Category: Commercial Insurance

Oklahoma is susceptible to the tornadoes that hit the mid-west every year. Businesses are shut down until the coast is clear. Downtime is part of commercial insurance, as is handling wages, the lease on the building, the cost of inventory, taxes, and more. 

If you’d like to see your business the way it was pre-storm, then you need to talk to Vance Insurance Group LLC in Oklahoma City, OK. We’re here to help.

Business Interruption Insurance

Let’s say a tree is uprooted, falling on the roof of your Oklahoma City, OK building. It wouldn’t be safe for you or your staff to use the building until it’s repaired. Business interruption insurance kicks in to make the payroll, pay the mortgage on the building, pay the taxes, pay for a temporary space to run your business and make up any financial losses from the closure of your business.

What Does Business Interruption Insurance Not Cover?

Some things aren’t related to closure, such as the utilities. They’d be cut off anyway due to damage to the structure. Other things that wouldn’t be included in business interruption insurance are:

    • Flood or earthquake results. Insurance companies have different policies for these types of disasters. You’d open that policy in conjunction with policies you already hold.

    • Anything broken. If your stock or other things were broken during the disaster that closed your Oklahoma City OK business,  the insurance won’t handle that.

    • Other than reported income. If it’s not on the books, it’s not covered.

Give Us A Call

Returning your business to its pre-storm state is as simple as consulting Vance Insurance Group LLC in Oklahoma City, OK. We’ll make sure the important aspects of your business are covered. Just stop by to see us or call. We’re ready to help.

Vance Insurance Group LLC is an independent insurance agency. We work with multiple carriers throughout Oklahoma City, OK. We are committed to helping our clients find the coverage they need to protect their assets. We treat our customers like family. Developing these personal relationships allows us to provide custom policies.

Commercial Insurance Mistakes To Avoid

Operating a business is complex. You have to deal with a lot of responsibilities on a day-to-day basis. Commercial insurance is designed to alleviate some stress associated with operating a business. The policy covers any damage to your products and equipment. This includes any situations where you are a victim of theft. Commercial insurance also protects your business in liability situations. Perhaps one of your customers slips and falls in the parking lot of your Oklahoma City, OK property. Liability coverage will assist with the injured party’s medical treatment. Liability coverage also protects you if a customer alleges that your products caused them harm. Workers’ compensation protects you if one of your employees is injured in the workplace or there are potential workplace allegations. While looking over your policy, avoid these common commercial insurance mistakes.

Commercial Insurance Automatically Covers Remote Work

This is incorrect. Commercial insurance will not automatically cover any damages or other potential issues if you work from home on occasion. You’ll have to amend your policy to remain covered.

Small Businesses Don’t Need A Lot Of Coverage.

This is a common error that many small businesses make. You may assume that you don’t need a lot of coverage because your business doesn’t have a lot of assets. Imagine how difficult things would be if a natural disaster totaled your business and didn’t have the necessary coverage. You could lose everything. That’s why obtaining commercial insurance is critical to your long-term success.

Vance Insurance Group LLC Will Help You Protect Your Investment

Contact our office to learn more information about commercial insurance.  

As a business owner in Oklahoma City, OK, protecting your company from liability and injury claims should be a top priority. Getting commercial insurance from a reputable company like Vance Insurance Group LLC is one way to do this, ensuring your company and your employees are safeguarded. Below are some types of commercial insurance to consider.

Workers Compensation Coverage

Workers can sometimes get injured during work, requiring medical attention. Workers’ compensation ensures that medical bills are covered along with any legal fees if your business gets sued. Lost wages are also taken care of when employee injuries lead to lost work hours.

Commercial Auto Insurance

Commercial auto insurance is designed to cover businesses whose vehicles are used for work-related engagements. If your employees get into an accident, commercial auto insurance covers the costs of vehicle repairs and replacements.

Property Insurance Coverage

Property insurance provides coverage for business buildings and contents within them. This policy will also take care of expenses arising from such scenarios during a fire outbreak or natural disaster.

Cyber Liability Insurance

Cyber liability insurance protects businesses when data breaches arise. Items covered by this policy include customer notifications, retrieval of client data, and ransom fees. If you also get sued by your customers, this policy will take care of compensation claims and legal fees.

General Liability Coverage

General liability insurance covers the costs of injuries to customers, specifically medical costs and legal fees. If your business also encounters any libel damages, this policy will cater to the liability claims.

Business Owner’s Policy

Business owner’s policy merges general liability insurance and commercial property coverage into one, allowing you to enjoy the benefits of both under one cover. Items covered include damage to business property and injuries that occur at your business.

Professional Liability Insurance

If you operate a service-based business such as a legal firm, a medical practice, or an insurance professional, professional liability insurance is for you. It covers errors and omissions made during consultations and any liability that results from mistakes made.

For a chance to get any commercial insurance coverage in Oklahoma City, OK, contact Vance Insurance Group LLC today for a customized policy.

Managing risks in a business is an everyday practice. Owners continuously have to juggle multiple tasks if they hope to keep making money by satisfying their many clients, vendors, third-party partners, customers, etc. If you live in Oklahoma City, OK, Vance Insurance Group, LLC wants to provide you with information about how to keep yourself safe. 

Keep On Top of Things 

There’s a lot of reasons to delegate your responsibilities to your employees. Not only is it recommended, but it’s also often the only way that you can manage every duty. But sometimes, when you give too much over to your managers and right-hand men, you end up out of the loop.

So if someone made a mistake along the way and it was never corrected, you’ll only have so much recourse if you discover it too late. And even if your employees can handle the responsibility, they can’t always be there when you need them. This can lead you to make an error down the line if you’re unaware of what’s going on. 

Plan Ahead 

Even when you’ve heard it before, this can’t be stressed enough. Having emergency contingency plans may not be able to solve every crisis, but it can mitigate disasters, so the damage isn’t so bad. If you live in Oklahoma City, OK, you have to keep in mind what you would do if the worst-case scenario occurred. 

Vance Insurance Group, LLC understands what it means to manage risks — we do it every day. If you have questions about what type of coverage will set your business up for success, we’re here to set the record straight. Give us a call today and tell us about the daily threats you face regularly.