Category: Commercial Insurance

Risks of Running a Business Without Adequate Commercial Insurance

You may be treading on thin ice if you’re a business owner considering operating without proper business insurance. Lacking adequate commercial insurance exposes you and your company to significant financial risk. The following discussion explores the potential risks involved.

Risk of Losing Your Commercial Property

Imagine that your commercial building is severely damaged or destroyed by an earthquake or flood. A catastrophic event like this would be financially draining for any business owner. If you don’t have business insurance, covering repair or rebuilding expenses falls entirely on you.

Risk of Business Operation Interruption

Numerous factors can interrupt business operations – a disruption that could cost your company thousands of dollars. Commercial insurance coverage can protect against such interruptions and bear the financial losses associated with them.

Risk of Leaving Your Employees Unprotected

Your employees are invaluable assets to your business. Protecting them is not just vital but also fair. Without proper business insurance, if an employee gets injured at work, you’re on the hook for their medical expenses and potentially more.

Securing Your Business with the Right Insurance

Business insurance isn’t a mere formality. Instead, it offers financial security and peace of mind. Northwestern Insurance Group LLC is here to assist if your business operates in Portland, OR, or anywhere else in the state. We work with business owners to ensure they’re adequately insured. Contact Northwestern Insurance Group LLC today, and let’s safeguard your business for a secure future.

State law requires some businesses to carry certain insurance. However, it’s a good idea to voluntarily purchase the right commercial insurance for your business in Portland, OR. Northwestern Insurance Group LLC agents can provide the advice you need to choose the right policy for your company. 

Here are some of the most common types of business insurance:

General Liability Insurance

General liability insurance covers property damage and bodily injury plans against your company. If a customer slips and falls in your office or retail store, general liability insurance will cover the cost of medical expenses. In some cases, it also covers liability for work done on location by you and your staff.

Professional Liability Insurance

Professional liability insurance pays for claims related to unintentional mistakes made while providing professional services. If you own an accounting firm and make an error on a customer’s financial reports, you may have to pay for it out of pocket if you don’t have professional liability insurance. This coverage is also called errors and omissions insurance.

Business Income Coverage

If your business experience is interrupted, business income coverage reimburses you for lost income. Examples include fire or storm damage and losses due to theft.

Commercial Property Insurance

Property insurance for your business covers rented or owned property and equipment. If someone steals computers from your office or expensive equipment from your restaurant, commercial property insurance can help cover the cost of replacing the lost items.

Data Breach Insurance

If you purchase data breach insurance, it can help cover the cost of hackers exposing And stealing customer data. Typically, data breach insurance covers the cost of notifying impacted clients and federally mandated credit monitoring services related to the breach. It can also cover the cost of improving public relations following a breach.

Commercial Umbrella Insurance

If you want to extend your existing commercial insurance policy, umbrella insurance can bridge the gap. So, for claims exceeding policy limits, your umbrella insurance would reimburse you up till the maximum payout.

Give Us A Call

Contact Northwestern Insurance Group LLC to learn more about commercial insurance for your business in Portland, OR.