Owning a business in Iowa comes with the usual risks that all businesses face. Most businesses are small businesses and are particularly vulnerable to risks that can put them out of business altogether. Having the right commercial insurance can mitigate some of those risks. At Luke Peterson Insurance in Altoona, IA, our goal is to find our customers the right insurance for their needs and budget. As an independent insurance agency, we can offer our customers more choices and personalized service.
In the state of Iowa, businesses are required to have workers’ compensation insurance and commercial auto insurance. Workers’ compensation coverage protects your employees when they are injured on the job. It provides medical care as well as time lost from work. If your business owns any vehicles, they need to have commercial auto insurance coverage. The required coverage is 20/40/15. What that means is $20,000 for the first injured person in an accident, with a total for any accident of $40,000. The property damage coverage is $15,000.
While they are not required in the state of Iowa, commercial property and commercial liability insurance are still a good idea for businesses to have.
When you have commercial property insurance, your property, not just the building, is covered from the perils that could close your business. You can’t operate without the tools of your trade, your machinery, inventory, office equipment and furniture, computers, and more.
Commercial liability insurance can end up being the most important coverage of all. Businesses are sued frequently and if you lose a judgment it could devastate your business. Don’t become a statistic. With commercial liability insurance, you are prepared to deal with any legal actions that happen, and even your legal expenses are covered.
Contact Luke Peterson Insurance in Altoona, IA for all your commercial insurance needs.