability insurance, so you will have to take out professional indemnity insurance.

Should I Get General Liability?

As you can see, there are many reasons why you should get liability insurance. If you advertise, run a business from a physical location, or visit customers in their homes, getting insurance is essential. Some of the businesses that require a policy include small shops, salons, restaurants, cafes, leisure centers, gyms, law offices, medical practices, and professionals offering financial services.

Another reason to get general liability is that many contracts require you to have a policy in place. Therefore, you might not be able to pick up new business easily if you skip insurance. By getting a good policy that covers your company’s needs, you demonstrate to your associates that you are serious about your business.

How to Find the Best Policy 

There are many different liability insurance policies available, and it can be hard to figure out which one is suitable. While the cheapest isn’t always the one that suits a business best, it’s also not usually necessary to go for the most expensive policy. If you’re unsure about how to find good insurance products, you should get in touch with an agent.

When you work with a professional, you can take advantage of their experience and knowledge to find the cheapest, most comprehensive policy out there. After contacting your agent, you will receive free quotes within minutes. You can then examine each one and determine which insurance company fits in with your company’s individual risk factors. Your agent will help you consider all factors, optimize your purchase, and review your policy on a regular basis.

Because we live in a litigious society, around 40 million lawsuits are filed annually. Many of them involve businesses that either have an in-person location or complete projects at customers’ homes. Often, the reason for the complaint is negligence, which is the failure to prevent damage or injury. A good general liability insurance policy can protect small and medium-sized businesses from the financial consequences of such a lawsuit.

Because liability insurance is necessary for almost every business, there are countless policies available. It can therefore be hard for business owners to find the best one. If you’re looking to take out a policy or switch from your current provider, you should speak to an experienced insurance agent. Contact us now at ISU Armac in Victorville, CA to discuss your situation with a professional and get your free quotes.

Is Commercial Liability Insurance Mandatory?

Commercial liability insurance is a type of policy that covers issues related to personal injury and property damage. If one of your customers gets hurt or their property gets damaged while they are on your premises, this type of insurance can pay for the resulting damage. Whether or not you have to get liability insurance depends on your business’s location and your field.

In California, there is no legal requirement to take out liability insurance, but most small and medium-sized businesses do so because it protects them from extremely expensive lawsuits. If you deal with customers in person, have a physical location where people visit you, or advertise publicly, it’s likely that you should take out a policy. Read on to find out more about liability insurance and to discover how you can find the best policy for your needs.

Is Commercial Liability Insurance Mandatory? 

Not every state has the same rules and regulations regarding liability insurance for businesses. For example, you must take out a policy if you are a lawyer in Idaho and Oregon. Similarly, doctors need liability insurance if they want to practice in Colorado, Connecticut, Kansas, Massachusetts, New Jersey, Rhode Island, or Wisconsin, and some states require realtors to be insured.

If you run a small company in California, you don’t have to get a liability insurance policy. However, it could be a good idea to do so anyway because there is no cap on liability lawsuit rewards in this state. Therefore, you could lose hundreds of thousands or even millions of dollars if someone gets injured or their property gets damaged while they are at your business location or working with you.

Who Needs Liability Insurance?

Since liability insurance isn’t mandatory in most states, you might wonder whether you need to take out a policy, especially if you don’t have a shop or office. Could you save your money and invest it in the business instead? Unfortunately, we live in a very litigious society, and lawsuits against companies are extremely common. Therefore, skipping insurance isn’t a good idea for most businesses.

Anyone who has a physical location where they are visited by customers must take out a policy because they are at high risk of being sued. Similarly, those who deal with customers outside of a shop or office should also consider insurance. Even if you conduct your business online only, you might need to protect yourself because you could face a lawsuit related to your advertising practices.

You Have a Physical Location 

Countless small businesses have a physical location, where customers interact with employees face-to-face. This includes shops, cafes, restaurants, gyms, leisure centers, and many types of offices. If you run such a company, you should look into liability insurance because you are responsible for your customers while they are at your business location.

For example, if someone slips and breaks their hip in your shop or office, you’ll have to pay for the resulting medical bills, loss of income, and potentially for the emotional trauma. Similarly, you’ll be responsible if your customer’s car or another valuable item gets damaged while they are at your location. To protect yourself against these costs, you can get a liability insurance policy, which pays the compensation as well as the legal fees associated with the case.

