Farris Insurance has access to a variety of commercial insurance carriers to provide you with quality insurance at affordable prices for businesses large and small.
A Business Owner’s Policy is an insurance package that combines all of the typical kinds of coverage into one bundle. It simplifies the insurance buying process and can save you money.
General Liability Insurance
General liability insurance, also known as commercial liability insurance, provides protection if someone is injured or your property is damaged in an accident while you are conducting business. Accidents can happen regardless of what type of business you operate. Even if you don’t have an office, you may want protection if you or your employees visit a client’s office or worksite. t can protect you from costs associated with bodily injuries, damage to third-party property, personal injuries, medical expenses, litigation and more.
Professional Liability Insurance
Professional liability insurance is also known as Errors and Omissions (E&O) insurance. It is meant to protect businesses that offer professional services, including consultants and financial advisors. It’s often used by businesses that provide services to other businesses, for protection against allegations that your services caused financial problems for your clients. If the blame escalates to legal action, professional liability insurance can help protect your business’s financial interests.
Commercial Property Insurance
Commercial property insurance comes into play if you rent or own an office. This can protect against physical hazards, including things like fires and floods from broken pipes. It can also cover the physical property at your office, including computers and office furniture.
There are also business owner’s policies that bundle general liability and commercial property insurance together, sometimes with a lower combined premium.
Commercial property insurance typically does not cover flood damage. If your business is at risk for flooding, you may want to buy a separate flood insurance policy to protect your office space from the cost of flood damage.
Business Interruption Insurance
Business Interruption Insurance helps with financial losses any time a company is forced to operate at reduced capacity or suspend operations due to natural disaster or a man-made crisis. That typically includes fires, natural disasters, hurricanes, tornadoes, and floods. Business interruption insurance can help compensate businesses for lost revenue, rent and lease payments, mortgage payments, other loan payments, taxes, and employee wages. It can also cover the cost of having to relocate temporarily or permanently to new premises. It is typically a part of property insurance policies.
Contingent Business Interruption Insurance
Contingent Business Interruption insurance (CBI) can cover disruptions by a third party. CBI is an optional extension of business interruption insurance. It reimburses you for lost profits and extra expenses if problems with a customer or supplier interrupt your business. However, just like with business interruption insurance, property damage usually triggers CBI. In this case, the damage is to the third-party supplier or customer. Usually, this means a plant, property, or equipment or supplier has been physically damaged, interrupting your supply chain.
Supply Chain Insurance
Supply Chain Insurance provides far broader coverage than CBI insurance. In addition to covering disruptions caused by property damage to your suppliers’ or downstream customers’ businesses, supply chain insurance can cover losses caused by a wide range of events. Those include:
- Natural disasters
- Industrial accidents
- Labor issues (strikes, shortages, etc.)
- Production process problems
- Political upheaval, war, civil strife
- Riots or other disruptive civic action
- Closure of roads, bridges, or other transportation infrastructure
- Public health emergencies; e.g., pandemics requiring quarantine
- Regulatory action
- Financial issues; e.g., solvency, cash flow problems
- Suppliers in less politically stable nations or in places with more vulnerable infrastructure may be more prone to disruption
Some insurers are moving towards offering multi-tier coverage, where the whole supply chain is insured.
Directors and Officers (D&O) Insurance
Directors and Officers (D&O) liability Insurance protects people who serve as directors and officers of a company, and their spouses, against claims made against them in their roles managing the company.
Product Liability Insurance
Product Liability Insurance protects against financial loss as a result of a defective product that causes injury or bodily harm. It’s for businesses that manufacture, distribute or sell products.
Home Based Business Insurance
Home-Based Business Insurance offers protection for small business equipment and liability coverage for third-party injuries. It can usually be added to your homeowner’s insurance.
Other Insurance Options
- Workers’ compensation insurance, if you have employees;
- Commercial auto insurance, if your company owns vehicles or uses them for business purposes;
- Cyber Risk Insurance (Cyber Hacking Insurance, Cyber liability insurance, Data Insurance).
Farris Insurance Agency offers a broad range of commercial insurance products including home and auto insurance. We also handle life, health, and employee benefit programs. Across all of our services, Farris delivers industry-leading risk management assessments. We make sure our clients receive the necessary information to make the best decisions.
Contact Farris Insurance Today at 479-756-6330. Speak to One of Our Dedicated Staff About Business Insurance
At Farris Insurance, we pride ourselves on being a full-service insurance agency. We are dedicated to serving the Northwest Arkansas community with an uncompromising commitment to professionalism and client satisfaction.
Whatever your insurance requirements, Farris Insurance Agency will provide you not only what you need but what you deserve. For more information contact us today at 479-756-6330 to learn more about why Farris Insurance is perfect for you.