How commercial insurance can save my small business

Having a small business comes with lots of work and worry. One thing you should not have to worry about is your commercial insurance. With a trusted independent insurance agent, you can be assured that the coverage you have fits your business needs. Commercial insurance is not one size fits all. Your insurance should be customized to your business to not pay for coverage you don’t need. In Harrison, AR, the agency to go to is Foresee General Insurance Agency Inc.for friendly and knowledgeable service. 

Keeping your small business viable is important, and even if you are hit with a peril that renders it non-operational, you need to know your business will survive. Business interruption insurance is the way to do that. While it won’t protect you from every eventuality (be sure to read the exclusions on this policy) for most common perils such a fire or storm damage, this will provide the money you need to make your payroll and expenses payments. 

Being sued is a danger for any business, no matter the size, but small businesses are especially vulnerable. It is unlikely that you have an army of lawyers to defend you, and having Commerical liability insurance is the best way to make sure you have the money you may need to pay a judgment against you. 

Commercial property insurance protects a lot more than just the physical building where your business is located. It covers your office equipment, customer records, inventory, and everything inside your building. Getting these things replaced or repaired means you can be back in business sooner. 

These are just a few of the potential commercial insurance pieces that may help save your small business if you have a covered peril. To learn more about the other types of coverage available, call or visit the experienced agents at Foresee General Insurance Agency Inc. in Harrison, AR for a no-obligation quote.

Guide to Commercial Insurance in Arkansas

Before we learn how to get commercial insurance in Arkansas, it is vital to establish why commercial insurance is important. To begin with, commercial insurance keeps the business running in case of any unforeseen situations, such as a natural disaster or accident. The insurance policy keeps the company afloat in many ways, such as providing coverage for expenses or protection for a portion of lost income. In most cases, commercial insurance should be able to assist in such circumstances. Some banks that are lending funds require companies to have commercial insurance. These loans are crucial to keep the company going, so all requirements to secure these loans must be completed.

There are typically three types of commercial insurance: liability insurance, property insurance, and workers’ compensation insurance. Liability insurance covers damages or injury to third party claims on behalf of the insurance policyholder. Property insurance is designed to provide coverage from flooding or fire as compensation damages caused by such events. Workers’ compensation insurance is made to protect the business in a situation where an employee gets injured at work. Many other types of commercial insurance are specific to company types.

In order to get a commercial insurance policy, it is recommended you get in touch with a local insurance agency that can understand all the requirements and scope of your business. It is imperative you get your commercial insurance policy from a registered insurance agency in the state of Arkansas. At Foresee General Insurance Agency, Inc., customer service is the top priority. Our agents at Foresee General Insurance Agency, Inc. in Harrison, AR can assist you in getting the commercial insurance that is suited to your needs, goal, and preferences. You can visit our office in Harrison, AR, or give us a call for more information.

4 Main Types of Commercial Insurance Bonds and What They Mean

If you have your own business or are about to start one, it would be in your best interest to learn about the different types of commercial insurance bonds that are out there. Though only 4 are addressed here, there are several others you should research when it comes to your business ventures. An insurance company like Foresee General Insurance Agency, Inc. in Harrison, AR can help with this process

Permit and License Bonds

A surety bond that’s required based on regulations or laws in each state is a permit and/or license bond. This is not something that the owner of a business can choose. They are in place in order to engage in and perform specific activities.

Contract Bonds

Contract bonds usually are a part of the construction industry. There are a few subcategories of this type of bond. Bid bonds are in place to ensure the bidding process when it comes to respecting requirements that are stated in the contract. It helps to avoid any frivolous bids. Performance bonds are for insurance companies or banks to guarantee that a project is completed. There also are maintenance and payment bonds under this category.

Business Service Bonds

These bonds protect clients from becoming a victim of theft. They often are chosen by businesses or individuals that use services in which they have to enter private property for performing duties such as medical care or cleaning. It ensures that the client will get financial compensation if any of their property goes missing after the services are performed. Of course, it’s necessary to show in a court of law evidence that something has been stolen.

Miscellaneous Bonds

These bonds don’t really fall into any other category. They are random in their use and have various purposes. This includes ensuring leases and guaranteeing a monthly payment like utility bills. They especially are useful when it comes to businesses that have special needs.

Want to know more about commercial surety bonds and which ones may be right for you? Discuss your needs with an agent from Foresee General Insurance Agency, Inc. in Harrison, AR today and you won’t regret it.