You Deal with Customers 

Not every business operates out of a physical location, but that doesn’t mean that liability insurance should be skipped. If you deal with customers in person, it’s likely that you need to get insured. This is especially true if you visit people at their own house, for instance to fix their electrical systems, to work on their plumbing, or to look after their garden.

For some businesses that visit customers at home, general liability insurance will be enough, but others need a policy that is specific to their needs. To find out which type of insurance is best for you, you can contact an agent at ISU Armac. We can show you various options, such as contractor insurance, property manager insurance, and landscape services insurance.

You Advertise Your Services 

Most businesses do their research before they publish a social media post or submit an advertisement. However, mistakes can still happen, and they can be extremely costly. If you are advertising your product or services publicly, you should take out liability insurance because you could be at risk of a lawsuit if you inadvertently post false information or offend someone.

What Types of Insurance Are Mandatory for Businesses in California? 

While you don’t have to get commercial liability insurance in California, there are other types of insurance that are mandatory, namely workers’ compensation insurance and commercial auto insurance. The first is designed to pay out if an employee files a lawsuit, and it is mandatory for any business with one or more employees. The second protects your investment in your vehicle, and you have to take out a policy if you have a company car.

Workers’ Compensation Insurance 

Business owners who employ at least one other person must get workers’ compensation insurance in California. The aim of this type of insurance is to protect businesses from lawsuits filed by employees. If a worker gets injured while on the job, the policy will pay for their medical bills, disability benefits, and job displacement benefits. It can also cover end-of-life costs or additional costs related to the employee’s return to work.

In many cases, issues related to mental health and discrimination are also covered, as long as they are severe enough to prevent the employee from doing their job. However, you should speak to your insurance agent about the details of your policy. If you’re an independent contractor or a sole proprietor, you should also look into workers’ comp because it could help you access compensation and benefits after an accident.

Commercial Auto Insurance 

Countless businesses rely on their fleet of cars and vans. Even if you don’t transport passengers or goods, you might need your vehicle to get from one customer to the next or to run errands for your business. Everyone who has a vehicle that is used for commercial purposes must get auto insurance, which covers the property damage, personal injuries, and legal bills related to accidents on the road.

If one of your workers has an accident while driving a company vehicle, your firm might get sued. In such a case, your insurance policy pays out, so you don’t have to use your business’s funds to pay for compensation. In California, you have to take out a 15/30/5 policy. This covers $15,000 per person involved in the accident, $30,000 total for personal injury, and $5,000 for property damage.

How Can I Find a Good Insurance Policy for My Business? 

As you can see, getting insurance for your business can be tricky, especially since commercial liability is just one of the policies you should take out. Depending on the type of business you run and the risk factors involved, you’ll also need specialized insurance, which might include commercial property insurance, cyber liability insurance, errors and omissions liability insurance, and key man life insurance.

With so many policies and providers, it can be hard not to lose track. To make sure all your risk factors are covered, you should get in touch with an insurance agent. They will evaluate your business and then suggest which types of insurance you need. Then, the agent can provide you with quotes from the best providers in your area and help you compare the various offers.

How Much Should Liability Insurance Cost? 

An average business pays $50-70 per month for general liability. However, this figure varies greatly because it depends on your business’s size and turnover, the risk factors in your industry, and the amount of coverage you’ve chosen. A policy that only covers damage up to $1 million will cost a lot less than a policy that pays out $5 million. Similarly, an office is cheaper to insure than a high-risk sports facility such as a trampoline hall.

Your insurance agent can help you find reasonably priced policies. It’s important to remember that the cheapest isn’t always the best. Although you should avoid overpaying, you must make sure that you are well covered and that there aren’t any gaps in your insurance. Once you’ve set up your policy, you and your agent can meet once a year to re-evaluate your situation and determine whether the level of insurance you have is still right for your business.

Contact Us to Get Started

While there is no legal requirement to do so in California, virtually every business needs to take out commercial liability insurance. A lawsuit related to property damage or personal injury can be extremely expensive, and having insurance in place is the best way for small firms to protect themselves. Anyone who deals with customers, gets visited in a physical location, or advertises their product or services should consider taking out a policy.

In addition to liability insurance, California businesses must also look into workers’ compensation insurance and commercial auto insurance. These types of policies are required, so they can’t be skipped. Fortunately, you don’t have to find insurance on your own. A highly trained agent can compile relevant quotes for you and help you find the most suitable insurance provider. Call us today at ISU Armac to get started.

What Factors Affect the Price of Commercial Liability Insurance?

