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Business Property and Casualty Insurance – Some Frequently Asked Questions

Why do I need business property insurance?
The short answer is, you’ve worked hard to build your business now you need to protect it and you shouldn’t have to go it alone.  The best way to ensure you’re protected against unforeseen events is by purchasing business insurance – sometimes called commercial insurance or property and casualty insurance.  Without the right insurance coverage, property losses can cause your entire operation to fail. 

What type of insurance does a business owner need?
The answer to this question depends on many factors including the type of business you’re in, what size business your run, do you own or rent equipment or facilities, where you are located and many others.  Some important coverages all business owners should consider include:
  • General liability
  • Property insurance
  • Business interruption insurance
  • Commercial auto
  • Employment Practices Liability Insurance (EPLI)
  • Cyber coverage
  • Extended livestock insurance
  • And others
This is a small list of important coverage options.  The best way to find out if you have the coverage you need is to work with an agent from Agri-Services Agency (ASA) and complete a comprehensive insurance review.

What are some key insurance buzz words I should know?
  • Premiums – this is the amount you pay for your coverage
  • Deductibles – this is the amount of money you pay before insurance will cover a claim
  • Claim – a formal request to your insurance provider for reimbursement
  • Policy limits – a set cap on how much the insurance carrier will pay out
  • Exclusions – items an insurance policy won’t cover
  • Carrier – another word for an insurance company
  • Perils – causes of damage
  • Rider – and endorsement or amendment that can be added to a basic policy
Like the types of insurance you may need, this is a small sample of key insurance words.  ASA is familiar with all the jargon and can help guide you through an insurance policy.

What does business insurance cover?
Business insurance helps pay for the costs of “covered losses” such as, property damage, lawsuits, lost business income, and others.  To protect yourself against specific risks or special situations, businesses can purchase multiple coverages.

Where should I go for more information?
The most important thing you can do is to choose an agent you trust.  Agri-Services Agency has been serving farms and agri-businesses for over 50 years, we share your values.  To learn more about how ASA can help, give us a call at 877-466-9089.