Purchasing commercial insurance is one of the best things you can do to ensure the continued success of your company. Business owners in Beaverton, OR can rely on us at W.B Adams Company for all their commercial insurance needs.
The following are four things not to do when you need commercial insurance.
Neglecting to purchase a commercial insurance policy
Foregoing commercial insurance coverage is one of the worst things you can do. Not having any insurance coverage leaves you open to potentially costly risks, such as lawsuits against your company.
You should invest in commercial insurance even if your company is young and small.
Overlooking types of commercial coverage that you need
Business owners need to know what different types of commercial insurance are available. There are many types of coverage, like liability, commercial property, commercial auto, business interruption, and errors and omissions coverage.
You need to know what types of coverage there are so that you can get all the coverage your company needs to stay financially protected.
Choosing a policy based on price alone
When you get policy quotes, don’t just purchase the least expensive policy. Before you choose a policy, evaluate the coverage you’re getting and the insurance provider’s reputation in addition to the quoted premium cost.
Never updating your policy
Business owners should be aware of the fact that their insurance needs will change over time. You’ll need to ensure that you update your policy in the future as your company grows.
If you want to learn more about commercial insurance, call us at W.B. Adams Company. We can give you a quote on a commercial insurance policy for your company in Beaverton, OR.
The Beaverton, OR area continues to be an area of the state that is seeing a lot of population growth. At the same time, this part of Oregon brings in many tourists and visitors. Due to this, Beaverton can be a great place to start and run a business. If you are going to start a business here, having a commercial insurance plan is always a good idea. There are various ways commercial insurance can protect your company.
Commercial Insurance: What You Need To Know
Cover Assets Owned by Business
As you are looking to protect your business in the Beaverton area, you will want to have a commercial insurance plan to protect your core assets. Any business today is going to invest in a lot of assets to start and run the business. Without the right insurance, it could lead to a loss if you are affected by theft, a fire, or other situation that results in a loss. With commercial insurance, you will have the support needed to replace these assets in covered situations.
Reduce Liability Risk
It also will be a good idea to get a commercial insurance plan to reduce your liability risk. There are a lot of liability risks that businesses of all sizes face on a daily basis. If you are not covered, you could be found liable and will face various claims. Fortunately, your commercial insurance plan can protect you in these situations.
Contact Us Today
Anyone that wants to cover their business in the Beaverton, OR area should call the team with W.B Adams Company to discuss their commercial insurance needs. The professionals with W.B. Adams Company understand the value of commercial insurance and can offer any support you need to build your next plan. This will give any support necessary to choose a plan to obtain proper coverage.
W.B. Adams Company provides coverage to the Beaverton, OR community. For over 25 years, we have helped local residents protect their assets. We assess each of our client’s individual situations to help them find the right policy. We proudly serve the Pacific Northwest as an independent insurance agency. We look forward to helping you find the coverage you need.
How Business Owners Can Use Commercial Insurance To Cover Remote Employees
Commercial insurance protects your Beaverton OR business so that you can continue to focus on achieving long-term success. Commercial insurance protects your equipment and inventory against possible damage and theft. You are also covered if one of your customers gets injured on your property or if someone alleges that your products made them sick.
Commercial insurance helps you navigate the risks associated with operating your business. In this current age of technology, many companies are allowing their employees to work remotely. If this strategy is a current part of your operations, there are still some liability risks worth considering.
Make sure that your employees are working in a safe environment. Have your employees take pictures of their home office, equipment, and furnishings so that you’ll have documentation. Look for potential hazards such as a lack of smoke detectors in the area. If you are assigning your employees equipment such as tablets and desktops, those items should be fully protected. Remember that computer hackers are constantly creating new ways to cause trouble. There should be a secure connection between your employee’s home office and the business network. Develop a strong telecommuting policy, including weekly video chats.
W.B. Adams Company Will Help You Protect Your Investment
Visit our website to learn more information on commercial insurance.
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.
The Beaverton, OR area continues to be well known for having an excellent local economy. Due to this, it can be a great place for anyone to start a company. Those that have a company in this area of Oregon could end up being quite successful. To ensure that your business is adequately protected, it is essential that you get a commercial insurance policy in place.
Comply with Lenders and Investors
One of the reasons why you will need to have commercial insurance for your Oregon business is so you can comply with the requirements set forth by your lenders and investors. All lenders and investors know how important it is for a company to have proper insurance. Due to this, they will make sure that you have appropriate coverage at all times and may also require escrow payments.
Protects Business Investment
Another reason why you will want to have commercial insurance for your business is that it can help to protect the investment that you have in your business. If there is ever an accident or other incident that either damages company assets or puts you at risk for a liability lawsuit, the ultimate impact of this could be significant. Fortunately, when you get commercial insurance, you will have the coverage that you need to protect against this.
If you have a business in Oregon and would like to protect it with commercial insurance, it would be a good idea to contact the W.B. Adams Company as soon as you can. Choosing commercial insurance for a company can be quite challenging and complicated. When you work with W.B. Adams Company in Beaverton, OR, you can receive the assistance and support that you need to make the right insurance decision to protect your organization adequately.