Almost every business needs commercial liability insurance, no matter its size and industry. This type of policy can protect your company from financial ruin when a claim is made against you, for example after someone gets injured while on your premises or their property gets damaged. It also pays out if you face a lawsuit related to libel, slander, or false advertising.

Fortunately, general liability insurance doesn’t have to be extremely expensive, and small businesses can find policies from around $50 per month. The size of the business, the risk levels, the location, the deductible, and whether the firm has ever made a claim in the past can affect the cost of insurance. Today, we’ll have a closer look at each of these factors and discuss whether you should take out a policy.

What Affects the Price of Commercial Liability Insurance? 

The insurance business is highly competitive, and companies offer various prices for the same type of service. If you haven’t checked the cost of your general liability insurance policy recently, you should find out whether it has increased over the years. If so, you might be able to lower your monthly payment by calling the company or switching to a different provider.

The price of your insurance depends on various factors, including the size and risk level of your business and whether you have ever made a claim. While these factors are outside of your control, you can lower your cost by opting for a high deductible, negotiating a package deal, or paying your premiums upfront instead of monthly.

The Size of Your Business and Number of Employees

Many insurance companies determine the size of a business by the number of employees, so this is one of the most important factors affecting the price of general liability insurance. Since the risk of a mistake and a lawsuit associated with it increases the larger the business is, more employees result in higher insurance costs. Additionally, insurance companies check your annual income to determine how much they will charge you.

The more money your business has, the more there is worth protecting when you are threatened by a lawsuit. What’s more, firms with a high income usually work with a larger number of customers and are therefore more exposed to risk. Thus, businesses with a large income and many employees will pay significantly higher premiums than smaller companies.

Your Risk Levels

Not every industry is equally risky. Retail businesses or office corporations are considered low-risk because there is little chance of getting injured on their premises. As long as the owners take adequate precautions, such as putting up warning signs whenever there is a wet spot on the floor and instructing employees not to leave objects lying on the floor, there is little chance of an injury or property damage.

Other types of businesses are more at risk. For example, people visiting a construction site are much more likely to fall, slip, or otherwise injure themselves than those visiting an office. Similarly, gyms and venues offering activities with the potential of injury must pay higher premiums because it’s more likely for a problem to occur over the years.

Your Business Location  

The location of your firm and the structure of your building can affect the quotes you receive. If you operate out of a building that is located in an area prone to natural disasters, theft, or vandalism, you might have to pay more. While commercial liability insurance doesn’t directly protect you against structural damage to your property, it pays out if your customers get injured or their property gets damaged while they are using your physical location.

This is more likely to happen during a disaster or a break-in. Depending on the size of your business, insurance providers might also consider the structure and internal features of your building. To lower your premium, you could install safety features such as disaster preparation measures or theft prevention programs. Additionally, you could provide safety training to all your employees.

Previous Claims 

Every business can run into trouble, and if you’ve had to make an insurance claim, that doesn’t automatically mean you’ve done anything wrong. However, if you’ve asked your insurance company to pay out several times over the past few years, it’s likely that your monthly cost will increase because you’re considered a high-risk customer. In this case, you’ll have to pay more, whether you stay with your old company or switch to a different one.

Your Deductible

Just like health and auto insurance, general liability insurance usually has a deductible, which is the amount of money you have to pay out yourself before your insurance kicks in. The higher this deductible, the less you pay on a regular basis. Businesses that have a lot of cash available for emergencies should consider raising their deductible. On average, this saves them money, especially if the risk of a lawsuit is very low.

The Deal You Make 

Business owners who would like to lower the price of their insurance policy should get in touch with an agent to see whether there are any deals available. Insurance is a very competitive field, so many companies offer discounted rates for a certain amount of time to attract or retain customers. For example, you might be able to package several types of insurance together to create a cheaper Business Owner Policy that covers various risks.

Similarly, paying three, six, or even twelve months in advance could reduce the total cost of insurance significantly, since providers are often willing to offer discounts for upfront payment. If you can’t currently afford to pay in advance, you could set aside some money for next year and thereby lower your costs.

Who Needs Liability Insurance? 

Insurance can be expensive for a business, especially since so many different policies are needed. In addition to taking out liability insurance, you might need to protect your building, your vehicle, and your equipment. However, most businesses can’t simply skip general liability insurance because the benefits outweigh the risks. Anyone who operates out of a physical location or advertises regularly must take out a policy.

