If you’re seeking business insurance in Surrey, AP Insurance has you covered. We understand the pressures that come with being a business owner. In addition to staying competitive, running a strong team, and growing your business, you’re responsible for protecting the company from financial damages. Accidents, crime, natural disasters, and claims against your business can all have a devastating impact. Having the proper insurance can save you and your business.
There are several types of commercial insurance available. Reviewing your company’s assets and vulnerabilities can help you decide which ones are right for you.
Business income insurance will compensate a company that has lost income due to events such as fire or natural disasters that disrupt business. Business insurance income will cover losses until such time that business can resume. The policy will cover lost profits, taxes, employee wages, loan payments, and fixed costs, including rent or mortgage payments.
Commercial Property Insurance is for the protection of your property from theft, fire, burst pipes, or natural disaster. Property includes buildings, land, and equipment. If your business owns valuable property, then commercial property insurance is a necessity.
As businesses store sensitive data in the cloud or an electronic device, the risk of a cyber breach is growing. Cyber Insurance offers protection to businesses that are at risk of a cyber-related security breach by offsetting the cost related to the expenses in the recovery process.
CGL protects your business from the common risks faced in day-to-day business operations. Commercial General Liability will protect your company for these claims and lawsuits in incidences where your business is found legally liable for bodily or personal injuries, advertising liability, and property damage to third parties.
Commercial Auto Insurance is for vehicles used as part of your business activity, whether they be cars, trucks, or vans. Not only will this cover you for theft and liability, but it will also cover employees who drive work vehicles.
Professional Liability Insurance is sometimes known as errors and omissions insurance and helps to cover claims against your business, such as negligence, inaccurate advice, violation of good faith and fair dealing, or misrepresentation.
Course of Construction (COC) is a coverage that is meant to insure your buildings, home, and other projects while under construction and protect property owners, contractors, and developers from any unexpected loss and repairs. Coverages typically cover the cost required to rebuild, construction materials on-site, and liability if physical damage occurs in the event of a fire, theft, or vandalism.
Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. For example, when a business suffers from financial loss due to damaged inventory, the business will file a claim with their insurance company. The claim is evaluated by the insurer and the business will receive compensation (if they’re eligible) from the insurer to compensate for the loss.
Premiums are based on the insurance policy the business purchases. Additionally, the company’s structure will also be evaluated including but not limited to capital structure, number of employees, and annual operating costs. Small businesses with low risk for damages will likely pay less for premiums in comparison to larger, more complex businesses.
Because business insurance is considered an operational cost, it may be tax deductible. For example, general liability and professional liability insurance is typically tax deductible – contact your AP Insurance advisor for information regarding eligibility for business insurance tax deductions.
Risks are inherent to every environment and business – they cannot be avoided. Any area of a business has the potential to be damaged; for example:
When third parties wish to collaborate with a business, they’ll often want to ensure that the company they’re going to be working with can protect itself financially should something go wrong. Therefore, they’ll want to know what type of insurance the company has.