When you own a business, you realize very quickly that you are surrounded by risks. Any one of these risks can be the demise of your business if you don’t have the financial ability to survive it. That is where commercial insurance comes in; it provides the protection you need against the risks that surround you. At Adams Insurance & Financial in Northwest Arkansas, we give our clients the tools they need to decide what type of commercial insurance they need to carry. We offer them a variety of carriers to choose from, which helps keep costs reasonable.
Arkansas’ law requires that businesses carry two types of commercial insurance: workers’ compensation and commercial auto insurance. Any business that has three or more employees must protect them with workers’ compensation coverage which pays medical expenses and lost time for employees injured on the job. If your business owners any vehicles, they need to have the required amount of commercial auto insurance, which is 25/50/25 ($25,000 for one person in a vehicle accident, $50,000 for a total accident, and $25,000 for property damage).
When you own a business, there are other types of commercial insurance that are a good idea to have to protect yourself. Almost every business can benefit from commercial property and liability coverage. Commercial property insurance protects not just a building but also all the things you need to do business. It covers machinery, tools, inventory, electronics, and office equipment, just to name a few things. Commercial liability protects your business from legal suits against you. It pays for a judgment if you are sued, and also for the legal fees associated with it. It is one of the most necessary types of commercial insurance.
Contact Adams Insurance & Financial in Northwest Arkansas to get the insurance products and advice you need to protect your business.