You Have a Physical Location

Shops, restaurants, offices, gyms, and leisure centers all have one thing in common: they are based on a physical location, where employees and customers interact. Therefore, there is the potential for an issue related to injuries or property damage. For example, a member of the public might slip and fall because an object was left lying around, someone spilled a liquid, or a step wasn’t marked clearly.

Lawsuits related to such incidents can often be extremely expensive. In some cases, firms have to pay out six or even seven-figure amounts. Such an event could ruin a company if they are not insured.

You Advertise 

More and more businesses choose not to operate out of a physical location. If your firm runs online, does that mean you can skip commercial liability insurance? In many cases, the answer is no. Anyone who advertises puts themselves at risk of a lawsuit.

You might inadvertently offend someone and be sued for slander, libel, or false advertising. In such a case, your general liability insurance can pay out. Therefore, anyone who advertises must take out insurance.

What Should the Policy Cover?

As discussed, liability insurance covers you when someone gets hurt or their property gets damaged while they are at your business. Additionally, you are protected when there is an issue with one of your advertisements. Depending on the policy you choose, other events are included, as well.

Businesses that manufacture and sell objects can add product liability to their insurance, which covers them when a customer experiences an issue with their product. If you rent your office or shop space, you can also get tenant liability. That way, your insurance pays your landlord if the space gets damaged while you are occupying it.

How Can You Find the Best Policy? 

With so many options out there, it can be hard to find a suitable policy on your own. For many businesses, contacting an independent agency is the best way forward. Your insurance specialist can analyze your company’s needs and then compile the best quotes available to you. They can also discuss what kind of coverage you need, so you don’t end up paying for extras that don’t serve you well.

Commercial liability insurance is essential for most companies because it protects them against expensive lawsuits that could ruin the firm’s financial stability. When a lawsuit is brought against you because someone got injured at your business or their property was damaged, your policy will pay the legal fees and compensation. Contrary to popular belief, liability insurance doesn’t have to be expensive, especially if you’ve never made a claim in the past.

The cost depends on your business’s individual history, the risk levels associated with your industry, your physical location, your deductible, and the size of your company. If you’re confused by the various policies available to you, you should speak to an expert, who can help you find the most suitable solution. Get in touch with us now at ISU Armac to request quotes or to find out more about general liability insurance.

What Is the Difference Between General Liability and Garage Liability?

Nowadays, every business needs insurance. Often, general liability is the best option because it covers issues such as bodily injury or property damage on the company’s premises, problems with an advertising campaign, or issues with products. However, some firms need a more specific policy that addresses the risks of their industry. For instance, those operating in the automotive industry can benefit from garage liability.

While general liability is designed for a wide variety of businesses, garage insurance is targeted at people working with vehicles. In some cases, both policies might be necessary, but many companies are well served with just one or the other. Today, we’ll have a closer look at the two types of insurance and discuss how you can find one that suits you.

What Is the Difference Between General Liability and Garage Liability?

A liability insurance policy is designed to protect a business or individual when a lawsuit is brought against them. For instance, the insurance company has to pay out when someone slips and falls at the firm’s premises and then asks for compensation for their injuries. General liability insurance is a policy suitable for almost everyone, and it is a necessary component of running a business.

Garage insurance is simply a more specific type of general liability designed to protect firms that operate within the automotive industry. It addresses the unique risks faced by people who own a garage, repair shop, or similar business. While this can be an extremely valuable type of insurance, some garages are already fully covered by their general liability insurance. The best way to find out more is to speak to a highly experienced insurance agent.

What Is General Liability Insurance?

Running a business comes with considerable risk. In particular, owners must protect themselves against lawsuits brought against them by clients due to bodily injuries or property damage. General liability insurance covers these problems and is therefore a vital part of a company’s business plan. For a reasonable monthly fee, you can protect your interests and make sure you don’t put your business at risk.

Who Needs to Purchase It?

Since we live in a litigious society where lawsuits are common, almost everyone who owns and operates a business needs to take out liability insurance. If you have a physical business location and you fail to protect yourself, you might have to pay a high amount of compensation, which could ruin your firm’s financial stability.

Although businesses with physical premises are the main target group for this kind of insurance, you might need it even if you operate virtually. There could still be an issue with your product, or you could make a mistake during the advertising process. Therefore, both online and physical retail stores, offices, construction sites, medical practices, and leisure centers all need general liability insurance.

What Does It Cover?

