Owning a business comes with a lot of work, and some of the responsibilities go towards developing a form of protection against financial losses. That’s why many business owners turn to insurance agencies for coverage. There are numerous types of insurance that could cover a business or a commercial enterprise, and customers will have many policies to choose from. Most business owners end up with a commercial insurance plan or even a liability coverage of some sort. At Bridgeway Insurance Group, we’re providing both to business owners in Montgomery, AL. But what is the difference between commercial insurance and liability coverage?

What is Commercial Insurance?

Commercial insurance is the type of coverage that protects a company and its assets. This insurance will provide payments in the event of a financial loss, a theft, an accident, or a natural disaster. Some companies are more dangerous or risk-prone than others. For example, if a business owner runs a construction company, it would help to have commercial insurance for personal injuries or workplace accidents. If the business is located in a high-crime area, then the business owner should look into an insurance plan that provides coverage for theft or vandalism.

What is Liability Coverage?

Liability coverage is a type of policy found in a commercial insurance plan. If a customer wants to take action against a company for releasing a faulty or defective product, the company can recuperate any financial losses from the legal dispute; the company’s insurance should pay for the lawsuit and the legal fees. Other lawsuits might arise from workplace compensation disputes.

Getting Insurance in Montgomery, AL

Interested in finding a commercial insurance plan that covers your needs? Contact Bridgeway Insurance Group for more information.

Commercial insurance policies are among the most significant investments for a business owner in Montgomery, AL. Bridgeway Insurance Group’s team of seasoned agents is here, ready to guide you through the process of selecting the proper coverage. This guide aims to educate you on the pivotal factors to consider.

Identifying Risks

Recognizing specific risks and concerns is essential before finalizing a policy. Is theft a prevalent issue? How about potential property damage? Are there any other liabilities or accidents to be mindful of? The answers to these questions significantly influence the specifics of the policy you choose.

Understanding Industry-Specific Needs

A one-size-fits-all approach does not apply to commercial insurance policies. The demands of your specific industry play a crucial role in dictating your insurance needs. Stringent regulations often govern industries, affecting the choice of insurance policy. Our agents will help you understand the specific policies you require and the reasons behind the need.

Conducting Regular Policy Reviews

As businesses grow and evolve, your policy must reflect these changes. Conducting an annual policy review is a practical way to ensure that your policy keeps pace with your business’ growth and that you always have adequate coverage. Remember, selecting a policy isn’t a one-time decision but an ongoing process.

The professional assistance you need when choosing the right commercial insurance coverage is at Bridgeway Insurance Group. Please contact us or visit our office if you have additional queries or concerns.

As your business grows, you’ll encounter challenges. Some you’ll be prepared for as part of your business plan or your natural abilities. Things like coming up with the resources to deal with unexpectedly fast growth. Others will be unexpected, like an issue with your facility or even the weather. Here in Montgomery, AL, Bridgeway Insurance Group can help you prepare for and navigate the challenges you face as you grow your business. You’ll find facing them makes you stronger, with the support of knowledgeable professionals who know how commercial insurance can make a difference.

Avoiding the Slippery Slope with Wise Protection

Managing a growing business, it can feel precarious to balance your resources and future plans. Kind of like a slippery slope, where a single problem can get you off track and draw your attention away from success. The good news is that proper commercial insurance coverage steps in to get you back on track or even avoid risk by providing guidance along the way. At Bridgeway Insurance Group, we’re happy to serve you in Montgomery, AL, where the state government has worked to create resilience in our insurance industry. When storms strike, or economic disasters threaten you, there are resources available that, through wise planning, you can use to build your future as a business owner or management.

 Looking Ahead with an Insurance Consultation

Our insurance experts are here to arrange vehicle insurance, property coverage, and other routine policies for your company. We encourage you to come in for a face-to-face consultation or call on the phone and talk about the bigger picture. You may find that a well-planned package of protection not only helps your business to stay stable in tough times, but benefits your workers and your family, too.

