Helpful information for Oklahomans from wheat fields to city streets.
08/02/2023
When it comes to running a business, it’s crucial to protect yourself from potential risks and unexpected events. Commercial insurance provides coverage for various aspects of your business, ensuring you have financial protection in case of accidents, damage or loss. Keep reading to learn six commercial insurance terms that every business owner should know!
If you’re involved in a construction project for your business, builders risk insurance is essential. This coverage protects your property while it is under construction from unforeseen events such as fires, tornados, or vandalism. With builders risk insurance, you can have peace of mind knowing that your investment is protected until the project is complete.
Your business’s physical assets are vital to your operations. Business personal property insurance provides coverage for assets like furniture, equipment, supplies and inventory, in case of damage or loss due to covered incidents like fires, theft or natural disasters. With this coverage option, you can mitigate the financial impact of property damage and swiftly recover your business operations.
General liability provides protection in case a third party, like a customer or vendor, experiences bodily injury or property damage due to your business. This covers legal expenses, medical costs and potential settlements, safeguarding your business from significant financial losses.
If your business relies on equipment and materials, such as contractors, having contractors equipment or cargo insurance is crucial. This ensures that your valuable equipment and materials are protected against theft, damage or loss. It also provides financial assistance for repairing or replacing essential items, so you can get back to business.
Unexpected events like natural disasters, fires or other covered incidents can disrupt your business operations, resulting in a loss of income. Loss of income insurance provides coverage for the net income your business would have earned during the period of suspension. It can also help cover continuing payroll expenses, ensuring that your employees are taken care of even during challenging times.
Are you reading the signs? Signs coverage protects signs used for advertising, whether it is attached or unattached to your business’s building. Whether due damage due to severe weather, accidents or vandalism, this policy ensures that you can quickly repair signage without bearing the full financial burden.
Understanding commercial insurance terms is crucial for every business owner. By familiarizing yourself with these key terms, you can make informed decisions about protecting your business from unexpected events. Plus, with OKFB Insurance, our businessowners policy has so many more coverage options that can be tailored to your type of business. Talk to your local OKFB agent to get started!
Whether you’re a longtime policyholder or just starting to look for insurance options, we’re here to help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs.
Don’t forget to follow us on social! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
The information on this website is not a contract, as it is provided for general information to explain potential types of insurance coverages. Further, descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. Please read actual policy documents for important details on coverages, exclusions, limits, conditions, and terms. If there is any conflict between the summary and/or information on this website versus the policy documents, the policy documents shall control. Please contact an Oklahoma Farm Bureau Mutual Insurance Company (OFBMIC) Agent to learn more about insurance coverages offered by and through OFBMIC.
Life insurance and annuity products are offered through Farm Bureau Life Insurance Company/West Des Moines, IA and are intended for residents of AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI and WY.
