Commercial Insurance: Safeguard your Business in Senatobia, MS

As a business owner in the Senatobia, MS, area, you can reap numerous advantages from the local economy’s vibrant dynamism. However, it is vital to ensure that your business is constantly secured with Insurance coverage. Proceeding without adequate insurance can lead to various unforeseen implications.

Potential Financial Losses

One of the chief consequences of not having commercial insurance is that your business can face financial losses. A commercial insurance plan provides financial protection to a company in various ways. It offers crucial support in case you are liable for an accident or lose assets due to theft or damage. Commercial insurance provides coverage in all these situations.

Violating Agreement Conditions

Without commercial insurance, your business could potentially violate agreement stipulations. Commercial insurance provides significant coverage for businesses. Due to this, many stakeholders like lenders, customers, vendors, and investors require that you maintain it at all times. If you don’t carry commercial insurance when required, you could inadvertently violate significant agreements or face other penalties.

Acquiring Commercial Insurance with Storey Insurance

Ensuring your business in Senatobia, MS has adequate commercial insurance should always be a top priority. When you’re ready to explore insurance coverage for your business, connect with our team at Storey Insurance. Our professionals are equipped to evaluate and understand the specific risks associated with your business and craft a fitting policy accordingly. Working with Storey Insurance is your first step to ensuring your business has the right amount of protection.

Do you collect personal or medical information from clients in your line of business? With the rising tide of hackers targeting small businesses, adding cyber insurance to your policy is a sensible move. The knowledgeable agents at Storey Insurance in Senatobia, MS, are ready to help you understand cyber insurance and what it covers.

What Protection Does Cyber Insurance Provide?

Adding cybersecurity to your commercial insurance policy generally assists in compensating for financial losses that occur after a cyber-attack. These losses may encompass data recovery, extortion, hacking, and notification costs. Our team stands ready to help you comprehend the different types of coverage available and their potential benefits to your business.

What’s Included in Cyber Insurance?

It is mandatory under state and federal laws for businesses to notify their clients following a data breach involving their personal information. Cyber insurance can assist in covering the costs related to the notification process.

If your computer systems are compromised, you might be required to bear the expense of restoring personal identities. In addition, data breaches involving the theft of personal information could invite lawsuits, meaning you should ensure your insurance covers legal fees.

In some circumstances, hackers might corrupt or eliminate sensitive data. As a result, you might need to enlist the services of data recovery experts to retrieve data and rehabilitate computer systems affected by the attack.

What If Hackers Hold Your Company for Ransom?

Ransomware can deny you access to your own computer systems. With cyber insurance, you are provided aid in meeting ransom demands or attempting to apprehend the responsible parties. Cybersecurity specialists can help steer you through the complexities of recovering missing or stolen data. There are also privacy regulations and policies that you’ll be required to comply with. With the right insurance, you can afford to bring in experienced experts to guide you through recovery.

To schedule an appointment or request a cyber insurance quote, contact the team at Storey Insurance in Senatobia, Mississippi.

Today’s unpredictable business landscape calls for Mississippi business owners to protect their proprietary investments against potential risks. Trusted insurance professionals at Storey Insurance in Senatobia, MS can help protect your enterprise with commercial insurance.

How Businesses Thrive During Tumultuous Times

Having the right insurance can make all the difference during tumultuous times. Unexpected business shutdowns from natural disasters like hurricanes, tornados, or fires can leave local business owners reeling from financial fallout. 

Get Liability Coverage and Property Protection for Business Owners 

Accidents on your premises can lead to lawsuits, liabilities, and claims for medical damages or bodily injury. Commercial insurance with property protection can shield your business from these costly claims. 

Business Interruption Insurance Benefits

Sudden shutdowns can lead to financial losses that can throw a wrench in your everyday operations costs for purchasing products, meeting payroll, and business-related expenses. Talk to a trusted agent to find out how business insurance can help keep your business running during times of crisis. 

Protect Your Employees with Worker’s Compensation

Work-related injuries or illnesses can severely impact your business and employees. Business insurance with workers’ compensation coverage can help replace lost wages, cover medical expenses, and show commitment to the safety and well-being of your employees. 

Cyber Liability Shields for Data Protection 

Today’s businesses rely heavily on the use of computers and databases filled with proprietary customer data to keep their operations moving. Protect your customer data, proprietary files, and operating systems from breach or attack by investing in commercial insurance with cyber protection. Avoid the devastating effects that a shutdown, natural disaster, or workers’ compensation claim can have on your business.

Contact the experts at Storey Insurance in Senatobia, MS, and get a commercial insurance quote today! 

At Storey Insurance, we help Senatobia, MS businesses protect their financial security with commercial insurance. In this blog, we address the types of commercial insurance coverage that many companies need but that they do not think about purchasing.

An Immense Variety of Commercial Coverage

Because businesses vary vastly in their needs, commercial insurance evolved to offer many coverage options. Ideally, a business owner sits down with an insurance agent to determine the necessary coverage and then undergoes a policy review annually to account for business changes and growth. During these meetings, we’ve noticed a few coverage types that business owners don’t realize they need out of the more than twenty-five coverage options available.

