A Beginner’s Guide to Commercial Insurance

Are you a Sandpoint, ID-area business owner looking for commercial insurance? Licensed insurance agents at The Insurance Shop USA can provide a customized commercial insurance quote. 

What Is Commercial Insurance?

Commercial insurance is a specific type of business insurance that covers risks associated with the operation of a commercial enterprise.

Enterprises can include any for-profit business, including sole proprietorships, partnerships, and corporations.

This type of coverage may also be referred to as “business owners’ policy (BOP)” or simply “commercial liability insurance.”

Why Do You Need Commercial Insurance?

Commercial insurance protects businesses from financial loss resulting from claims or lawsuits related to the business’s operations.

Coverage can help cover the cost of damages, settlements, and legal fees associated with these claims. Commercial insurance can also protect businesses from unexpected property damage or business theft.

What Does Commercial Insurance Cover?

Commercial insurance policies vary, but most include some combination of general liability coverage, property damage coverage, and business interruption insurance.

General liability protection covers claims arising from injuries or property damage caused by the company’s operations. 

What Types of Businesses Need Commercial Insurance?

Most businesses need some form of commercial insurance to operate. However, the specific type and amount of coverage will vary depending on the business’s size, industry, and location. For example, a small home-based business may only need general liability protection.

In contrast, a large manufacturing company would need comprehensive coverage, including property damage and product liability insurance. Talk to an agent to learn about available coverage options and customized costs.

Get Commercial Insurance in Idaho

Are you looking for a commercial insurance quote in Idaho? A licensed insurance agent at The Insurance Shop USA in Sandpoint, ID can help! 

Finding the right commercial insurance to protect your ID business

Sandpoint, ID area business owners turn to The Insurance Shop USA for all of their commercial insurance needs. If you want to ensure that your business has the protection it needs, give us a call today.

Established and new businesses need the right commercial insurance 

If you own an established business, or you are just getting started on building a new enterprise, you know how important commercial insurance can be. This is one area where it is important not to cut corners or always go with the lowest price. Finding the right policy for your company’s needs may feel like an overwhelming task, but it is worth the time and effort to find the policy that best meets your needs.  

You will need to consider all of your needs, such as inventory, equipment, company vehicles, infrastructure, and buildings when you are making your policy selection. Sitting down with a local agent can make the process much more efficient and effective. In fact, when you have an agent and insurance partner that has a deep understanding of your business needs, the process is even easier.

Working with a dedicated agent who wants to take the time to truly understand your company, can be a significant benefit. And as your company grows, your relationship with them will also continue to grow. This is a huge asset when it comes to protecting your company.

Set up your consultation today!

If you own or operate a business in the greater Sandpoint, ID area, you understand just how important commercial insurance can be. The team here at The Insurance Shop USA can help you provide your company with the insurance protection it needs. Call today and schedule your consultation. We look forward to working with you!

Hidden Commercial Insurance Risks Small Business Owners Need To Think About

The Insurance Shop USA serves the Sandpoint, ID community, as well as the surrounding areas through offering multiple types of insurance coverage. We take the time to assess each of our client’s individual situations so that we can help them find the policies they need. We take pride in establishing long-lasting relationships with our clients.

Hidden Commercial Insurance Risks

As a business owner in the Sandpoint, ID community, you have to handle a lot of rights and responsibilities. Commercial insurance can help take some of the pressure off of you as you navigate the day-to-day aspects of your business. The policy covers any damage to your equipment, as well as the building that you operate in. You’ll also be protected if your business is vandalized. Liability coverage protects you if you are facing litigation because someone was injured on your property. As you research different commercial insurance policies, think about some of these risks.

Cyber Coverage

If you are operating or marketing your business online, consider adding cyber coverage. You face a lot of risks operating your business online. Hackers will try to infiltrate your data and corrupt it. You may also face potential litigation disputes over slander on a copyright issue. Cyber coverage will protect your business and help you navigate those online risks.

Disability Coverage

Workers compensation allows you to protect your business if one of your employees is injured in the workplace. However, some worker’s compensation policies don’t include coverage if an employee becomes disabled. Consider adding disability coverage to your workers compensation policy to prepare for any scenario.

The Insurance Shop USA Will Help You Protect Your Investment

Visit our website today to learn more information about commercial insurance.  

Look for These Features When Choosing Commercial Insurance for Your ID Business

Are you a business owner in the greater Sandpoint, ID area? The team here at The Insurance Shop USA is dedicated to serving the commercial insurance needs of our community, and we would welcome the opportunity to work with you too. If it’s time to upgrade your commercial policy, or you’re just now getting your business off the ground, we’re here to help. The right commercial insurance policy can mean the difference between getting through tough times and having an unforeseen catastrophe have a serious and negative impact on your company.

