Category: Commercial Insurance

Unforeseen events like a covered property claim can lead to the temporary closure of your business. During such times, Business Interruption (BI) insurance can be a lifesaver, providing coverage for daily expenses, lost revenue, and overhead, among other costs. Larry Burkman Agency in Huntsville, AL is here to help with this brief overview of what business interruption insurance covers and what it doesn’t.

Coverage Offered by Business Interruption Insurance

You can add coverage for unexpected interruptions to your existing business insurance to help continue paying your staff by reimbursing lost income. If your business is forced to close, serving clients or selling products becomes impossible. But, by providing your financial records to understand your coverage eligibility, your business can swiftly rebound.

If you rent a commercial space, BI insurance might pay your landlord (or mortgage company) until you’re ready to reopen. This policy might also cover the costs of setting up in a temporary location for all perils included under your policy. Most business interruption policies will cover your payroll for up to a year.

Business owners can check paying quarterly and annual taxes off their worry list with BI insurance. You might also receive help paying Small Business Administration (SBA) loans depending on your specific policy.

Limitations of Business Interruption Insurance

Business interruption insurance might not cover every situation during an interruption. You’ll still need separate property damage insurance for repairs during restoration. For instance, it doesn’t cover closures due to a cyberattack since separate policies address that. It usually doesn’t cover closures that last less than 72 hours so that it won’t reimburse for closures due to a brief power outage.

Contact Larry Burkman Agency in Huntsville, AL, to schedule a consultation with one of our knowledgeable commercial insurance agents.

Do you operate a small business in the Huntsville, AL, area? Do you have business insurance? Approximately 30% of all small businesses don’t carry any commercial insurance. At the Larry Burkman Agency, we’ve heard many reasons why. What’s your excuse for not having business insurance?

Is it too expensive?

Many small businesses assume it’s costly without getting a quote. Surprisingly, business insurance can be affordable.

Can’t afford it?

In reality, you may not be able to afford the risk of operating without it. An injury claim, fire, theft, or other unforeseen issues could quickly lead to closing your business without the safety net provided by insurance.

Think you don’t need it?

Most businesses face the risk of theft, vandalism, on-premise injury, cybercrime, loss of income, storm damage, fire, and more. Unless you can readily absorb these potential expenses, you need business insurance.

You don’t have much inventory or equipment?

You can still face a liability claim even without a lot of inventory or equipment. Vehicle insurance and protection against cybercrime are other potential considerations.

Planning to get it "someday?"

We’ve heard this excuse too often—usually when it’s too late. It’s crucial to understand everything about business insurance before deciding against it. Contact us at the Larry Burkman Agency in Huntsville.

Get a quote today.

Obtaining a business insurance quote is straightforward. Contact the Larry Burkman Agency and provide answers to a few questions. We can discuss your business, your risks, and affordable solutions. You’re under no obligation or cost to learn more.

Secure the future of your Huntsville, AL small business. Call the Larry Burkman Agency today.

Commercial insurance emerges as a vital ally around Huntsville, AL, offering tailored coverage and risk management solutions that empower organizations to effect positive societal change. From shielding against liabilities to safeguarding assets, commercial insurance bolsters the endeavors of social impact initiatives, ensuring their resilience and amplifying their reach.

Liability Protection: Safeguarding Mission-Driven Initiatives

Social impact initiatives often involve dynamic engagements with communities and stakeholders, making liability protection a critical aspect of their operations. Commercial insurance provides comprehensive coverage against legal expenses, medical bills, and damages incurred during these initiatives. This shield mitigates financial risks and fosters confidence among organizers and participants, encouraging sustained commitment to their mission.

Asset Protection: Ensuring Continuity in Service Delivery

The sustainability of social impact efforts hinges on preserving assets and operations. Commercial insurance extends coverage to facilities, equipment, and resources, safeguarding initiatives’ essential infrastructure. This protection enables organizations to navigate challenges without disruption, allowing them to focus on driving impact without fear of financial setbacks or losses.

Promoting Accessibility and Inclusivity

Commercial insurance promotes access and inclusivity within social impact initiatives by removing financial barriers to participation. Through liability coverage and risk management solutions, insurance companies enable organizations to offer affordable services, scholarships, and support for marginalized communities. This support ensures equitable access to opportunities for everyone.

Sustaining Impact: Long-Term Resilience and Growth

Sustainability is vital to the enduring success of social impact initiatives. Commercial insurance is pivotal in fostering long-term resilience by providing stability and protection against unforeseen risks. With coverage against accidents, property damage, and legal disputes, organizations can continue their work unabated, evolving and adapting to address changing societal needs.

How Larry Burkman Agency Can Help You

At Larry Burkman Agency, we can help answer questions concerning commercial insurance. We serve the Huntsville, AL, area. Call us today. 

Business insurance is practical, protective, and potentially crucial to the future of your business. Some benefits are more obvious than others. Whether you own or operate a small business, one that is a start-up, or if you operate a large established company, commercial insurance can be very valuable. If you own a business in or around Huntsville, AL, here are six benefits of commercial insurance from the Larry Burkman Agency you may not be aware of.

