Oncken Insurance Agency, P.C. Blog
Business Insurance is a must for small and large companies or businesses. However, most owners do not know how it works. In this article, we will be answering the four frequently asked questions (FAQs) of business owners regarding business insurance. This article will also guide you as a business owner to know whether the type of insurance applies to your company or not.
1. What is business insurance?
Business insurance is a coverage that protects your business from losses due to incidents or accidents that occur while doing the ordinary course of business. Insurance companies evaluate each business depending on potential risks, nature of the market, environment, and more to know the type of insurance that fits your needs. Some examples of insurance include the following:
2. How much property insurance does my small business need?
There are two common ways of computing for your property insurance cost. The first one is to base the actual value of your property: meaning, the replacement cost with depreciation deductibles. The second one is to base your computation on the replacement value of your property: meaning, the cost of replacing your items without deducting depreciation cost.
The last one depends upon what is agreed between you and your insuring company.
3. What is Business Income Insurance? Is it Applicable to my Business?
The business income insurance allows your insuring company to pay for your net income after a fire has occurred. It will be summed up by computing the amount that you might gain if it did not happen. Apart from that, the extra expenses such as restoration of operations and additional rental property will also be covered.
4. What is inland marine insurance? Does your small business need purchasing one?
Inland marine insurance is the type that covers your products that will be transported via bridges and tunnels. This type of insurance specifically include the following items that are at risk when being transported:
At Oncken Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (281) 256-8310 or Click Here to request a free quote.