Commercial Insurance Options for Online-based Businesses

The rise of the internet has made operations of online businesses easier than ever. You just set up a website and start selling. In theory, this sounds so easy compared to setting up a physical business that involves payment of rent and other amenities that come with office ownership.

Commercial insurance options for online businesses

While you don’t need a physical location to set up an online business, it doesn’t mean that these businesses are free of risks. Like any other business, online businesses are faced with risks and need commercial insurance. If you don’t know the insurance options for your e-business, Smith Insurance Agency of West Virginia has taken time to guide you on the insurance coverages required.

  • General liability: This coverage covers you when accused of property damage, advertising, and bodily injury by third parties. For instance, if you get complaints about the product you sell online, this coverage protects you even when sued.
  • Professional liability: Do you offer professional advice online? Things can turn ugly quickly when accused of negligence that results in losses for another business. For instance, assume that you are a website designer. You are to design a website for a customer whose product will be launched in six months. For whatever reason, the website may delay, and the customer can sue you for lost sales due to the missed deadline.
  • Property insurance: Yes, you may not have a physical office, but you may have IT infrastructure, inventory, storage facilities, and other assets that support your online business. Commercial property compensates you for damages and losses for your business assets.
  • Cyber insurance: This coverage covers you against malicious online activities, including hacking.
  • Worker’s comp insurance: If you have employees, you must invest in this insurance to protect your workers against injuries and illnesses.

Need commercial insurance in Kingwood, WV? Look no further than Smith Insurance Agency of West Virginia. We design customized commercial insurance coverages for small businesses to ensure you don’t pay for anything you don’t need.

How commercial insurance can save your small business

Small businesses comprise more than 99.9 of all businesses in the United States according to the Small Business Administration. Owning a small business is part of the American dream and commercial insurance can help keep that dream from becoming a nightmare. Small businesses are much more vulnerable to risks than larger businesses and the rate of business failure is high. At Smith Insurance Agency of West Virginia in Kingwood, WV, we are a locally owned independent agency that places the needs of our clients first. 

Commercial property insurance

Commercial property insurance protects your business location. But it is about more than the building, it is also useful for those that rent their business location or work out of their home. It protects your office equipment, your inventory, your raw materials, and your machinery or tools. It can be a lifesaver if your business is stricken with a covered hazard. 

Commercial auto insurance

If your business owns even one vehicle, you need to have commercial auto insurance. Keeping your personal and business accounts separate is important and most personal auto insurance won’t cover your vehicle if you are using it for business. 

Commercial liability insurance

Small businesses are vulnerable to legal suits. Legal action against your business by a client, a vendor, or a former employee can drive you out of business if you don’t have enough commercial liability insurance. This may be the most important coverage of all given the number of suits filed every year and the expense of defending your business. 

Business interruption insurance

When a covered hazard closes your business, this insurance will help you to meet your regular expenses while you have no income. It can make the difference between closing your doors and surviving. 

Contact Smith Insurance Agency of West Virginia in Kingwood, WV with your small business commercial insurance needs. 

Required Commercial Insurance in West Virginia

In West Virginia, most businesses are required to have two different types of commercial insurance. Both of them are protections both for third parties and for the companies themselves. If your business needs commercial insurance to stay on the right side of the law, contact us at Smith Insurance Agency of West Virginia in Kingwood, WV to find out more.

Workers’ Compensation

This type of insurance is required of nearly all businesses in West Virginia. The law states that if a business has at least one employee, even if that employee is only a part-time worker, the company must have workers’ compensation insurance for that employee. If you have workers who are independent contractors, they are exempt from this rule. Workers’ compensation coverage pays the medical bills of those who get sick or get injured while at work. 

Commercial Auto Insurance

When your business owns a vehicle, it is required to have a commercial auto insurance policy. The state has a set minimum amount of bodily injury liability coverage that you must have for one person who becomes injured. It mandates another amount that must be kept for all of the bodily injury liability from all third parties injured. There is also an amount mandated to have for property damage liability, which pays for vehicle and/or building damage done by the company vehicle. In addition, the state mandates that you must have a set minimum amount of insurance to cover an uninsured motorist for each person that is injured in an accident that is the other party’s fault. 