Montgomery, AL is a large city with a strong population base. This can make it a good place to own and run a business. If you are going to start a business here, you need to carry insurance for your company at all times. A proper commercial insurance plan will give you various forms of protection that can protect your solvency and offer various forms of support. 

Protect Assets Owned By Your Business

One of the ways your Alabama business can be protected with a commercial insurance plan is that it can protect your assets. When you own a company, you will routinely be purchasing equipment, inventory, and other assets that you will need to use to properly run an organization. If you have a commercial insurance plan, you will get coverage that can help replace or repair these assets in a variety of situations including if there is theft or various situations that result in damage. 

Liability Insurance

It is also a good idea to get a commercial insurance plan, so you can reduce your liability risks. Any business will take on liability risks regularly. This includes risks that an accident could occur through the use of your product or service or an employee is hurt while working. A full commercial insurance plan will ensure you have coverage to mitigate and offset these risks.

Reach Out To Us

It is always a good idea for a Montgomery, AL business owner to carefully assess their insurance needs. If you are shopping for a new commercial insurance plan, you should call our professionals with the Bridgeway Insurance Group. Our team of insurance professionals with the Bridgeway Insurance Group knows the value of this coverage and will offer the help you need to build a proper plan for your situation. 

Workers’ compensation insurance from Bridgeway Insurance Group is an important safeguard for both employers and employees here in the Montgomery, AL area. It provides protection for employers in the event of a workplace injury or illness, as well as financial support to injured employees. This insurance can be vital in protecting business owners from liability for workplace injuries and in providing a means of compensation to injured employees. 

For business owners, workers’ compensation insurance is essential in protecting them from the financial repercussions of workplace injuries or illnesses. Without this type of coverage, employers could be held personally liable if an employee were hurt or became ill on the job. Additionally, this type of insurance can help businesses avoid costly legal proceedings that may arise due to workplace accidents. 

For employees, workers’ compensation insurance is key in providing quick and fair financial assistance when they are hurt or become ill while on the job. Depending on the policy, an employee may be able to receive benefits such as reimbursement for medical expenses, lost wages while recuperating from their illness or injury, and even long-term disability payments if needed. 

Overall, workers’ compensation insurance is essential for both employers and employees alike. It helps ensure that both parties are protected financially in case of a workplace accident or illness while also creating a safe working environment for everyone involved.

Reach Out To Us

For more information, give us at Bridgeway Insurance Group a call today. We are proud to serve the Montgomery, AL area and would be happy to help you find a policy that not only meets your needs but your budget as well. 

Business owners need to understand the importance of having commercial insurance. We can help answer your questions about commercial insurance in Montgomery, AL.

Three Mistakes to Avoid 

Failing to Compare Options Between Providers

In Alabama, there are numerous insurance companies that provide commercial coverage. You should not accept a policy from the first provider you investigate. Instead, get insurance quotes from several different companies. Then you can compare them and select the best one for your company’s needs and budget.

You can get quotes from multiple carriers through us at Bridgeway Insurance Group.

Neglecting to Perform A Risk Assessment 

When purchasing commercial insurance in the Montgomery, AL area, you should not skip the step of conducting a risk assessment at your company. A risk assessment entails identifying your liability risks.

When you identify the liability risks that your business faces, you can determine what types of coverage you require. If you don’t conduct a thorough risk assessment before purchasing a policy, it’s easy to overlook a significant liability.

Being Unaware of the Various Types Of Commercial Insurance

Commercial insurance is a complicated product. There are numerous types of commercial insurance coverage available. It is critical to be familiar with these types of coverage in order to determine which ones you require.

Commercial auto, commercial property, commercial liability, and worker’s compensation coverage are some of the most important types of commercial coverage. Before you buy a policy, learn about the various types of coverage and how they work.

We Are Here to Help!

Contact Bridgeway Insurance Group to learn more about commercial insurance options. We can help you find the right coverage for your commercial needs by answering your questions. Our highly trained agents are ready to help you today!

