Commercial/Business Insurance FAQs

In the world of business, unexpected mishaps and unforeseen circumstances can inevitably impact even the most prepared and diligent companies. In the wake of accidents or other difficulties, insurance can be essential in managing the situation and helping policyholders get back on their feet. However, commercial/business insurance can be nuanced and complex, making it necessary to understand options and details fully.

James L. Smith Insurance Agency is proud to assist by providing this overview of frequently asked questions about business insurance.

Q: What Is Business Insurance?

Business insurance, while a common term, does not usually refer to a single type of policy available for purchase. Rather, comprehensive protection for businesses typically requires a combination of policies that work together to address various risks and possible incidents.

Q: Why Do I Need Insurance?

Regardless of size, industry or other unique circumstances, all businesses can benefit from purchasing and maintaining the proper coverage. Your policies can provide financial stability and peace of mind and may also be necessary to fulfill legal requirements and industry standards. For example, workers’ compensation insurance is often required if your business has employees.

Q: What Does it Cover?

The capabilities and details of business insurance can vary greatly and should be sculpted according to your coverage needs. The following components may be common in business insurance portfolios:

• General liability insurance 

• Commercial property insurance 

• Business interruption insurance 

• Workers’ compensation insurance 

• Professional liability insurance 

• Commercial auto insurance 

• Cyber liability insurance 

• Commercial umbrella insurance 

Q: How Much Does Commercial Insurance Coverage Cost?

Many factors, including the following, can determine business insurance rates:

• Industry 

• Location 

• Workforce size 

• Years in business 

• Assets and revenue 

• Claims history 

• Coverage limits 

• Endorsements 

• Deductibles 

Q: Where Can I Get Commercial/Business Insurance in Pittsburgh, PA?

Contact James L. Smith Insurance Agency today to learn more about coverage options for your business or to compare personalized quotes.

How to Get Business Insurance

If you need business insurance solutions, we’re here to help. Give James L. Smith Insurance Agency a call today to get started.