Commercial Auto Insurance

As businesses grow, their owners often purchase a vehicle devoted to the company. Although they drive this business vehicle only for work, they don’t realize it requires commercial auto coverage. A company needs to add commercial autos as soon as it purchases its first fleet vehicle, not once it owns many fleet vehicles. Although any company with a car needs this coverage, common business types include restaurants that deliver food, catering businesses, construction contractors, plumbers, and electricians.

Glass Insurance

Glass coverage applies to plate glass windows, mirrors, and safety glass. Some clients assume that these items earn protection from the structural coverage on their building, but that covers the foundation, walls, framing, and roof, not the glass. The most common businesses needing this include dance studios, retail shops, and office complexes.

Cyber Liability Coverage

Even businesses that do brisk business online sometimes neglect to tell their insurance agent that fact. They don’t know about cyber liability coverage and how it differs from general liability. As long as a business has a website and communicates online with clients, it needs cyber liability coverage to protect it from financial loss if its website or client database gets hacked.

Contact Storey Insurance Today

Don’t miss out on the commercial insurance your Senatobia, MS business needs. Contact Storey Insurance for an insurance review and update your commercial policy.

In the case of a natural disaster or fire, you could remain closed for some time. If this happens, and you have business interruption insurance, you can receive coverage to help you pay for operating expenses until you open your doors again. At Storey Insurance in Senatobia, MS, we have agents ready to discuss all of your commercial insurance needs.

What Is Business Interruption Insurance?

This type of coverage, also called business income insurance, can help your small business recover from suspended operations. It works in conjunction with commercial liability and property insurance, and you can meet with one of our agents to ensure that you include this in your policy.

Why Do You Need Business Interruption Insurance?

Depending on how your policy is written, business income insurance may cover fixed expenses, including expenses to operate elsewhere while your business location undergoes repairs and restoration. This insurance also compensates you for lost revenue while your business remains closed. Ask your insurance agent how to bundle business interruption with other coverage for peace of mind and economic security.

What Does Business Income Insurance Pay For?

This coverage doesn’t replace commercial property insurance, which pays for physical damages. Instead, it covers lost income while you remain closed for repairs. Depending on your specific policy, business income insurance may also cover lease payments, employee wages, relocation costs, loan payments, and taxes.

Note that business interruption insurance doesn’t cover losses due to earthquakes, flooding, and other events that require a separate policy. Typically, it doesn’t protect your business from losses due to pandemics or other health emergencies.

Contact Storey Insurance in Senatobia, MS, for assistance in setting up business interruption insurance for your business.

Workers’ compensation insurance from Storey Insurance is a protection that every business should have in place for their employees. It provides financial assistance to cover medical expenses and lost wages should an employee be injured while on the job. This type of insurance covers costs related to illness, disability, or death resulting from workplace accidents or conditions arising from job-related activities here in the Senatobia, MS area.

Having worker’s compensation insurance in place can be a lifesaver for employers and employees alike. It protects both parties from legal liabilities stemming from workplace injuries or illnesses, absolving employers of responsibility with regard to any claims made by an injured employee. In addition, it also helps ensure that injured employees receive the care they need without worrying about out-of-pocket expenses that they might not be able to cover on their own.

For employees, workers comp insurance ensures they are taken care of in case of an accident or injury. No one wants to be left with medical bills due to a workplace injury, and workers’ compensation insurance ensures the employee is covered for these costs regardless of fault. Having this type of safety net in place can provide peace of mind while assuring employees that their employer cares about them and their well-being. 

Having the right worker’s compensation policy in place can make all the difference for employers and employees. Not only does it protect everyone involved from potential legal issues, but it also helps ensure that anyone who gets hurt on the job will have access to quality health care when they need it most.

For more information, give us at Storey Insurance a call today. We are proud to serve the Senatobia, MS area.

When the Storey Insurance team helps Senatobia, MS business owners purchase commercial insurance, we aim to ensure you get great coverage for your needs. Unfortunately, some common mistakes businesses make when choosing a policy can end up costing them more money down the line or leave them vulnerable to financial loss due to an unexpected incident.

Here are three mistakes to avoid when you shop for commercial insurance:

1. Not getting enough coverage 

One of the most important things to remember when buying commercial insurance is that it’s better to err on the side of caution and get more coverage than you think you need. This prevents gaps in your policy that could leave you vulnerable if an incident happens and you need to file a claim.

2. Choosing an insurance provider without researching them 

Another mistake businesses make is selecting an insurance provider without researching first. It’s vital to ensure the provider you choose is reputable, covers your specific needs, and has a good customer service record.

3. Focusing only on the price 

While finding a policy that fits your budget is essential, don’t make the mistake of focusing solely on the price without considering other factors. Make sure you are getting enough coverage and working with a reputable provider first and foremost, then consider any discounts or additional add-ons they offer.

Reach Out To Us

At Storey Insurance, we know that finding the right commercial insurance policy can be a daunting task. That’s why our team is here to answer questions and provide guidance every step of the way. Avoiding these three common mistakes will help ensure you get the coverage you need at a price that fits your budget. Contact us today to learn how we can help you protect your business in the Senatobia, MS area.

