Business Insurance: Plans that Can Protect Your Company

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We understand that no two businesses are alike. Each business has its own unique needs and challenges based on its industry, location, growth plan, and more. Business owners can speak with one of our Insurance Concierges to discuss options when it comes to commercial insurance and the future protection of their businesses. Here are a few factors to discuss that can impact your business insurance rate.

What Does Business Insurance Protect?

Business insurance policies are designed to help recover damages when unexpected events strike that can affect your ability to resume normal operations, which can range from severe flooding to simple property damage. Events that hinder the ability to get work done can impose costly damage that might not be feasible to cover out-of-pocket, such as:

Wind or hail damage
Frozen pipes that burst
Burglaries or damage to personal belongings
Damage to business property
Money Pig

How Much Does Business Insurance Cost?

A business insurance premium varies by coverage needed and the policyholder’s geographic region. The cost depends on the type of policy required, which may differ depending on:

  • The number of employees working at your business
  • Your business’s location
  • Your coverage needs

Additional factors that contribute to your business’s costs: equipment, property, location, and how long the business has been operating

Business Type

Common Types of Business Insurance

An insurance agent shouldn’t try to push a one-size-fits-all insurance policy for your business—you should be given a comprehensive overview of your business’s risk profile, the most appropriate coverage recommendation, and specific considerations for your industry or niche. Common policy types you may discover while shopping for business insurance could include:

Small Business Insurance

Also known as commercial insurance, small business insurance is designed for physical locations such as retail shops. This type of business insurance policy can cover business interruption, protect business assets, and anything that could impose financial losses on a business. Small business owners should make sure that their small business insurance policy includes specific additional coverages that address specific business needs according to their industry, customer base, location, or other details.

General Liability Insurance

General liability is a form of business insurance policy that includes basic coverage that offers protection against losses incurred by a third party, whether you’re operating from your home or commercial property. Claims filed against a general liability policy can cover damages that otherwise would have been paid out by the business owner.

Workers Compensation Plan

A workers compensation insurance plan comes in handy for business owners with one or more employees. This form of insurance can offer wage compensation and medical benefits if an employee becomes injured or ill on the job. This insurance plan provides these benefits to the injured party in exchange for mandatory relinquishment of the employee’s right to sue the employer.

Commercial Vehicle Insurance

This provides insurance coverage for commercial vehicles or vehicles used specifically for business purposes. It can also extend to the party driving the vehicle, even if they aren’t the registered vehicle owner. This type of insurance policy is beneficial for businesses with commercial fleets used to carry out necessary transport or commute-related operations.

Why Choose Insurance Lounge as Your Business Insurance Company?

Our founder and CEO, Michael DeLaGrange, wanted to create a transparent insurance buying experience with accessible policies that fit anyone’s needs. Insurance Lounge focuses on bringing simplicity back to insurance by focusing on technology, innovation, and figuring out ways to make the insurance buying experience more efficient. Led by a group of capable employees with backgrounds in management, insurance sales, customer service, and technology, our team has the knowledge to help business owners with property damage, liability coverage, handling assets, and many other business needs.

Frequently Asked Questions

Explore Your Options with Insurance Lounge

Insurance Lounge is a no-commission insurance agency offering a wide variety of policies for clients across Oregon. To make the shopping process simpler for you, we offer three convenient ways to get an insurance quote: online, over the phone, or in person at one of our retail locations throughout Oregon. Complete our quote and buy form to get your personalized quote in minutes, or contact us today to learn more about your unique options for insurance coverage.

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