Owning a business can be very rewarding – but it can also be risky. Galon Insurance Brokers help minimize that risk through commercial insurance. Every business is unique, and therefore every coverage is unique. Galon will help find the best company to build an insurance policy for any type of business.
Most policies will include:
- Coverage for infrastructure, including all buildings on owned land in addition to equipment, supplies, furniture and appliances.
- Protection for all contents of the building as well as all of the business’s belongings.
- If the business owner does not own the building, belongings will be covered in addition to any improvements made while working in the building as a tenant.
Many additional coverages will be included in a package you choose, including:
- Loss of income, should there be an interruption to your business due to an insured risk. Coverage of expenses will be provided until normal business operations resume.
- Coverage on loss due to crime, including protection on your money and securities, money orders and counterfeit paper currency, foreign and alternation exposures, and employee dishonesty.
- Liability insurance, covering any claims of bodily injury or property damage due to your business operations.
- Many businesses also require professional liability depending on the operation, including:
- Architects and Engineers
- Computer/IT businesses
- Advertising agencies
- Directors and Officers Liability for the Board of Directors of profit and non-profit corporations.
Commercial package polices are also designed for specific industries. These policies provide additional coverages benefiting the business owner in the event of a loss. Some of the packages available include:
- Contractor packages
- Retails operations (food, clothing, furniture, electronic, etc.)
- Wholesale operations
- Realty packages for building owners, condominium corporations and property managers
- Oil & gas industry packages
- A surety bond is an agreement between the surety company, the obligee and the principal, which will protect the obligee. A bond will guarantee that the surety will meet an obligation due to the obligee, should the principal not meet its obligation.
- Three types of surety available:
- Contract Bonds
- Commercial Surety Bonds
•License & Miscellaneous Surety Bonds
• Service Bonds
• Administration or Fiduciary Bonds
• Lost securities bonds
- Fidelity Bonds
Ask your broker about what other coverage is automatically provided and what options you may need.