Every business can benefit from the protection that insurance provides. No matter the type of company, having insurance coverage ensures a business’s security so that an accident, lawsuit, natural disaster or unexpected peril doesn’t endanger its business’s operational livelihood. 

What Is the Purpose of Business Insurance 

Business insurance isn’t one specific policy but rather a combination of commercial insurance policies you can buy to lessen your business’s risk exposure. The purpose of business insurance is to ensure the security of your business. 

What Types of Business Insurance Are Available? 

You choose the types of insurance depending on your business’s unique needs and risks. The Mike Dyer Agency can help you identify the insurance solutions that offer you the best protection. Common types of insurance many companies choose for business coverage include:  

• General liability insurance may cover expenses and attorney fees resulting from injuries or property damage claims for which your business may be legally responsible. If an injured third party decides to sue, this coverage may also cover costs. General liability insurance typically has four coverage elements:
  • Premises liability may cover you if a person not employed at your business becomes injured on your property.
  • Products liability may cover you if a product or service causes injury to someone’s body or damages a consumer’s personal property. 
  • A personal injury is if your business inflicts physical, financial or mental damage to a third party.
  • Advertisement injuries are caused by alleged misinformation, copyright infringement or slander made by your business.
• Commercial auto may help cover the costs of an auto accident if you or an employee is at fault. This insurance may also help pay for damaged property and medical expenses.
• Commercial property insurance can help if your business has a loss from a fire, explosion, burst pipe, storm or theft. This coverage may also reimburse you for losses or damage to your building, leased or owned equipment and other property at your business. 
• Cyber liability insurance can help protect your business if a cyberattack or interruption causes a loss in data, revenue and trust between you and your customers. 
• Employment practices liability insurance can help cover wrongful acts that might occur during the employment process, such as claims of discrimination, wrongful termination, sexual harassment and retaliation. This insurance may also reimburse you for the lawsuit costs, judgments and settlements.
• Professional liability insurance, often referred to as errors and omissions (E&O) insurance, protects your business against claims that a service your business provided caused a customer harm because of a mistake on your part or because your business didn’t perform a service.
• Workers’ compensation may cover medical bills or wage replacement for employees who have work-related injuries; it is required in most states.  

What Business Coverage Should I Have? 

Your choice of policy coverage depends on your company location, size, number of employees and your specific industry. We can review the operations of your business to help you choose appropriate coverages that offer you the best protection for your company. 

What Is the Cost of Business Coverage? 

Your policy cost will depend on your choices for coverage and the specifics of your business. We can help you determine what insurance policies give you the best coverage and provide a policy estimate. 

Ensure Your Business’s Livelihood 

Your company provides your customers with the best service possible. The Mike Dyer Insurance Agency is committed to keeping your business protected—so you can focus on your day-to-day operations.  

We provide insurance to businesses in Knoxville, Dayton, Kingston, Chattanooga, Farragut, Hardin Valley, Concord, and Bearden, Tennessee. Call us today at 865-966-2111 to get the right coverage for the right price.