Without the proper insurance policies in place, any incident, small or large, can be financially devastating for a Cheyenne business. One of the most important business decisions you can make will be the policies and coverage chosen to protect your business. Fortunately, there is insurance available for any risk that your business might face. Much like personal insurance, some business insurance policies are required by law, but many are optional. At the Knifong Insurance Agency, we work closely with businesses throughout Cheyenne and the surrounding Wyoming communities to customize a business insurance plan that provides the coverage and protection they need.
Commercial or Business Insurance are generally used as blanket terms to describe a collection of insurance policies available to businesses to mitigate various risks. A business insurance program can offer protection for:
- Damage or loss to a business location and its contents.
- Commercial vehicles.
- Lawsuits arising from injury or property damage to others.
- Interruption of normal business operations.
- Benefits for employees who are injured or become sick on the job.
General liability, property insurance, and workers’ compensation are some of the most common business insurance coverages. Just about every Wyoming business will have these coverages to some degree as part of their commercial insurance plan.
General liability insurance protects businesses against claims of negligence and from lawsuits associated with injuries that others may sustain while on your business premises. This can include bodily injury, property damage, and personal injury to any third party. Employees are covered under workers’ compensation insurance, not your general liability policy. General liability will cover attorney fees as well as damage and medical expenses your business may incur as the result of an incident.
Property insurance will cover damage or loss to physical assets including buildings and their contents. This can include office furniture, inventory, and outdoor items such as landscaping or signs. Property Insurance will protect your business from unexpected damages resulting from events such as fire, hail, and other various natural disasters. Vandalism and theft of property would also be covered under your property insurance policy.
Workers’ compensation law ensures that employees who are injured on the job, or who develop a work-related illness receive prompt medical treatment and adequate compensation for lost wages. Workers’ compensation is a no-fault system meaning that employers are protected from lawsuits that could arise from these injuries or illnesses. Workers’ compensation is only available through the Worker’s Safety and Compensation Division of the Wyoming Department of Employment. While we cannot provide you with a workers’ compensation policy directly, we can assist you with obtaining this insurance and answer any questions you may have.
Many optional business insurance coverages exist but sometimes in can be overwhelming trying to figure out the ones you need for your particular business. At the Knifong Insurance Agency, we work closely with our clients to understand their business, needs, goals so that we can provide the most meaningful options for the risks you may face. Common additions to a business insurance plan include:
- Business Interruption Insurance
- Business Crime Insurance
- Commercial Auto Insurance
- Umbrella Insurance Coverage
- Cyber Liability Insurance
Contact the Knifong Insurance Agency today to speak with one of our knowledgeable team members about the commercial insurance options you might need to protect your business, your employees, and your customers. We offer business insurance solutions to businesses in Cheyenne and throughout Wyoming. You may use our Business Insurance Tool to get started as well!