Your life as a business owner is no easy feat. There is the constant concern about revenue in relation to expenses, and then there is the notion of obtaining commercial insurance, which may feel like a challenge in itself. Maanen Insurance Group can help you find the right policy to fit your business’ needs. For now, check out these four components of an excellent commercial insurance plan. 

1. Open perils

Your business is growing by leaps and bounds. You do not want a commercial insurance policy that does not evolve with the company. An open perils statute covers risks that are not implicitly implied when you initiate coverage, which means that you are not left without financial stability simply because a risk is not explicitly stated in your policy documents as with a named perils agreement. The best business indemnity plan in Greeley, CO is one that is open. 

2. Coverage for lawsuits

It is only a matter of time before you are sued as a business owner. Regardless of whether or not you are at-fault, you want to make sure that your insurance policy pays for the cost of legal representation as well as ramifications in the instance of you losing the case. It may also be a good idea to select coverage that pays for libel so that you are fully protected against all instances of a legal dispute. 

3. Reimbursement for damaged or destroyed buildings

If you own the building out of which your company operates, then you certainly want to ensure that the structure is covered by your commercial insurance plan. Most insurance companies state how much they are willing to pay in the event of the building being severely damaged or destroyed. It is best to pay certain attention to the amount offered to rebuild since such projects typically cost more than the building is worth. 

4. Replacement value coverage

Some business owners in Greeley, CO may get excited at the notion of an actual cash value insurance plan. This policy, however, limits the indemnity company to only paying the current market price for items lost or destroyed. It is best that you invest in a replacement value coverage plan that pays for the cost of lost or destroyed items sans depreciation.

Maanen Insurance Group can help you find the commercial insurance policy that best satisfies your company’s needs. Call today for a quote in Colorado, Nebraska, Wyoming, Georgia, or Florida!