What If I Decide Against Obtaining Commercial Insurance?

Owning a business is an exciting and fulfilling investment, and like any investment, protecting it is important. One way to protect your new business is to ensure that you purchase and maintain a top-quality insurance policy. However, you might decide that commercial insurance isn’t affordable, causing you to consider foregoing it. Here are the possible consequences of going without commercial insurance coverage:

You Could Be Sued

There are many reasons why a customer, visitor, or other person on your business’ property might bring a lawsuit against you. Perhaps the person was injured while on your property or felt wronged somehow. Regardless of the reason, you could be sued. If the person wins the lawsuit and your company is uninsured, you will be required to pay for damages out of pocket. 

You Could Lose Your Business

There is no way to predict the possible issues that your uninsured business could experience. You could become involved in a car accident in a company car or experience any number of other possible incidents that could cause you to pay out of pocket to fix it. Whether you must pay for the repair or replacement of a vehicle or something else, costs can add up quickly, which could result in you losing your business. 

As you can see, not only is commercial insurance typically required by lenders, but it’s also quite risky to go without it. If you’re seeking a commercial insurance agency for a business in Lafayette, IN, we are available at Blevins Insurance Agency. At Blevins Insurance Agency, we go above and beyond to ensure all our customers’ needs are exceeded, and we want to do the same for you. We provide coverage for Lafayette, IN, and beyond, so don’t hesitate to contact us for a quote. 

When Your Business Takes You Into Customer Properties

Commercial insurance helps cover liability for businesses when they send people, including the owner, onto customer premises, into homes, and elsewhere where problems could occur.

Small Businesses Are Usually Quite Vulnerable to Liability Losses

Businesses like real estate photography, landscaping, and cleaning may not have the kinds of concerns that carpenters, electricians, and plumbers have when visiting a home. If they knock over a valuable vase, stain a valuable rug, or break a window, it could be a major problem for a small business with limited assets. At Blevins Insurance Agency, we can help you in Lafayette, IN to make sure you’re covered, so you can grow your business knowing one false move isn’t likely to clear out your bank account.

Reach for the Stars with Confidence

For your small business, you probably look forward to gaining bigger clients and working at more impressive properties. As a photographer, for instance, photographing a million-dollar home is an important portfolio example as well as good business. You’ll probably be working around costly items, and risking being held liable for damage that occurs. With commercial insurance, you have coverage and help defend yourself in case controversy arises. At Blevins Insurance Agency, we can help you with identifying risks and finding commercial coverage that would work for your business in Lafayette, IN.

We Can Help Your Business Grow with Carefully Selected Insurance Coverage

Commercial insurance isn’t the only way we can help your business. Let us build a package for your specific business, including vehicle coverage and insurance for your employees as your company grows. There are ways we can even help your business continue if you’re no longer able to run it. Your small business can have help staying on track and thriving with less worry!

Four steps to go through when you buy commercial insurance

Don’t underestimate how important it is to invest in commercial insurance to protect the future of your company. Blevins Insurance Agency can provide you with plenty of essential information on insuring your company in Lafayette, IN.

The following are four steps to go through when you buy commercial insurance:

Identify the risks that your business faces

Business owners can identify their company’s risks by conducting a comprehensive risk assessment. This involves evaluating the industry, location, operations, and potential liabilities.

Identifying risks enables informed decisions about the types and amounts of commercial insurance needed to protect the business from financial setbacks and liabilities.

Gather pertinent documents

When buying commercial insurance, business owners should gather crucial documents such as financial records, business licenses, employee information, and property values.

These documents help insurers assess the business’s risks and tailor insurance policies to provide adequate coverage. Being prepared streamlines the insurance application process and ensures accurate coverage.

Figure out your company’s budget going forward

Commercial insurance premiums will be an added expense that companies need to work into their budget. Take the time to plan ahead with your company’s finances to ensure that you’ll have adequate cash flow to cover commercial insurance premiums. 

Research providers and get policy quotes

Business owners should always compare offers from different insurance providers before choosing a commercial insurance policy. 

As part of the process of researching providers, business owners should look into the reputation of various insurance companies that do business in their area. It’s important to buy coverage from an established company that your business will be able to depend on down the road. 

Consult With Us

If you’re ready to buy commercial insurance for your company, get in touch with us. At Blevins Insurance Agency, we can provide business owners in Lafayette, IN with quotes on a commercial insurance policy that will meet their company’s financial needs

What Type of Commercial Insurance Do I Need?

At Blevins Insurance Agency, we offer many types of insurance, including commercial insurance, in Lafayette, IN. Which type of commercial insurance you need depends on your business. 

Types of Commercial Insurance

General Liability Insurance

Most businesses need general liability insurance. This covers claims that you caused property damage or physical injury. This includes injuries that occur at your business. It can also include product liability, which protects you from damage caused by your product or service.