General liability protects you any time someone gets hurt or their property gets damaged at your place of business. The most common incidents are falls, which can be caused by a particularly slippery floor, a water spill that wasn’t clearly labeled, a step, or something lying around on the floor. Occasionally, businesses also have to pay out because something fell from the ceiling or someone got hurt by a piece of furniture.

Additionally, general liability protects businesses when something goes wrong with their product and it causes an accident or damage to the customer’s property. Your policy also pays out if you inadvertently cause offense or make a false claim when you advertise. These issues are general enough that they can happen to almost any company, but if you run a very specific business, you might have to take out customized insurance like garage liability.

How Much Does It Cost?

For small to medium-sized businesses, general liability insurance doesn’t have to be expensive. In many cases, policies start at $50 to $100. The price remains low as long as the company’s profits are still modest and there aren’t very many employees. When operations increase and you begin to work with more people, your risk level increases, so your insurance provider is likely to ask you to pay a higher premium.

Fortunately, there are several things you can do to keep your insurance cost reasonable. Firstly, you can increase your deductible, which is the amount you pay out before your insurance kicks in. If you are financially stable, this is a great way of reducing your monthly bill. Additionally, you can ask for a discount in exchange for upfront payment, negotiate with your insurance company, or hire an insurance agent to find you the best quotes.

What Is Garage Insurance?

Garage insurance is a type of policy designed for people in the automotive industry. It covers the risks specific to this type of business, which might include heavy objects falling, risks related to oil spills, and problems with the completed work that lead to accidents. While car-related businesses aren’t the riskiest, they do claim more often than other companies, so the premiums are likely to be higher.

Who Needs to Purchase It?

As mentioned, not every business in the automotive industry needs garage insurance. In some cases, the general liability insurance policy covers the most common risks, and purchasing an additional product would be overkill. However, there are certain risks that are unique to this industry, so you should double-check your other insurance policies to find out whether you need to get this add-on.

Aside from garages, several other types of automotive businesses can benefit from specific insurance. Some of the most common examples are parking garage or parking lot operators, dealerships, tow-truck operators, and service stations. While the automotive industry isn’t considered as high-risk as some other professions, there are some issues that are unique to the above-named kinds of businesses.

What Does It Cover?

There are three main risks that are covered under a garage insurance policy. The first one is bodily injury, which occurs when a customer gets hurt on your premises. For example, there might be oil or tools on the floor, which lead to a fall. The resulting lawsuit could cost you a five or six-figure amount, so having an adequate level of insurance is key.

The second issue is property damage, which occurs when a customer’s property gets damaged or destroyed due to an incident at your firm. Finally, your policy also protects you if there is an issue with work completed at your garage. If a customer gets injured due to a problem with your work such as an incorrectly secured tire, your insurance pays for the resulting damage and medical expenses.

How Much Does It Cost?

Compared to general liability insurance, garage liability insurance is significantly more expensive. The annual fee for a small to medium-sized garage could be $1,000 to $3,500, so you’re likely to spend one hundred dollars or more per month. It’s also important to keep in mind that you’ll need workers’ compensation insurance in addition to liability cover, so you might spend more than $6,000 on insurance products in a year.

The reason why your policy is so expensive is that garages and dealerships are riskier than average businesses. They are more likely to claim, and the amount of damage is sometimes high. You can lower your policy by shopping around for a good deal, paying upfront at the start of the year, and making sure all the security features of your business are up to date.

How to Find the Best Policy 

As you can see, both general liability and garage insurance can be vital for a business in the automotive industry. However, finding the best policy in your area isn’t always easy. If you’re not sure how to begin, you should speak to an insurance agent. Here at ISU Armac, we make use of advanced technology to scan local offers and determine which ones apply to you. As a result, we can offer you quick and accurate quotes.

What’s more, our agents can help you pick between the various options. They will consider your business’s location, individual risk factors, and current financial situation to determine the best policy for you. If necessary, they can also help you find other types of insurance, such as workers’ compensation, professional liability coverage, and business interruption insurance, so you’ll know you’re protecting your company optimally.

Contact Us for Help

When starting a new business, it can be hard to know what type of insurance you need. While garage liability is specific to firms in the automotive industry, general liability is essential for almost every company because it protects owners against expensive lawsuits. If you own a garage, dealership, car parking facility, or other business related to vehicles, you might need just one or both of these policies.