Six Benefits of Commercial Insurance

1. It Can Build Consumer Confidence in Your Company

Advertising that your business is “fully insured” could be a competitive advantage. Consumers feel more confident in dealing with responsible organizations.

2. It provides Peace of Mind

Being a business owner is stressful enough without losing sleep over a slip-and-fall lawsuit or vandalism. You’ll sleep better knowing you are covered.

3. It Can Protect You from Theft

Business insurance can financially protect you from theft from the outside and from employees. Employee theft is one of the primary causes of small business bankruptcy.

4. It May Be Able to Replace Lost Income

Income replacement insurance can protect your income from your business should it be unable to operate following a covered calamity.

5. It Can Provide Automobile Coverage

Commercial auto insurance can cover any vehicles the company owns and may protect personal vehicles used for business.

6. It Can Cover You From Financial Loss Due to a Cyberattack

Cybersecurity and cyber liability insurance can protect your business from losses associated with cybercrime.

Call Today To Discuss Your Options

Larry Burkman Agency in Huntsville, AL can customize a business insurance plan specifically for your business and your risks. Contact us today to discuss your commercial enterprise and for a custom quote.

Most small businesses are vulnerable to a variety of potential perils. Even if you do everything right, you cannot control everything that happens. Protecting your Huntsville, AL small business is important so that your business can move on and continue to thrive even after experiencing a setback. At the Larry Burkman Agency, we can help you look at your possible risks and choose the coverage that is right for you.

Business Owner’s Policy (BOP)

The most common kind of policy small businesses get is a BOP. The BOP combines the most important kinds of coverage in one place, helping you coordinate claims and even saving you money. 

A BOP usually has two main parts:

• Business property insurance protects your physical building, including its contents, in case of certain named perils, such as fire or vandalism.
• Business liability insurance protects your business in case someone sues your business for property damage or bodily injury because of something that happened during the normal course of business.

Other Kinds Of Commercial Insurance

There are several other kinds of available protection, and you can choose only the ones you will need. If you are a licensed professional, you should add professional liability insurance. Business interruption insurance protects you during an unforeseen closure. Data breach insurance has become popular as criminals have become more adept at interfering with others’ computers. If you have five or more full- or part-time employees, your business will be legally required to carry workers’ compensation insurance. These are just a few examples.

We Are Here To Help

Make sure your Huntsville, AL small business has the protection it needs. If you are interested in adding protection, or if you just have questions about commercial insurance, please feel free to call the Larry Burkman Agency today.

Workers’ compensation insurance from Larry Burkman Agency is one of the most important types of insurance for businesses to have here in the Huntsville, AL area.

Benefits of Workers’ Compensation

It provides financial protection to both employers and their employees in the event of an injury or illness sustained on the job. This type of insurance covers medical expenses, lost wages, rehabilitation costs, and other benefits related to a workplace injury or illness. 

For employers, workers’ compensation insurance helps protect against costly lawsuits from injured employees who may be seeking compensation for their injury or illness. Without this coverage, an employer can face significant financial liability if an employee is hurt on the job. In addition, workers’ compensation insurance helps ensure that injured employees receive the necessary medical care and resources they need to recover from their injuries. 

For employees, workers’ compensation insurance provides peace of mind when it comes to being injured or ill at work. If they sustain an injury while working, then they can rest assured that their medical costs will be taken care of by the policy. Furthermore, this form of coverage offers them financial help during their recovery period so that they won’t be burdened with additional financial worries during such a difficult time. 

Overall, workers’ compensation insurance is essential for any business because it helps protect both the employer and employee from incurring expensive legal fees and also offers security for those unfortunate enough to experience a work-related injury or illness.

Reach Out To Us

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

These days, having a home-based business makes good sense. It is cost-efficient not having to pay for a building to house your business. You may think that you don’t need commercial insurance for a home-based business, but that would be an incorrect decision. In Huntsville, AL,  our team of experts at the Larry Burkman Agency provides the commercial endurance advice you require. 

Why Commercial Insurance

Commercial property insurance

Commercial property insurance is different from home property insurance. It is a combination of property and content insurance. Your home insurance will not give your business the protection it needs. While it might cover a few things, it will not protect your business’s inventory. You need to have property coverage that is specific to the nature of your business. 

Commercial liability insurance

Your home policy does provide liability coverage, but if you are conducting business from your home and have customers or clients visiting, you will not be covered if they have a slip and fall and decide to sue. You need to have commercial liability coverage to protect yourself. 

Commercial auto insurance

If your business owns a vehicle, it needs to be covered by commercial auto insurance. Even if you own a vehicle, if you use it for business purposes and have an accident, your personal auto policy likely won’t cover you. 

Business interruption insurance

Your personal home insurance has nothing that is comparable to business interruption insurance. This insurance provides your business with the working cash it needs if there has been a covered peril. It helps you to be able to pay your bills, pay any employees you may have, and allow your business to survive being shut down.  

Reach Out To Us

Contact the Larry Burkman Agency, serving the greater Huntsville, AL community, when you are in need of an independent insurance agent to help with your commercial insurance needs.