Businesses are what keep our Wisconsin economy going strong day after day. At Henricks-Wilging Insurance, we serve the people behind those businesses with comprehensive insurance solutions that help minimize risk and protect profit margins. If you own a business in the greater Elkhorn area, make sure it’s covered against potential losses. From small, single-unit operations to bigger companies with multiple locations, let the team here at Henricks-Wilging Insurance find the coverage you need.
We serve many types of local businesses, including:
- Fuel stations
- Beauty parlors
- Barber shops
- Dry cleaners
- And more
Commercial Coverage Types
Most businesses need multiple commercial insurance policies to manage risk and remain compliant with legal, lender, and landlord requirements. The types of insurance you need will depend on a wide range of factors, including your industry, the size of your business, the number of employees you have, the value of your equipment and inventory, and more. Commercial coverage examples include:
Property insurance protects the physical structures from which you run your business, as well as other property like your signage, furnishings, inventory, computers, and more. This coverage can compensate you for physical damages due to covered events, which may include things like fire and certain types of natural disasters.
General Liability Insurance
The risk of litigation is always looming for business owners. A single lawsuit can cripple a business’s finances – especially if you lose your defense. General liability insurance helps cover the cost of defending your business in court if you are sued for third-party damages. It can also cover judgments and settlements up to the limits of your coverage.
Business Interruption Insurance
If you need to temporarily suspend business operations due to a covered event, this insurance can compensate you for losses sustained during the restoration period. This can include lost profits, the cost of moving your business to a temporary location, and reimbursement for the cost of ongoing business operations, such as your payroll and lease payments.
Workers Compensation Insurance
Indiana employers need workers compensation insurance not only for legal compliance but also to protect the business and employees against losses due to workplace injuries. If a worker is hurt on the job, this no-fault coverage can provide payment for medical expenses, as well as income replacement during the recovery period.
Commercial Vehicle Insurance
If you use one or more vehicles for business purposes, commercial car insurance is a must. We offer policies that meet and exceed state liability requirements, protecting your business against accident-related lawsuits. Your policy can also protect your vehicles, paying to repair them or compensate you for damages after a covered accident or loss.
Employment Practices Liability Insurance (EPLI)
Talk to your agent about EPLI that safeguards your business against risks associated with wrongful employment practices. EPLI generally covers accusations of discrimination, unfair hiring and firing, and more.
Commercial Data Breach Coverage
Your business can be held liable for theft of third-party information due to a data breach. Talk to your agent about insurance that minimizes your losses if you are targeted by cybercriminals.
Some businesses rely on expensive equipment to maintain operations. Repairing or replacing equipment can be costly in the event of an unexpected breakdown. Commercial equipment insurance can help compensate you for losses if your business needs to fix or replace equipment due to a covered event.
Commercial Umbrella Insurance
What if a lawsuit drains the entirety of your available liability coverage? Could your business afford to pay for the remaining damages? Commercial umbrella insurance provides millions of dollars in extended liability protection when you primary coverage is exhausted. It can cover court fees and legal bills, as well as judgments and settlements. In the event of a major lawsuit, an umbrella policy could protect the financial solvency of your business and protect you against total bankruptcy.
Insurance for Specialty Businesses
Certain commercial industries require specialty insurance. At Henricks-Wilging Insurance, we can assess the unique risks associated with your day-to-day operations and make a coverage recommendation based on your needs.
Business Owners Policy for General Risks
There are general risks that are common to most businesses. Offices and small boutiques, for example, may only need general commercial coverages – not specialty coverages that are pertinent to niche industries with unique risk exposures. If your business falls into this category, you may qualify for a Business Owners Policy, also known as BOP Insurance. This type of insurance combines several general commercial coverage types into one convenient policy with a single premium. In addition to streamlining the coverage, BOP Insurance may also reduce the overall cost of premiums due to a broader distribution of risk. Note that BOP Insurance does not include all risks. Some coverage, such as workers compensation insurance, will still require a stand-alone policy.
Commercial Insurance Quotes in Elkhorn
If you are a business owner in the greater Elkhorn, Wisconsin area, we want to help you find the commercial insurance you need to protect your business and the investment you’ve made in it. From accidents and natural disasters to theft and lawsuits, we can offer coverage that is tailored to protect your bottom line. Don’t let a single unfortunate event wipe out your hard work and dreams. Contact Henricks-Wilging Insurance today for your commercial risk assessment and custom coverage recommendation. We will work with you to build an insurance portfolio that addresses your needs and protects your business for many years to come.