The easiest way to find out more is to contact a highly skilled insurance agent and ask them to provide you with quotes. They can help you figure out your risk levels and then match you up with a policy that offers the best value for money spent. Get in touch with us at ISU Armac to find out more or get your quotes.

How Much Life Insurance Should You Get?

Nobody likes to think about their passing, especially at a young age. This might be the reason why almost a quarter of US adults don’t have life insurance. But if you have dependents who rely on your income, it is highly recommended that you take out a policy to protect their interests. Although speaking to an insurance specialist before purchasing a policy is almost always the best way forward, you can start figuring out what you need on your own before then.

To determine how much insurance you should buy, you must take into consideration how much money your loved ones will spend after your passing and what debts they will need to pay off. Additionally, there are one-off expenses that shouldn’t be forgotten. Read on to find out how to calculate the amount of insurance you need and what policies there are.

How Much Life Insurance Should You Get? 

How much insurance you purchase is a very individual decision, and you should always consult a professional before purchasing a policy. It’s crucial to remember that your family’s future could depend on this decision. To protect them, you will need enough money to replace your income, get rid of debts, pay for the funeral and other end-of-life expenses, and pay for the children’s education.

Replacing Your Annual Income

The most important aspect to consider is your annual income, which will need to be replaced. A good way to begin is to calculate your expected future earnings over the years. But depending on your family’s current financial situation, you might not need to purchase insurance for the entire amount. For example, you could deduct any money you save and the money that goes into your retirement accounts.

Similarly, you’ll need to think about your spouse’s earnings. What percentage of the family expenses does their income cover? Would they be likely to increase their earnings after your death, or would they struggle to provide for the children on their own? By considering all these factors, you can make an accurate estimate of which part of your income needs to be replaced.

Considering the Timeline

A person in their late 20s or early 30s who has just had children needs to take out much more insurance than someone who is in their 50s and has teenage children. When making your calculations, consider whether some of your dependents might become independent in a few years.

If so, you can decrease the amount of insurance you need to purchase. You can also lower the total value of your policy if you are expecting to receive money from a pension in a few years.

Don’t Forget About Debt

Unfortunately, the day-to-day expenses are only one part of the equation. Many people have a significant amount of debt, and this could put a burden on their loved ones if they pass away. Add up all the money you owe and consider whether your relatives could pay this off on their own or not. Don’t forget to include your mortgage, car loan, personal loans, and credit card debt.

Consider Additional Factors Like Education

Sometimes, your current expenses don’t reflect your future obligations. For instance, many families want to provide their children with the best education possible, so they pay for private school or college. How would your spouse come up with the money for this should you pass away? Would your children need to take out student loans? If so, you should add expenses related to education to your total life insurance amount.

There might be other big bills on the horizon. Consider how often your spouse would need to purchase a new car, pay for home maintenance and repairs, visit a doctor’s office or hospital, or move to a different home. Since a family’s expenses don’t tend to remain static over time, all these expenses could fluctuate and should be factored in.

Consider End-of-Life Expenses 

When you pass away, your family will have to pay for your cremation and burial. What’s more, there could be hospital bills if you were ill or injured. Experts estimate that the cost of dying in the US is almost $20,000. This expense can come as a shock to the system, especially if your family isn’t prepared for it. Consider increasing your insurance amount or making provisions for your end-of-life care.

You could take out specific burial and funeral insurance or pre-plan your funeral at the mortuary. Either of these options can reduce the burden on your loved ones and allow them to grieve without worrying about their finances.

Some Rules of Thumb 

If you don’t want to spend several hours going through your income and expenses, you can use a rule of thumb. Many experts believe that families are adequately protected with an insurance policy that covers ten times their income. This could be a good starting point, but you should always consider your individual situation. For instance, you might need to add $100,000 for each child’s college tuition.

Additionally, someone in their 30s who hasn’t had the time to save any money might require more insurance because their expected lifetime earnings are still very high. On the other hand, someone aged 55 with significant retirement savings is only expected to earn money for another five to ten years, so they could choose a lower amount.

What Types of Insurance Are There?

There are various types of policies that fit the needs of different people. The most common ones are term insurance, which ends after a specific time period, and whole or universal insurance, which can cover you for the duration of your life. Additionally, there are also policies for specific events. For instance, you could take out burial or funeral insurance, which pays for your final expenses.

Similarly, you can get mortgage insurance to help your relatives pay off the mortgage, or you can get credit insurance to cover a specific kind of debt. If you’re not sure which policy is suitable for you, you should speak to an insurance advisor. They can analyze your situation and let you know what your options are.

