Businesses need insurance to cover their commercial properties, general liability, workers compensation, group health plans and commercial automobiles. ALC Risk Solutions specializes in insuring commercial risks.
Business Insurance
Commercial Insurance Solutions for your Business
Every business that operates in the United States needs some sort of insurance. Some types of commercial insurance are required by State law; an example would be the Florida statute requiring non-construction companies with 4 or more employees, and construction companies with 1 or more employees to have workers compensation insurance. Other types of insurance are required by contractual obligation, an example of this is when a bank requires commercial property insurance and commercial flood insurance when they are the mortgagee on a property. Another example of this is when a landlord requires general liability insurance as per conditions of their lease agreement. And another example of this is when a company requires proof of professional liability insurance, general liability insurance, workers compensation insurance and/or crime insurance when a vendor or subcontractor does work for them. Usually in these instances the requiring company will asked to be named as additional insured on the policy, and may require a waiver of subrogation.
That being said, commercial insurance should be considered an integral part of a company’s business plan and strategy. There are many types of insurance available to protect businesses from the risks they face. However, budget constraints for small businesses require them to do a cost benefit analysis in choosing the insurance that best protects them. What type of insurance you need most depends on a variety of variables. These variables include industry, location, size, assets and specific business operations. The way to best determine your risks are to contact a professional commercial insurance agent that can discuss their risks with you like the agents at ALC Risk Solutions, inc.
Most small to mid-sized businesses should have, at a minimum certain insurance policies including: commercial property insurance, commercial general liability insurance and workers compensation insurance. Many industries have insurance specific to them which they should consider in order to be properly insured.
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