Your business takes on new risks every day you open your doors. From workplace injuries to fires and theft, there are endless scenarios that can lead to a major loss for your company. Make sure you have the right insurance protections in place to avoid an expensive setback and keep the doors of your business open regardless of what challenges and losses you may face.
At Luxor Insurance, we help Indianapolis area business owners like you find affordable commercial coverage from leading Indiana small business insurers. When you choose us, you are working with an independent agency that understands the unique risks of small businesses and the types of coverage you may need at all stages, whether you are just starting out or celebrating many years in business.
Types of Small Business Insurance
Accidents and unexpected events can threaten even the smallest of businesses – even if you are still working out of your own home. As a small business owner, you will have the option of purchasing many different types of coverage. Some are recommended for nearly all business owners, whereas others may be more industry-specific. At Luxor Insurance, we’ll help you sort through your coverage options to find the insurance solutions that protect your business against financial setbacks. We can also provide additional support as you experience growth and changes in your coverage needs over time.
Your business may need coverage for:
Property Insurance
If a fire destroys your business or criminals break in and steal your inventory, commercial property insurance can help cover the damages. This type of coverage is recommended for most small businesses, as it pays for the repair or rebuilding of your physical structure, as well as provides compensation for the loss of furnishings, computers, inventory, and other items your business may own.
Liability Insurance
When someone is injured while visiting your business or as a result of your faulty products or services, liability insurance can help protect your company against the damaging effects of financial responsibility. With the right liability coverage, your business will be protected against a wide range of property damage and bodily injury liability claims. It can pay for judgments levied against your business, and it can also pay for your defense costs regardless of fault.
Business Auto Insurance
If you operate one or more vehicles in the course of business, you may need commercial auto insurance. This type of coverage can pay for collision and comprehensive damages to your fleet, as well liabilities for third-party injuries and property damages.
Workers Compensation Insurance
Workers compensation laws are always subject to change, but in the state of Indiana, nearly all employers are required to carry this type of coverage. Workers compensation provides no-fault coverage for medical expenses and lost wages when employees are injured or disabled on the job, as well as compensation for family members of employees who die as a result of injuries in the workplace. It can protect your business against lawsuits by limiting the amount of compensation a worker can obtain from your company due to injury.
Errors and Omissions (E&O)
If your line of work requires that you make recommendations to clients, give expert advice, or provide a skilled service, such as medical care or accounting, your business may need errors and omissions insurance. At Luxor Insurance, we can offer professional liability protection that pays for your legal expenses and attorney fees regardless of wrongdoing. It can also pay for any judgments against you up to the limits of your policy if you are at fault.
Employment Practices Liability Insurance (EPLI)
If an employee accuses you of unfair hiring and firing practices or of conducting business in a way that violates his or her legal or civil rights, you may be liable for damages. Employment practices liability insurance can pay for your attorney fees and other legal expenses related to your defense, as well as judgments for at-fault behavior.
Key Employee Coverage
The success of some businesses hinge upon the talents or abilities of certain employees. If you have one or more employees who are essential to your business’s profitability and cash flow, key employee coverage can pay benefits to your business in the event that one of those employees is no longer able to work due to disablement or death.
Commercial Umbrella Coverage
Despite having high liability coverage limits on your general liability, commercial auto, and certain other business insurance policies, you may still come up short of your coverage needs in the event of a major lawsuit. Commercial umbrella insurance acts as an extension of your existing coverage, kicking in with millions of dollars in supplemental liability protection when you exhaust the limits of your primary coverage. It could mean the difference between maintaining your cash flow and assets and shutting your doors for good.
BOP (Business Owners Policy)
A business owners policy, or BOP insurance, is a compilation of coverages most frequently purchased by small businesses. Since most small businesses have certain risks in common, BOP insurance can provide an affordable and simple way to consolidate important coverage types into a single premium and policy. If you qualify for BOP insurance, your coverage may include:
- General liability
- Property damage
- Business interruption
- And more
Insurers generally only sell business owners policies to small businesses that operate in low-risk industries, such as storefront retailers. Businesses that are eligible for this coverage, however, may enjoy lower premiums and additional savings compared to the cost of purchasing each coverage type individually.
Indianapolis Small Business Insurance Quotes
Small business is the crux of our economy here in Indiana. If you need coverage for your start-up or established small business, look no further than a fellow small business owner for help covering your unique risks. At Luxor Insurance, we understand the types of challenges you face as a small business owner. We can shop and compare rates on the coverage you need until we find commercial coverage solutions that match your needs and protect your profitability.
To find out more about Indiana small business insurance or to request your free quotes, contact our office today.
