Business Insurance in Hampton & Virginia Beach, VA
Managing different risks and exposures is a critical part of running your business. Even the most secure organizations can’t always prevent hazards and incidents. That is why it’s best to implement strong loss control measures and maintain a robust insurance portfolio.
How Does Business Insurance Work? 
Business insurance is a package of coverages that may provide financial support to your business in case of unexpected incidents, such as accidents, fire or theft. When you purchase a policy, you agree to pay a regular fee, called a premium, to an insurance company in exchange for coverage. This means if something goes wrong, you file a claim with them, and once it’s approved, they may pay for certain costs up to your policy limit. This way, your business can recover more easily from setbacks without bearing the full financial burden.
What Does Business Insurance Cover?
The insurance requirements of businesses can vary. However, policies with the following coverages may provide a strong foundation of financial protection:
- General liability insurance may pay for repair or replacement costs, medical bills and legal fees if your business caused bodily injury or property damage to a third party.
- Commercial property insurance may cover structures, equipment, inventory and other business assets if they are lost, stolen or damaged by a covered event.
- Business interruption insurance may provide financial aid if your business temporarily ceases operations due to a covered event.
- Workers’ compensation insurance may compensate for medical bills, lost wages and legal expenses if an employee suffers from a work-related injury or illness.
- Employment practices liability may pay for legal costs if your business is sued for discrimination, harassment, wrongful termination or other alleged inappropriate business practices.
Find the Right Coverage
The team of experts at Morgan Marrow Company can help determine your insurance and acquire optimal coverage. Contact us today to get started.