Business & Commercial Insurance

Business Insurance

Starting a business is a risky but thrilling venture. It takes a lot of blood, sweat and money to get an idea off the ground, much less into sales and into a physical building. Even once you achieve these things, however, the danger isn’t over. The majority of small businesses fail within the first five years with the main issue being income. The first few years of business are going to be a difficult learning curve, and you don’t want anything else making it complicated.

That’s why you need a comprehensive business insurance policy to protect against risks that may threaten your business. Without insurance, a single accident or lawsuit could wipe out your company’s resources. The DeLuca Agency works with businessowners to find and tailor a business insurance policy to the company’s needs at an affordable price. Protecting your dream doesn’t have to be complicated or expensive when working with a dedicated group of insurance professionals.

The main areas of business insurance the DeLuca Agency offers are:

Liability
There are many different types of liability insurance policies available for businesses depending on the industry’s needs. The most common is general liability insurance, which covers incidents of non-professional negligence. This provides compensation if a third party suffers bodily injury or property damage due to normal business operations.

Other liability coverages include:

• Cyber Liability: Cyber liability insurance covers liability risks related to sensitive information kept electronically. For example, if a hacker breaks in and leaks sensitive client information, this liability coverage will help pay for the damages and recovery.
• Employment Practices Liability: Employment practices liability covers the business against lawsuits concerning employment practices. This includes accusations of sexual harassment, discrimination, wrongful hiring or firing and more.
• Professional Liability: Professional liability insurance covers acts of professional negligence. If you or an employee makes a professional mistake that causes harm or monetary loss to a client, professional liability insurance will help pay for the damages and possible legal fees if the client decides to sue.
• Lessor’s Risk: Lessor’s risk insurance is specifically for leased buildings. This provides liability and property protection in case something happens to the building while it is being leased.
• Directors & Officers: Directors and officers insurance steps in if a member of your company’s board of directors and officers is sued for their involvement on the board.
• Crime Insurance: Crime insurance provides compensation in the unfortunate event that an employee is caught stealing from the company.
• Pollution Coverage: Pollution liability coverage steps in when the business is sued due to pollution damages as a result of business operations.

Property

Property insurance covers the physical assets of the business. A typical property insurance policy covers the structure and contents in case of damage or loss due to fire, smoke, lightning, theft, vandalism and more. Additional coverages include:

• Wind & Hail Coverage: Wind and hail damage is typically included in a good commercial property policy. Make sure to check that your policy as the right coverage to cover against wind and hail damage.
• Business Income: Business income, or business interruption insurance, compensates for income lost while the business is inoperable after a disaster.
• Ordinance of Law: Ordinance of law helps with the cost of repairs and upgrades if a law or ordinance requires it.
• Utilities Coverage: Utilities coverage helps with losses incurred due to a loss of electricity, if the loss of electricity occurs due to a covered peril such as lightning or wind.

Commercial Auto

Commercial auto insurance provides coverage for vehicles used or owned by your business. This typically includes a certain amount of liability coverage required by the state, so make sure you check with your state about how much commercial auto insurance you need to drive legally.

A commercial auto insurance policy can cover everything included in a personal auto insurance policy, as well as:
• Rental Car
• Towing
• Additional Insured

Workers Compensation

Workers compensation helps if an employee is injured on the job. It provides compensation for medical expenses related to the injury and can assist with legal expenses. This insurance is required for most businesses depending on where you are and how many employees you have. You may also need an ERISA fidelity bond (Employee Retirement Income Security Act bond) to protect employee retirement plans in case of fraud.

Insure Your Business Today

One disaster could ruin all of your hard work in the blink of an eye. The DeLuca Agency will match your business with a policy created for your business. Call us at 720-484-3732 or fill out an online form for a free quote today!

FAQ
Why is Business Insurance Important?
A business without insurance faces many risks, most of which are extremely expensive to handle out of pocket. Offering services to the public offers a ton of liability risk, and environmental threats are prevalent no matter where you are. Insurance helps pay for repairs and replacements without a hiccup in your business.

When Do I Need Business Insurance?
You should purchase liability and property insurance before even opening your doors.