Commercial Property Insurance 

Commercial property insurance covers any property that you use for your business. This includes stores, offices, and manufacturing facilities. If your building or property within the building is damaged, you’ll receive compensation under this policy. 

Worker’s Compensation Insurance 

If you have one or more employees in Indiana, you’ll need worker’s compensation insurance. If an employee is injured on the job, their lost wages and medical expenses will be covered by this policy. 

Professional Liability Insurance 

Professional liability insurance provides coverage if your business offers a professional service. For example, if you make an accounting mistake that costs your client, this policy will cover the damages. 

This type of policy is also known as omissions and error insurance and covers a wide variety of professional services. 

Business Interruption Insurance

Business interruption insurance is important for small and medium-sized businesses. If you are unable to operate your business due to property damage, this policy will provide a replacement for your lost income until your business is active again. 

Commercial Auto Insurance 

If you or an employee use a vehicle as part of business operations, you’ll need a commercial auto policy. This provides liability coverage when the vehicle is driven while conducting business activities.  

Reach Out To Us

If you need commercial insurance in Lafayette, IN, contact us at Blevins Insurance Agency. Our agents will help you determine which types of commercial insurance your business needs. 

How much commercial insurance do I need?

If you own a business, then you know that having the right commercial insurance is essential for protecting yourself and your employees from financial losses. But how much commercial insurance do you need in Lafayette, IN? That’s a question we at Blevins Insurance Agency are frequently asked.

Commercial Insurance Coverage

When it comes to purchasing commercial insurance, there is no one-size-fits-all solution. The amount of coverage you need depends on the type and size of your business and the industry you operate in. Certain types of businesses, such as those in the construction industry, may require additional coverage due to their higher risk profile.

The first step is to assess all of your potential exposures so that you can determine what type and amount of coverage best meet your needs. For example, if your business operates out of rented premises or owns any vehicles, then you will need property damage and liability coverage respectively. You may also want to consider cyber liability insurance if your company stores customer data electronically or has an online presence.

No matter what type of business you run, there are certain basic forms of commercial insurance that every business should carry including general liability, product liability, professional liability and workers’ compensation insurance. Your specific policy limits should reflect both the size and scope of operations as well as the level of risk associated with them. In addition, depending upon the industry in which you operate you may need additional specialty policies for even more comprehensive protection such as errors and omissions or pollution legal liability coverage. 

Give Us A Call

The right amount of commercial insurance is essential for protecting yourself against financial loss related to unexpected risks associated with running a business. For more information, call Blevins Insurance Agency today. We serve the Lafayette, IN area. 

How Much Insurance Does an Online Business Need?

Protecting your online business with the right insurance is crucial to keeping it running in an accident or disaster. But how much insurance does an online business in Lafayette IN, need? The answer depends on the size and scope of your business and the risks involved. Blevins Insurance Agency in Lafayette, IN can help you provide expert insurance advice. 

Here’s a look at some of the most important factors to consider when insuring your online business.

The Risks of Not Having Insurance for an Online Business

When you don’t have insurance for your online business, you risk being held liable for anything that goes wrong. It could be caused by someone hacking your site and stealing customer information or by a data breach in which sensitive information is leaked. If you are found at fault, you could be liable for damages.

It is also possible that you won’t be able to get funding from investors or lenders if you don’t have insurance. This is because they will see you as a higher risk and won’t invest in you.

How to Choose the Right Types of Insurance for Your Online Business

There are a few key things to consider when choosing suitable types of insurance for your online business. The first is to consider what kind of business you have. Are you an online retailer? A service provider? An information product creator? Each type of business has different risks and therefore requires additional insurance.

The second thing to consider is what kinds of risks your business faces. Do you have customers who could potentially sue you? Do you have any physical products that could be damaged or stolen? Do you have any employees? Each of these factors will affect the types of insurance you need.

Get Commercial Insurance Today

Once you know what your business needs, it’s time to reach out to Blevins Insurance Agency in Lafayette, IN. Our professional agents can find the policy that covers everything you want.

What Business Owners Should Know About Commercial Insurance

As a business owner, it’s important to protect your investment with commercial insurance. But with so many different types of coverage available, it can be difficult to know which one is right for your business.

Blevins Insurance Agency, serving the greater Lafayette, IN community, provides this guide on what business owners should know about commercial insurance. We’ll explore the different types of coverage available and discuss how to choose the right policy for your business. So, whether you’re just starting out or you’ve been in business for years, read on to learn more about commercial insurance.

Commercial Insurance: What You Need To Know

Commercial insurance is not a one-size-fits-all product. There are many different types of coverage available, each serving a specific purpose. The most common type of commercial insurance is property insurance, which covers the physical assets of your business, such as your office or store. You’ll also need to purchase commercial auto insurance if your business owns a vehicle. Other types of coverage that are available include liability insurance, workers’ compensation insurance, and product liability insurance.