When you come to Storey Insurance to buy insurance for your Senatobia, MS business, you might think that the phrase commercial insurance refers to a single policy. Instead, it refers to a category of insurance with more than 25 options. Those options get pretty detailed.

Here we explain the specialized types of commercial policies, such as glass insurance, boiler insurance, malpractice, E&O, etc., and which business types need what type of coverage. Not every business needs every type, and it makes smart fiscal sense to only purchase what you need.

Commercial Insurance Specializations

• General Liability Insurance – Every business needs liability coverage.
• Workers’ Compensation Insurance – Every business that hires employees must legally obtain workers’ comp coverage.
• Professional Liability Insurance – Otherwise known as malpractice insurance, medical professionals, especially doctors and nurses, carry this policy. So do attorneys.
• Errors and Omissions (E&O) Insurance – Many physicians also carry E&O coverage if they make medical devices or fit them. Manufacturers also carry E&O.
• Commercial Auto Insurance – Any business that operates a vehicle as a part of the business, such as for deliveries or item pickup, must carry this insurance.
• Commercial Property Insurance – If you own a building used for business purposes, you need this coverage. Think of it as homeowners’ insurance for your office building.
• Business Owner’s Policy (BOP) – Most small businesses carry this policy that actually bundles the four most commonly purchased commercial insurance policies into one package and offers them at a reduced premium.
• Hired & Non-Owned Auto Insurance – Chauffeurs and those who drive a taxi, Uber, or Lyft need this policy.
• Tools & Equipment Insurance – Any business, such as carpenters, plumbers, electricians, computer programmers or technicians, etc. that relies on specialized tools and equipment needs this policy to protect it.
• Liquor Liability Insurance – Restaurant and bar owners need this policy type.
• Product Liability Insurance – Manufacturers of any type of product from makeup to motor oil, exercise equipment to tool belts, need this policy.

Give Us A Call

The term business insurance sounds simple, but its many types of policy complexify it. Contact Storey Insurance serving Senatobia, MS for more information on which policies you need to best cover your business.

Owning a business, regardless of its size and the type of industry, is a lot of work. It requires the ability to focus on short-term and long-term goals, perseverance, passion, and dedication. There are also many risks and uncertainties you have to deal with by being a business owner.

One of the best ways to protect your business and alleviate certain risks is to purchase commercial insurance. However, you may wonder: "Do I really need this type of insurance?" If you have doubts, you should know about the main benefits of business insurance. Consult with Storey Insurance In Senatobia, MS for expert insurance advice. 

What Are The Benefits Of Commercial Insurance?

• Protection of your commercial property. Your commercial property can be damaged,  and if you have commercial insurance, your insurance company will cover the costs of repairs. Otherwise, you will have to pay for them out of pocket. 
• Protection of the equipment. Just like the property itself, your equipment can get damaged, broken, or cracked. It happens more often than you think. Your business insurance is needed to cover the cost of repairs and replacement. 
• Management of business liability. Having a business does not mean that you will have a stable income every year. There could be a time when you face unforeseen losses. In this case, your commercial insurance will minimize the risk by providing financial support. 
• Coverage of advertisement liability.  If your business advertisement accidentally violates any copyright rules or infringes a certain law, your commercial insurance will protect you and compensate it all. 

Get Commercial Insurance Today

If you are currently shopping for commercial insurance for your business, Storey Insurance In Senatobia, MS is here to help you. We specialize in different types of insurance, including commercial/business insurance as well. Feel free to contact us to get more information and find out about the policy options. 

Keeping your operations cost low means that your net profits will go up as a business. One of the costs that you should be mindful of is your commercial insurance rates. Storey Insurance offers this guide on factors that affect commercial insurance rates for businesses in Senatobia, MS and beyond. 

Factors Affecting Your Commercial Insurance Rates

1. Potential Risk

Some industries and business sectors carry a higher risk than others; for example, construction companies have a greater likelihood of a visitor suing for a site injury than an office corporation or a retail business. Therefore, if your company is in an industry with a higher potential risk, your commercial insurance rates will be higher than those in less risky sectors.

2. Business Locations

Some regions are more prone to extreme weather events like tornados, snowstorms, and floods than others. If your enterprise is based in a location that experiences extreme weather events, insurers will charge you higher commercial insurance rates and vice versa. Additionally, if your company is located in a high-crime area, your commercial insurance rates will be higher than that of a business located in a low-crime area. This is why at Storey Insurance, we always advise our clients to pick their business locations wisely.

3. Claim History

Your claims history will affect your feature insurance rates. If you have made a few claims, let’s say one or two claims, over the last five years or so, insurers will see your business as a low-risk client, and your commercial insurance rates will be lower. However, if you have made multiple claims over the last couple of years, let’s say once every year, insurers will view your enterprise as a high-risk client. Therefore, they will charge you higher commercial insurance rates.

Are you a business in Senatobia MS, looking for the best on your commercial insurance? Contact Storey Insurance today, and we will provide you with an unbeatable commercial insurance deal.