The Pivotal Insurance Agency LLC

217 West Main Street,
Louisa, VA 23093

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How Much Commercial Insurance Coverage Do I Need?

If you’re the owner of a business in Louisa, VA, whether your company is new or already established, then you’re required to have commercial insurance. There are different types of commercial insurance available, and the type or types of this commercial insurance that you should opt for will depend on many different factors. There is general liability insurance, commercial auto insurance, and workers’ compensation, among others.

Trying to determine which type to get for your business as well as the amount of coverage can be daunting, especially for new business owners.

Here is a guide that can help you decide:

Determine the Value of Your Property

Having the physical building where your business is housed appraised by a professional is an easy way to determine the value of your property. However, when it comes to determining the value of everything inside the building, that can be challenging. Some appraisers can make that determination for you as well. Only after you’ve come up with a total figure can you determine how much commercial insurance you need. 

Some Other Things to Consider

When determining how much commercial insurance coverage you need, you must consider the following:

  • The occupancy of your building
  • Whether your business has vehicles that are specifically for business
  • How much do you expect to earn in the future?
  • The type of business that you conduct.

If necessary, you might need to consult with a broker or agent with expertise in making such determinations for a more accurate amount. 

It can be difficult to determine how much commercial insurance coverage you need, as you don’t want to purchase too little, nor do you want to waste money and obtain too much. Hopefully, this guide was helpful for you, and if you’re seeking a new insurance provider, we are here to help.

The Pivotal Insurance Agency LLC Is Here To Help!

We at The Pivotal Insurance Agency LLC provide coverage for the Louisa, VA area. We can meet all your needs regardless of the type of insurance you need. We have been providing a variety of insurance for years, and we’re ready to extend the same great service and coverage to you.