It would help if you learned as much as possible about commercial insurance when you’re on the market for a policy to protect your company. We insure businesses in Beaverton, OR at W.B. Adams Company. The following are three frequently asked questions about commercial insurance.
What’s a standard Business Owners Policy (BOP)?
One of the most basic coverage options for a small business is a Business Owners Policy (BOP). This type of policy covers commercial property and liability expenses.
This type of policy will also offer business interruption coverage. Business interruption coverage will cover a loss of revenue because a business was prevented from continuing operations for various reasons.
How much liability insurance does my company need?
When a company purchases commercial insurance, it’s important to undergo a risk assessment. A risk assessment determines what liability risks a company faces. This assessment can help pinpoint the amount of coverage that a particular business requires.
A company’s liability coverage needs to depend in large part on its industry and size. However, numerous additional factors can impact liability coverage needs.
How can commercial insurance costs be minimized?
Commercial insurance costs are business expenses that cut into a company’s bottom line. As such, minimizing insurance expenses helps to maximize profits.
Business owners can minimize commercial insurance costs by frequently reevaluating insurance coverage over time. They can also purchase all types of commercial insurance from the same provider to enjoy bundling discounts. Business owners looking to bring down insurance costs might also consider a policy with a higher deductible.
If you have your own questions to ask about commercial insurance in Beaverton, OR, we’re here to help at W.B. Adams Company. Get in touch with us for answers to all your commercial insurance questions.