No matter what business you run, it’s essential to have the right insurance coverage in place. Not only will this protect your business from financial loss in an accident or lawsuit, but it will also give you peace of mind knowing that you’re prepared for anything. But with so many different types of business insurance available, it can be challenging to know where to start. To help you understand it all, here are the ABCs of business insurance coverage.

1. What is Business Insurance?

Business insurance is a type of insurance that businesses purchase to protect themselves from financial losses stemming from risks such as accidents, natural disasters, theft, and legal liabilities. In other words, it’s a safety net that businesses can fall back on if something goes wrong. 

2. Types of Business Insurance Coverage

Many different types of business insurance are available, each with its specific purpose. The most common types of coverage are property insurance, liability insurance, workers’ compensation insurance, and professional liability insurance. 

• Property Insurance: Property insurance covers the physical assets of your business if they are damaged or destroyed by a covered peril (e.g., fire, windstorm, theft). 
• Liability Insurance: The policy protects your business when you get sued for damages arising from injuries or property damage resulting from your business operations. 
• Workers’ Compensation Insurance: This policy covers the medical expenses and lost wages of employees who are injured on the job. In most states, businesses must carry workers’ compensation insurance if they have employees. 
• Professional Liability Insurance: Professional liability insurance protects your business from being sued for negligence, errors, and omissions. This type of coverage is significant for companies that provide professional services (e.g., accounting, consulting, engineering). 

3. How to Choose the Right Business Insurance Coverage

The best way to determine which type(s) of business insurance coverage you need is to speak with an insurance agent or broker who can assess your unique risks and recommend the right policies for your business. You should also review your insurance needs regularly (at least once annually) to ensure that your coverage is still adequate. 

Get Business Insurance in Astoria, OR

At Linda Dugan Insurance, we understand the importance of having the right business insurance in place. We offer a wide range of business insurance policies, and our experienced agents will work with you to find the coverage that best meets your needs. Contact us today to get started.

Having life insurance in place is an excellent way to give yourself peace of mind about what will happen to your loved ones once you are gone. A life insurance policy pays a death benefit to your beneficiaries after you’re gone so that they are in a better financial position. Two main types of these are available in the insurance marketplace. You need to know about each to choose when you get your policy. Call us at Linda Dugan Insurance in Astoria, OR to find out more.

Term Life Insurance

This type of life insurance is the least expensive of the main types and fits into more people’s budgets. It is insurance that is only good for a specific term of time. This may be 20 years or so. During this term, the policy is good and will pay out if you die at that time. However, it will expire at the end of the term, and you will have to find a new insurance policy at that point if you still want to be covered by life insurance. 

Whole Life Insurance

This type of insurance is more expensive but has some essential benefits. It isn’t good only for a specific term. Instead, it stays good for your entire life even if you become quite advanced in age. This type of insurance also has a cash value that many people appreciate having available. It’s an amount that you can borrow if you ever have a financial need for it. It is paid back just as any other type of loan would be. 

Protect Your Family With Life Insurance

To get a life insurance policy of either type, you can call us at Linda Dugan Insurance in Astoria, OR.