The deal is done, and your keys are in your hand. You have your startup capital, and most of it is probably already spent. The day that your business opens is almost here. If you’re like most of us, you’ve probably dreamed of opening at least one business for your entire life. Maybe more than one. But now that your dream is here, how will you protect it? How will you make it grow?

Business insurance is a vital ingredient to making sure that a healthy business thrives and grows in the great American economy. Bridgeway Insurance Group is here to help Montgomery, AL entrepreneurs take ownership of their businesses.

Do I need business insurance from Day One?

When you open your first business, there are a lot of things on your mind. Your employees are your first priority, as they should be. With many people, business insurance probably isn’t. It should be, though. Your sole proprietorship is built of things that you can’t easily replace. Dedicated office equipment can cost tens of thousands of dollars, and if you take a loss on those machines, that might be money you can never get back.

Am I required to have business insurance?

The answer to that question depends from industry to industry. Many basic startups like tech contracting startups don’t require you to have business insurance, but it’s always a good idea.

How do coworking spaces affect my business insurance needs?

If your business works out of a coworking space – an office rented with workers from different companies – you will need business insurance. All the risks of running your own business are doubled when your business exists in a space shared with others. Consult your professional partners at Bridgeway Insurance Group in Montgomery, AL about your business insurance needs.

Being a business owner in the Montgomery, AL area has continued to be a goal for many people. If you would like to own and run a business here, there are a lot of important choices to make. One big decision will come when you need to choose a new insurance plan.

There are various situations when a business will need to have a commercial insurance policy:

Businesses Raising Capital Need Coverage

No matter the type of company that you want to run, you will have to have access to capital to get it off the ground. As you are looking to raise money for your business here, you will find that investors, lenders, and other parties will want to know that you are properly insured. In many cases, you will be required to carry a full commercial insurance plan that meets the set standards and contracts you sign. 

Businesses Trying to Reduce Risk

You should also get a commercial plan if you want to reduce your risks. There are a lot of risks that come with running a business and having insurance can offset and mitigate many of them. If you do have a full commercial insurance plan, it can help to cover your business assets and provide commercial liability support, which will be advantageous in various situations. 

Get Commercial Insurance Today

Businesses all over the Montgomery, AL area need to ensure they are covered with a proper commercial insurance plan. Once you are ready to start looking for commercial insurance here, it would be a good idea for you to call the Bridgeway Insurance Group. If you do call Bridgeway Insurance Group, you can learn a lot about the various insurance options and get the support to select an ideal plan. 

Most states require employers to purchase unemployment insurance for their employees. The employer pays the premium for this coverage. You may want to consider obtaining employee benefits like disability and life insurance, short-term disability, or critical illness insurance. 

The benefits will help your business as much as they help your employees. However, it’s important to note that if your employees are also independent contractors, they don’t fall under the same laws as regular employees. Consult Bridgeway Insurance Group for inquiries in Montgomery, AL, and surrounding areas.

Insurance for My Business If You Have Employees

If you have employees and want to ensure their safety during the course of their work, you will likely need to purchase some kind of insurance for your company. In most cases, your standard homeowner’s or car insurance may be sufficient for your personal assets. However, it’s a good idea to purchase business insurance for your new business. 

As a business owner, you have a lot of responsibilities, and one of them is to protect the health and wellbeing of your employees. You can buy insurance for your employees through a third-party vendor, such as eHealth. Most small businesses that have employees will need to purchase some form of worker’s compensation or disability insurance for their staff. 

Contact Us Today

Most large businesses will want to purchase commercial insurance such as liability, property, or workers’ compensation. You may need to purchase some form of workers’ compensation insurance. If you don’t have workers’ compensation coverage, you could be liable for your employee’s medical bills and lost wages if your workers are injured at work. You will also want to make sure that you have a business owner’s policy that covers property damage and liability if someone is injured on your premises or if someone sues you for damages. For expert help in Montgomery, AL, consult with Bridgeway Insurance Group.