Quality Business Insurance in Eugene
Low Cost Coverage
Running a successful business involves a significant investment. At Affordable Insurance Solutions, our business insurance policies protect your investments while minimizing risks from life’s unexpected turns. Unanticipated events such as deaths, injuries, lawsuits, or natural disasters can greatly impact your company’s financial wellbeing. Unless you are an employer, you are not required by law to have business insurance. If you are running your own corporation or LLC, your personal assets are already protected from business liabilities. Still, to protect your business assets from loss, there is no substitute for liability insurance.
Insurance requirements for businesses are regulated by your local state government. For the most part, states require employers to pay for worker’s compensation insurance, state disability insurance, and unemployment insurance. In addition, your state may require supplementary insurance for specific business activities. For example, if you own and operate a company vehicle, commercial auto insurance may be mandatory. Finally, any financial lenders or investors involved with your company may require specific types of insurance such as fire, flood, life, or business interruption.
Different Types of Business Insurance
For every kind of risk imaginable, there is an insurance policy to cover it. However, for these specific policies, there is a wide spectrum of different costs and coverages. This is why having an experienced insurance representative can save you a great deal of time and money.
General Liability Insurance
Covering legal issues due to injuries, accidents and claims of negligence, general liability insurance protects business owners from unexpected on site accidents. These policies will protect your business in the event of property damage, bodily injury, medical expenses, the settlement of bonds, libel, slander, defensive lawsuits, and other court ordered judgments.
Professional Liability Insurance
This form of insurance, also known as errors and omissions insurance, protects your business against malpractice due to errors or negligence that occurs while providing services to your customers. Many professions are required by state law to have this coverage.
Commercial Property Insurance
Loss or damage resulting from fire, smoke, storms, vandalism or civil disobedience are covered under property insurance policies. For the most part, this insurance covers various types of assets including structures, computers, cash, and company documents. There are two primary types of property insurance:
1. All-Risk: This covers a wide range of events and perils.
2. Peril-Specific: This covers only specific events that are detailed in the policy.
Product Liability Insurance
Manufacturing, distributing, wholesale and retail companies require this form of insurance in order to protect against financial loss resulting from product defects that cause bodily harm or serious injury. These businesses may require additional insurance to cover the different kinds of manufactured goods they provide.
Home-Based Business Insurance
While these policies do not typically cover home-based business losses, you can often add riders to your homeowners policy to cover risks to your property. Additional policies may be required for home-based businesses to cover other risks such as product or professional liability.