Get Your Commercial Insurance

If you are a business owner in West Virginia and you don’t have the commercial insurance coverage you need, call us at Smith Insurance Agency of West Virginia in Kingwood, WV to talk with an agent about the insurance your business needs. 

Who needs a Kingwood commercial insurance policy?

Starting a company in any area of the country can be a very exciting time. When you are looking for a place to start your new organization, you should consider Kingwood, WV. This area of West Virginia offers many amenities to small business owners in the area. If you are going to start a business here, it is important that you properly protect it with insurance. There are many situations when a business owner here will need to get a commercial insurance policy. 

Anyone that Has Insurance Requirements

One situation when you will need to have a commercial insurance policy is when you have insurance requirements. There are many situations when a business owner will be required to carry insurance. Some of the most common situations when you will need to have coverage is if you take out a business loan, lease space from a commercial landlord, or have savvy investors. It is important to understand and follow these insurance requirements.

Those that Want Protection

Even if you do not need to carry insurance, you should still get a commercial insurance policy if you want to protect your business. A commercial insurance policy can protect your business in several different ways. With commercial insurance, a business will receive protection for their assets and also receive commercial liability coverage. 

When you are shopping for commercial insurance in the Kingwood, WV area, it would be a good idea for you to speak with the team at Smith Insurance Agency of West Virginia. When you call the insurance team at Smith Insurance Agency of West Virginia, you can learn more about the options that are at your disposal. This will help to ensure that you are able to pick an insurance policy that adequately protects your organization. 

3 Ways to Protect Your Company From Financial Loss

The agents at Smith Insurance Agency of West Virginia provide commercial insurance coverage for business owners throughout the Morgantown and Kingwood, WV area. Each agent has valuable experience that allows them to evaluate your company’s needs and create a policy tailored just for you. They can also offer you advice on how to protect your business from financial loss.

Reduce Your Overall Liability

It’s essential that you reduce your overall liability. You can do this by keeping your floors dry and passageways clear of boxes and other debris. If something breaks, fix it promptly so that your risk of injury is kept to an absolute minimum.

Minimize Your Risk of Theft

Minimize your risk of theft by installing surveillance cameras. Teach employees what to watch for in terms of shoplifting. Keep your most expensive items in a locked case to reduce accessibility by the customers. It’s also important to maintain an accurate and ongoing inventory. 

Maintain Proper Insurance 

When you own a business, the best way to protect yourself from devastating financial loss is to have an adequate insurance policy in place. The right policy will protect you against liability claims, theft, and other situations that you may find yourself in as a business owner. 

Business owners in Kingwood, WV can always discuss their insurance needs with the agents of Smith Insurance Agency of West Virginia. If you already have a commercial policy, it may be in your best interest to have it reviewed. Changes to your business that involve an increase in staff, the expansion of your facility, or significant downsizing will have a direct impact on your insurance needs. Call today to discuss your options.

Why my small business needs commercial insurance

Owning a small business is the American dream. It also comes with lots of worries. In Kingwood, WV small business owners have the knowledgeable agents at Smith Insurance Agency of West Virginia to help them lessen that worry and get the coverage that is right for them. Commercial insurance is not one size or one coverage fits all, it should be tailored to your particular needs. 

When you own a small business, it has to be able to stay in business in order to make money. If the building where your business is located suffers from an event that damages it or even worse, renders it uninhabitable, you will need to have it repaired or rebuilt if you are the owner. If you are a tenant then you will at least need coverage for your inventory and any items such as machinery or office equipment that belong to you or your business. 

If your business is broken into and items are stolen or vandalized, a commercial insurance policy can help you to replace the items. 

If you have any employees your insurance can help you to provide workmen’s compensation insurance and also protect you from a suit by an employee for harassment or wrongful termination. 

Commercial insurance can also provide liability insurance should someone be injured at your business or by one of your products.  

With all the uncertainty in the world, why let the success of your small business be in jeopardy? In Kingwood, WV the experienced staff at the Smith Insurance Agency of West Virginia are here to help you to protect your business with the right commercial insurance, customized to meet your specific needs. Stop by our office or give us a call for a no-obligation quote.