When choosing a commercial insurance policy, it’s important to consider the specific needs of your business. What are the risks that your business faces? What type of coverage do you need to protect your assets? Once you’ve answered these questions, you’ll be able to narrow down your options and choose the right policy for your business.

Get Commercial Insurance in Lafayette, IN

The bottom line is that commercial insurance is an important part of any business. By understanding the different types of coverage available, you can choose a policy that will protect your business from potential risks. With the right policy in place, you can focus on growing your business and achieving your goals. If you have any questions about commercial insurance, or if you’d like to get a quote, contact Blevins Insurance Agency today. We’re here to help you find the right policy for your business.

Do I Need Commercial Insurance in IN?

If you own a business then it is likely that you have made a sizable investment so ensuring its success is the top priority. One of the best ways to safeguard your business is to purchase adequate commercial insurance. In Indiana, business owners are required to maintain two different types of insurance. First, workers’ compensation insurance is required for any business that employs one or more people and helps pay for medical-related expenses due to work-related injuries and illnesses. The second, commercial auto insurance, is needed for any business-owned vehicles and you must maintain at least the following minimum coverage:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident

Keep in mind that these are just the minimum liability figures and many businesses will want to increase the limit to protect themselves further. Not having either of these insurances will open you to liability in the form of fines from the state of Indiana and from being sued by employees that are injured while at work. 

Although not required, Indiana business owners should also consider coverage for other incidents such as cyber liability insurance to help pay for damages associated with cyber attacks such as notifications to customers, litigation, and fines. Other popular coverage includes professional liability insurance, which protects businesses that offer services to their customers. 

At Blevins Insurance Agency in Lafayette, IN, we know commercial insurance like the back of our hands. Whether you have just opened a business and are buying a policy for the first time or are looking to change insurance providers, we want to help. Give us a call today to learn more. 

Required Commercial Insurance in Indiana

If you own a business in Indiana, make sure that you have any commercial insurance policies that are required for your business. To find out more about what is expected of your business, and what is recommended, give us a call today at Blevins Insurance Agency in Lafayette, IN.

Commercial Auto Coverage

If your Indiana business owns a vehicle, it is responsible for having a commercial auto policy on that vehicle. In addition, there are specific minimum amounts of coverage that you have to have within your commercial auto policy. These include a specific amount for bodily injury liability for a single person who is injured in an accident with your vehicle. Another amount has to be available for everyone in the accident who is injured. There is another amount required for your property damage liability. All of these required amounts are for liability, but you don’t have to stay with the minimum required coverage. You can add coverage such as collision insurance and comprehensive insurance. Both of these protect your vehicle in an accident that is your fault. 

If you have a vehicle that you use for work, but your business doesn’t own it, that vehicle should have a policy called hired and non-owned. This is important for protecting you financially if it has an accident. It’s likely that a personal auto policy would not pay out if you had an accident while doing work tasks. 

Workers’ Compensation Coverage

This type of insurance coverage is required for every business that has any number of employees- even just one. This coverage protects workers by having money available if they are injured while at work. It protects your business by paying for employee injuries so that the employee doesn’t need to sue your company. 

Get Your Business Covered

To find out more, call us at Blevins Insurance Agency in Lafayette, IN.

How commercial insurance can save your small business

Owning a business has never been riskier. No matter how well you plan for every eventuality, you can be devastated by something you never thought of. With commercial insurance, you can get the protection you need. Your independent insurance agent will work with you to curate a policy that addresses all the risky areas for your business. At Blevins Insurance Agency in Lafayette, IN, we have more than 20 years of experience. Our philosophy is to treat others the way we want to be treated. We will be there for you today and every day.

Commercial liability insurance

Small businesses are especially vulnerable to being sued. From 36 to 53% of small businesses will be sued in any given year. That is an enormous risk. Having to deal with a lawsuit on your own could kill your business. Liability coverage is one of the parts of commercial insurance just about any business can benefit from. Not only will it help to pay a judgment against you, but it can also help with legal expenses. 

Commercial property insurance

Something as simple as a broken pipe can have a devastating effect on your business. More than just the physical building is covered by commercial property insurance. You may think that you need to own the building, you don’t. Property insurance will cover the machinery you need to do business, office equipment and electronics, and inventory and raw material that you need to create your products. Without insurance to help, your business might need to close. 

Workers’ compensation insurance

Workers’ compensation insurance is required in Indiana. It helps your business by covering work-related injuries, illnesses, and lost wages. 

If you have commercial insurance needs or questions, Blevins Insurance Agency in Lafayette, IN has a team of experienced agents who are there to serve you. Drop into our office or give us a call.