Look for These Features When Choosing Commercial Insurance for Your ID Business

  • Business interruption coverage – this will help your company get through periods when a covered event takes your business offline. Replacement of your lost cash flow can make a huge difference when it comes to keeping your business going after a major covered incident.
  • Protection for your commercial vehicles – in some instances it may make sense to have a fleet policy if your business is transportation or delivery oriented, but for most commercial ventures, a comprehensive policy can provide the protection you need.
  • Liability coverage – slip and fall lawsuits, and other legal problems can increase your need for liability coverage. If you are in a highly-litigious industry, or just want the peace of mind that comes with additional coverage, ask your agent about commercial umbrella insurance options.

Business owners in the Sandpoint, ID community can turn to The Insurance Shop USA for all of their commercial insurance needs. Our team is well-qualified to help you meet your coverage and protection needs with the right commercial policy. If you are in need of a commercial insurance policy for your local business, call or stop by today!

Can You Drop Commercial Insurance at Any Time?

Commercial insurance is a way to make sure that your investment is protected from things like fire, theft, break-in, vandalism and more. A good commercial policy can help to protect your business and yourself from all manner of a difficult situation and can help to make the process of recovering after a disaster not only possible but easier as well. For those that live in the Sandpoint, ID area, the agents with The Insurance Shop USA can help you find the perfect commercial policy.

A good commercial policy is a difference between being able to recover after a disaster and not being able to. With a commercial policy, there is no requirement for how long you have to have the policy. Likewise, you can cancel your policy at any time given you do not owe money to a lender that requires you to hold an insurance policy. If you own your business outright, though it is not advised, you do not have to have any sort of commercial insurance policy to protect it. You can use a commercial policy to do a lot of things. If your store is vandalized, your property is stolen, your store is broken into, or your store burns down, you can use your commercial policy to help recover. You can also use a commercial policy to help cover the costs of your employees should they become injured on the job.

If you are worried about your commercial insurance policy, it is always best to talk with a professional to see what sort of policy is going to work best for you, and what sort of policy you need to have in place to fully protect your business. If you live in the Sandpoint, ID area, the agents with the Insurance Shop USA can help you find your perfect policy.

Six insurance terms you need to understand as a small business owner

Business owners may find it difficult to find the right commercial insurance policy if they’re not familiar with the terminology.

The following are six important insurance terms to understand if you’re looking for the right insurance policy for your small business:

Actual cash value

The actual cash value of any possession of a company is the amount necessary to replace it when it was first purchased minus any depreciation that possession has experienced over time. Figuring out what the actual cash value of all a company’s assets are important in determining how much coverage that company needs. 

Professional liability coverage

Those practicing certain professions like medicine are subject to possible malpractice suits when they are accused of professional errors. Having malpractice insurance is important to cover the costs of such suits for companies operating in affected industries. 

Named peril

A named peril is a certain liability a company operating in a particular industry might face that may not be covered under a general commercial policy. It’s important for a business owner to pinpoint liabilities unique to their industry and have those liabilities covered as named perils. 

General liability

General liability coverage is a policy that will protect companies from most types of claims involving either property damage or personal injuries. 

Certificate of insurance

A certificate of insurance verifies that a small business has commercial insurance coverage. A certificate of insurance may be important for a small business owner that is seeking financing. 

Business interruption insurance

Business interruption insurance is a commercial policy feature that will compensate a company for lost profits due to periods of commercial inactivity. 

You can learn more about commercial insurance needs by contacting The Insurance Shop USA regarding your Sandpoint, ID business operations. 

Why Your Business Needs Commercial Insurance

Commercial insurance is a necessity for all business whether big or small. At The Insurance Shop USA in Sandpoint, ID, we offer you quotes that best suit your insurance needs. The following are some of the reasons that make commercial insurance so important.

  • To Offer A Sense Of Safety

Getting commercial insurance for your business gives you the confidence to go through with everyday activities knowing that your business assets and employees are protected. Instead of focusing your energy on keeping business assets safe, you can use it to develop your business. It also helps your clients develop a sense of trust and loyalty since you appear serious and trustworthy.

  • To Cover Legal Costs

Sometimes, your business may be faced with lawsuits due to mistakes made unintentionally. Without the appropriate commercial insurance policies, you may not be able to deal with them. Professional liability and general liability insurance policies help to pay for the legal fees, medical fees and property damage caused by your business goods or services unintentionally.

  • To Protect Business Property

Every business has assets. They could be business furniture, machinery, inventory, vehicles or structures. In case of a fire or burglary, the property can be damaged or lost. Commercial insurance policies help to replace or repair them in case they get damaged or lost as a result of covered risks.

  • To Protect Employees

Workers’ compensation policies cover employees in case of death, injury or illness at work. It pays for medical bills, death compensation and disability compensation. This helps the company save a lot of money which would otherwise be used in settling lawsuits. It also helps to put the employees of an organization at ease.

