How commercial insurance can save your small business

The vast majority of businesses in the United States are classified as small businesses. Small businesses are all businesses with less than 1500 employees, but 89% of small businesses have 20 or fewer employees. They are very vulnerable to the many risks that are out there and not always able to survive when one hits their business. With commercial insurance a small business has a much better chance to survive. At Luke Peterson Insurance in Altoona, IA we offer our customer A+ rated carriers and are committed to providing the highest possible level of customer service. 

If your small business is hit by a covered peril, it can be hard to recover. With commercial property insurance you will be able to repair or replace all the things you need to keep your business in operation. This includes the building if you own it as well as your equipment you need to do business. It can help replace your office equipment, inventory and raw materials. Without commercial property insurance you would need to repair or replace all these things yourself. Your business might now survive. 

One area where small businesses are especially vulnerable is liability. It can be a customer, a vendor or an employee who decided to sue. The cost of legal help as well as any judgement against you can be enough to put you out of business. Commercial liability coverage may be the best investment you ever make in your business. 

If something happens to your business that means you can’t do business as usual, you won’t have any income. Business interruption insurance can help make sure you have the cash you need to pay your bills and salaries until you business is able to operate again. 

Contact Luke Peterson Insurance in Altoona, IA with all your commercial insurance needs and questions. 

Commercial Insurance for Small Businesses Explained

Altoona, IA, is one of the best cities to start your small business. When you start a business, you have to be ready to deal with several risks. It would help to be able to protect your business from potential liabilities it’s likely to face. 

Luke Peterson Insurance Company in Altoona, IA provides commercial insurance for small businesses. If you want to know more about this kind of coverage, keep reading.

Commercial Insurance for Small Businesses

Commercial insurance comprises different types of coverages that protect businesses, employers, and employees. Most commercial insurance policies have coverages such as liability, crime, and property, among other optional policies. 

Choosing the Right Commercial Insurance 

Business owners are usually in a dilemma on the type of insurance they need and its cost. Your business is the primary determinant of the commercial insurance you should buy. You ought to consider other factors such as:

  • Number of workers
  • Location
  • Gross annual revenue
  • If the company rents or owns vehicles 

As your business continues to grow, you might want to expand your coverage. It would be best to cover the additional employment or investments that you make as the business grows. 

Types of Commercial Insurance to Consider for Your Small Business

As a small business, you should consider commercial insurance types to know which to prioritize. Some coverages to consider include liability, property, workers’ compensation, and business vehicle insurance.

An insurance agent can be better positioned to analyze your business and establish the coverage to prioritize. At the most basic, liability insurance is indispensable. 

Insurance for your small business in Altoona, IA is one of the best decisions you could make. With Luke Peterson Insurance, your small business will start on the right foot. Talk to us today and get all your questions on commercial insurance answered.

How can commercial insurance protect my small business

Being a small business owner is risky, especially in these uncertain times. Even in the best of times, there are lots of things that can go wrong. Some of the risks are unavoidable, but you can minimize the damage that they can do to your small business by having the right commercial insurance. Every business will not need all the available components that are offered with commercial insurance. It is vital to have an insurance agency like Luke Peterson Insurance of Altoona, IA. We make it our business to know you and your business before suggesting a full policy.

In the state of Iowa, two types of commercial insurance are required, commercial auto insurance and workers’ compensation. The law states that if your business owns a vehicle, it must be insured with a commercial auto policy with basic coverage of 20/40/25. This protects your business against the financial ramifications of an accident. This is liability coverage that protects other people from your business vehicle. The Iowa workers’ compensation laws also require almost all employers to have workers’ comp. There is the option to self-insure if that is what you choose, but the Insurance Commissioner must approve that option. Workers’ comp protects your employees from the results of injury while at work or while performing work tasks. 

Business liability offers almost universal protection to every small business. The results of someone being injured while at your location or by one of your products can be devastating, and it may force the closing of your business. Business liability insurance can help pay legal expenses as well as a judgment against you. 

These are just three of the many components that can be put together to create the perfect commercial insurance policy for your business. All of them can help save your small business. Call Luke Peterson Insurance in Altoona, IA, or stop by the office to discuss your commercial insurance needs.