Term Insurance

If you have a specific kind of debt your family wouldn’t be able to pay off without you or you would like to replace your income until retirement, term insurance is the best option. It is time-limited, so your policy usually ends after 5, 10, 15, 25, or 30 years.

Because this type of insurance doesn’t cover your whole lifespan, it is much cheaper than the other options. You’re likely to outlive your term insurance, so any money paid to the insurance company will be lost. Despite this, it can provide you and your loved ones with peace of mind.

Whole or Universal Insurance 

Both whole and universal life insurance can cover you for your entire lifetime. When you opt for the former, you build up a cash value over time, which will be paid out to your loved ones when you pass away. This is a great option for people who would like to use their insurance policy as a savings account for their family. However, it is more expensive than term insurance, and you usually have to keep it for the rest of your life to prevent putting your cash value at risk.

Universal insurance works in a similar way, but it generally offers fewer guarantees than whole insurance and is therefore cheaper. There are various policies available, so you should speak to your advisor if you’re interested in universal insurance.

Finding the Best Policy for Your Needs 

As you can see, anyone with dependents or a large amount of debt could benefit from an insurance policy that protects their loved one’s interests. But since there are so many different companies and types of policies, it’s hard to pick the best one. Working with a specialist could be the easiest way of finding insurance that suits your family’s individual needs.

You can get in touch with us at ISU Armac by filling out our contact form on the website. The more detail you provide during the initial email, the faster we can help you. Let us know why you are looking for insurance, whether you have dependents and debts, and what your monthly budget is. We will give you a call to discuss the options in your local area.

Almost everyone who has dependents such as a stay-at-home spouse and children should get life insurance. This type of policy protects the interests of your loved ones and helps them avoid financial trouble should you pass away prematurely. Often, it can be hard to find the best policy on your own, so working with an experienced insurance specialist is important. Contact us now at ISU Armac Insurance Services to discuss your situation with our experts and find the best policy for your family.

What Does Commercial General Liability Insurance Cover?

Because we live in a litigious society, small and medium-sized businesses have to protect their finances. If you or your employees work with customers, operate out of physical locations, advertise, or rent space to others, you should take out commercial general liability insurance. This can protect you if things go wrong and someone gets injured or their property gets damaged while they are interacting with you.

CGL insurance is extremely important for companies because it can cover the costs of a lawsuit, including the legal fees and any compensation your firm has to pay the claimant. Since some lawsuits result in a six or seven-figure fine, your insurance policy protects you from an event that could be detrimental to your firm’s finances. Let’s have a closer look at what is covered by CGL insurance and whether you should take out a policy.

What Does Commercial General Liability Insurance Cover? 

Almost every business transaction poses some level of risk. For example, a contractor could damage a part of the customer’s property, fall and injure a passer-by, or accidentally cause a fire in the customer’s house. Similarly, people visiting your in-person location might slip and fall because there was water on the floor and you or your employees failed to put up a warning sign.

If the customer decides to file a lawsuit and ask for compensation, you might have to pay hundreds of thousands of dollars. Sometimes being sued can ruin a business’s finances as well as its reputation. To prevent such problems, most company owners take out CGI insurance, which covers them in case they inadvertently harm one of their customers.

Bodily Injury

The most common issue faced by business owners is bodily injury. This occurs when a member of the public gets injured while doing business with you. The risk is highest if you have a physical business location since people could fall down because of a slippery surface, items left on the floor, or loose carpeting. What’s more, customers could get hit by an object that falls off a shelf or they might cut themselves on sharp surfaces.

But not only businesses with a shop or office are at risk. If you or your employees visit people in their own homes, you should also take out CGL insurance to prevent bodily injury claims because you could inadvertently hurt someone while working at the customer’s property. For example, a contractor’s ladder could fall and hit someone standing on the street below.

Product Liability

Anyone who manufactures and sells a product is at risk of a lawsuit. No matter how well you test the item before putting it on the market, there is a small chance that something goes wrong and a customer gets injured while using it. Alternatively, customers might argue that your product damaged their property. For this reason, you should always make sure your CGL insurance includes product liability.

Tenant Liability

While some small businesses own their building, many rent an office or shop space from another company. This is a good way of saving money upfront since you won’t have to purchase property before starting your business. But renting also comes with a certain amount of risk. If you damage the building while occupying it, you’ll have to pay the landlord.