The Insurance Shop USA is located in Sandpoint, ID, on Walnut Street. We offer quotes for this and other insurance covers. 

What is Commerical Insurance?

Many business owners wonder if they need commercial insurance (the answer is yes BTW) but aren’t sure what it is or where they should start looking.  Before you start the search for a policy, it is a good idea to have some general knowledge about commercial insurance.

What is Commercial Insurance?

Commercial insurance is a type of insurance policy that will protect you, your employees, your equipment (if you have it) and if you own your building, it will protect it as well. Even if you do not own your building, let’s say you have a retail store and customize the leased space for your shop.  There is a commercial insurance coverage that would provide protection for that. Unfortunately, lots of people do not think they are responsible for those types of things and overlook the part of their lease where it says that they are responsible for additions and only find out at claim time that they have no coverage.   

Business Insurance Coverages

General Liability- If someone is injured at your place of business, think slip and fall coverage.

Property Coverage- This is for all the items that make up your business, inventory, equipment, computers, etc.  If you renovate your leased space, this will cover the improvements, or if you own the building, it will cover the structure.

Business Income Coverage- If a covered loss such as fire forces your business to suspend operations while repairs are made, business income can help you recoup some of those losses during your downtime.  Understand, though that this does not cover "being slow."

When you start the application process for commercial insurance, be sure to tell your agent all aspects of your operations. Commercial policies can have exclusions for specific activities; you do not want to find out at claim time that you are not appropriately covered.  

You can find insurance companies that write commercial insurance policies for just about every type of (legal) business.  If you are looking for commercial insurance in the Sandpoint, ID, contact The Insurance Shop USA today!


Small Business Health Insurance

It takes a lot of tenacity and perseverance to build a strong sustainable business. Your employees are ones that keep it going. Whether you have a few employees or more than 100, you’ll need affordable health insurance coverage. You want to make sure that your employees have every advantage if they or their loved ones become sick or injured. The Insurance Shop USA in Sandpoint, ID can offer you a variety of options for your employee’s health coverage.

Types of Health Insurance

There are two main types of health insurance: group and individual.

  • Group health insurance – is purchased by the employer. It is then offered to their employees and their dependents. Premiums, the amount paid to the insurance company every month, are paid by both the employer and the employee.
  • Individual health coverage – is an option where individuals can purchase insurance for themselves and their family members. With this plan, employers can utilize a reimbursement program where employees will recover a portion of the premiums they have paid throughout the year.

Types of Health Plans

  • Preferred Provider Organization (PPO) – provides a list of preferred doctors and hospitals that you can visit where claims can be paid.
  • Health Maintenance Organization (HMO) – offers providers who work exclusively with the HMO and its’ patients. You will need to have a primary care physician (PCP) with this plan. Any referrals for specialists will need to be made through your PCP.
  • Health Savings Account (HSA) – is a specific savings account where you would pay for your medical expenses.

When you’re ready to search for health insurance for your small business, call or stop by The Insurance Shop USA in Sandpoint, ID. They have independent insurance agents that can provide you with useful information concerning health care options and insurance coverage.

What Is A Business Owner’s Policy?

What exactly is a business owner’s policy? It is an insurance instrument for small to medium-sized businesses.  A Business Owners Policy often referred to as a "BOP" provides coverage for property, liability, and business interruption. The Insurance Shop USA can help steer you through all the events that come with obtaining coverage, understanding insurance, and all of the questions that go with incidents and accidents. 

The BOP property covers products and operations, and the perils include fire, lightning, wind, hail, aircraft, riot/civil commotion, vehicle, explosion, smoke, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, and transportation. 

The BOP Liability coverage includes bodily injury, property damage liability, personal injury liability and advertising injury liability. Business Interruption is the portion of the policy that protects the company from a fire or another incident that may have resulted in a loss of income or operation for the company. You can also customize BOP with additional endorsements also known as riders. 

What types of Supplemental Coverages are Available?

  • Accounts receivable  
  • Burglary and robbery
  • Debris removal
  • Employee dishonesty
  • Interior glass
  • Signage (outdoors)
  • Tools and equipment
  • Valuable records protection 

What kind of things doesn’t a Business Owner’s Policy cover?

  • Company-owned vehicles (auto accidents get covered under a General Liability policy)
  • Damage to a client’s property stored or services on your property.
  • Earthquakes or floods (natural disasters)
  • Group health
  • Life or disability insurance
  • Specialized liability risks (e.g., professional liability, directors & officers, and malpractice)
  • Workers’ compensation

What type of a business isn’t eligible for Business Owner’s Policy?

  • Auto repair 
  • Banks and other financial institutions
  • Camera shops
  • Carnivals
  • Large companies
  • Service operations

Still fuzzy as to what is in a BOP or who is ineligible? You don’t have to know all the ins and outs of insurance in Idaho, but you do have to get help from a trusted agency and broker such as The Insurance Shop USA.