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At Compass Direct, we understand that every business has unique needs and risks. Our team of seasoned professionals excels in delivering expert guidance tailored specifically to your business. We take the time to thoroughly comprehend your objectives, risks, and operational nuances. With this deep understanding, we leverage our industry expertise and extensive network of insurance providers to recommend customized insurance solutions that align perfectly with your requirements. This personalized approach guarantees comprehensive coverage that safeguards your business effectively.
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As your business grows, so do your liabilities. Your initial insurance policy may not be enough to cover the increased risks associated with expansion. It is crucial to regularly review and update your coverage with a commercial insurance broker, like us at Compass Direct, to ensure all aspects of your business are adequately insured.
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Property Damage Property damage can arise from various sources, such as natural disasters, accidents, or theft. Repairing or replacing damaged property can be a costly affair, which can adversely affect your business operations. To shield your business against property damage, it is crucial to obtain commercial property insurance. This type of insurance can provide coverage for damages to your building, equipment, and inventory. It can also cover the cost of lost income if your business is unable to operate due to property damage.
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Property Damage Property damage can arise from various sources, such as natural disasters, accidents, or theft. Repairing or replacing damaged property can be a costly affair, which can adversely affect your business operations. To shield your business against property damage, it is crucial to obtain commercial property insurance. This type of insurance can provide coverage for damages to your building, equipment, and inventory. It can also cover the cost of lost income if your business is unable to operate due to property damage.
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Depending on your location and industry, state or federal requirements vary for insurance coverage. For example, if you have employees, you will likely be required to carry workers’ compensation insurance. It is important to research the requirements specific to your business to ensure compliance with regulations.
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Regardless of which type of insurance you choose, before you obtain coverage, evaluate your unique risks to better understand coverage needs. Aside from issues like loss of income or injury, specific risks accompany a home-based business.
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We know that reviewing your policies can be daunting, but the amount of time it takes can save you a great deal of time and money later. Here are the most important factors to check during your annual policy review.
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Decorations, additional inventory, and other unexpected items usually pop up during this time of the year. Hence, it may be a great idea to revisit ladder and lifting safety if your industry requires these skills.
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Within the past year, did your company improve your business facility? Are there areas of your property that need maintenance or repair? Review your property insurance to make sure you are fulfilling all obligations that may exclude you from available coverage for certain risks.
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Pay close attention to policy limits. These are where you find out the total amount a policy will pay in the event of one or more covered losses.
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Federal, state, and local laws require small businesses to carry insurance for a wide array of reasons. When your business fails to secure these policies, you could face expensive fines and penalties.
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Our high-tech society provides criminals with new ways to commit crimes. They can break into systems containing sensitive business, customer data, or use ransomware to hold computer systems captive until their demands are met. This type of theft can be devastating.
Read MoreA typical slip-and-fall injury claim against your property could cost you $20,000 or more! That type of expense could crush your professional dreams. What’s more, even if your business is virtual, you stand to risk a lot if someone sues you for breach of contract or negligence.
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Compass Direct Insurance Services, Inc. (CDISI) is in the Village at Meridian in Idaho. We specialize in commercial insurance but also offer many other types of insurance policies: Business, Personal, General Liability, Worker’s Compensation, Auto/Vehicle, Property, Professional Liability, E&O, Bonds, Employment Practices…
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