Fortunately, most CGL insurance policies include tenant liability. This type of coverage protects you if you, your employees, or your customers damage the structure of the building or the fixtures and fittings.

Advertising Injury 

Many people who take out CGL insurance have a physical business location or interact with customers. But even if your business operates virtually and you don’t have regular contact with members of the public, you should consider carefully whether you are at risk. For instance, companies that advertise need to take out insurance because they could be sued for libel or slander.

Do I Need General Liability Insurance?

As you can see, most small or medium-sized businesses should purchase commercial general liability insurance. This includes people who perform their job at customers’ homes and everyone who welcomes members of the public in a physical location. Some firms that should take out a policy are shops of all kinds, construction businesses, law firms, doctor’s offices, and private educational institutions.

If you run a business that doesn’t involve meeting people face-to-face, for example, an online consultancy or shop, you should still consider taking out insurance. This is especially true if you rent office space or you advertise your services on a regular basis.

How Much Do I Need? 

The majority of businesses never have an issue with general liability. But if a customer files a lawsuit, you might have to pay them a six or seven-figure compensation. So, how much insurance should you take out? The answer is that it depends on your business’s financial situation and the risk level. Most small businesses choose a policy that covers them for $1 million per occurrence, but if you work in a dangerous industry, you might need more.

How Can I Find the Best Policy?

Often, it’s hard to choose between the various options, especially if you’ve never had to purchase insurance for a business before. To help you decide how much insurance you need and which policy is the best, you should contact an experienced insurance specialist. They can examine your business’s current situation and then let you know what your options are.

You can use the contact form on our website to get in touch with us at ISU Armac. When reaching out, remember that we can help you faster if you provide a lot of information. In your initial email, tell us what kind of business you run, how large it is, how and where you interact with customers, and what types of insurance you already have. Then, we can get back to you with some quotes and help you figure out which CGL insurance policy is right for you.

What Other Types of Insurance Might I Need? 

To fully protect your business, you’ll need several types of insurance. While commercial general liability insurance covers you if someone gets injured or their property gets damaged, it won’t help you if you face a lawsuit from your employees or your vehicle or property gets damaged.

Below, we’ll have a look at some of the other kinds of policies you might need. However, you should always speak to a professional before making a decision. Every business is different, and you may be overlooking something important such as cyber liability insurance or business interruption insurance.

Employment Practices Coverage 

All current and prospective employees have to be treated with dignity and respect. Employers aren’t allowed to discriminate due to race, gender, nationality, or disability. If a worker believes that they have been discriminated against or that you have wrongfully terminated their employment, they can file a lawsuit against you. Employment practices coverage can protect you against this and cover any legal fees associated with this type of claim.

Auto Insurance 

Many companies have one or more cars, and depending on their value, it can pay off to have them insured. For example, if you or your employees need your vehicle to get to your customers’ homes, drive clients to the airport, or make deliveries, your business can’t operate without a vehicle.

Thus, it can be worth protecting this asset. It’s important to remember that auto insurance can cover multiple types of vehicles such as cargo vans, delivery trucks, regular cars, and food trucks under the same policy.

Commercial Property Insurance 

Many businesses own assets such as property, furniture, machinery used in manufacturing, and electronics. If there is damage such as a fire, flood, or vandalism, the company might not be able to operate until repairs are complete or the equipment is replaced. To get your business up and running again as soon as possible and to prevent large financial losses, you should protect your assets with commercial property insurance.

Workers’ Compensation Insurance 

Even though most employers take care to protect their workers from harm, there are around 20,000 workplace injuries in the US every day. If one of your employees gets injured while performing their job, they might ask for compensation, especially if they require medical treatment, have to take time off work, or are suffering from a permanent disability due to the accident.

To protect your business’s interests and to make sure your employees can be compensated for any injuries, you should take out workers’ compensation insurance. Your insurance expert can let you know what your state’s requirements are and what level of coverage is best.

Almost every small or medium-sized business needs to take out commercial general liability insurance. Your policy can protect you in case someone gets injured or their property gets damaged while you are doing business with them. Because compensation for bodily harm can cost hundreds of thousands of dollars, it’s important for the future of your business that you take this precaution.

If you’ve never purchased insurance before, it can be hard to know which policy is suitable for you. Speaking with an experienced insurance specialist can be the easiest way of determining what kind of coverage you need and which company’s CGL insurance is most suitable for your business. Get in touch with us now at ISU Armac Insurance Services to discuss your situation with one of our experts.