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What do I need to know about Business Insurance?
Basics about business insurance At Farmers, we make it our business to stay in step with the specialized insurance needs of your business. Our coverage is specially tailored to the unique needs of different industry segments of solutions that can help you meet the challenges that come your way—no matter what kind of business you own. Additionally, we offer Workers?Compensation as well as another product to provide an extra measure of protection, Surety Bonds. Just like building a business, building an effective insurance program is done in steps. A good first step is working with a Farmers agent to put together the right policy for the unique challenges facing your business. Would you like more information on what types of businesses are covered or what types of insurance coverage are available for your small business? Do you have adequate insurance to cover your business from loss due to crime, fire, flood, equipment failure, injury or the death of a key employee?. As a business owner, you need to choose the coverage that matches your needs. Consider Farmers Business Insurance coverage for the following:
Would you like more information on what types of businesses are covered or what types of insurance coverage are available for your small business? Please contact your Farmers agent or more information. How financially stable is Farmers? The A.M. Best Company, who is responsible for evaluating the financial strength of companies, ranks Farmers with an A (Excellent) rating. This rating means that Farmers has the financial resources and favorable operating results to provide for our customers in the event of catastrophes, or other adverse events in the marketplace. Is there any way to lower my overall insurance expense? Your agent can provide valuable insight on non-insurance risk management practices to reduce claims and insurance expenses. What specialized coverage does Farmers offer? Find out more about any of these specialized coverage options available for your business:
Specific questions related to the types of business insurance offered at Farmers? Artisan Contractor Insurance - Coverage for carpenters, plumbers, electricians, painters, mason service providers, landscape gardeners, janitors and carpet cleaners.
Auto Trades Insurance - Coverage for body shops, repair garages, auto dealerships, quick lube oil change outlets, transmission shops, muffler shops, auto glass shops, and gasoline service stations.
Commercial Real Estate Insurance - Coverage for office buildings, retail shopping centers, buildings used for manufacturing and industrial assembly, and private commercial warehouses.
Habitational Insurance - Coverage for apartment owners, condo association members, expanded directors and officers liability and business income.
Manufacturing Insurance - Coverage for manufacturers of food, plastics and rubber products, office equipment, metal working and metal products fabricators, and audio, video, and communications equipment fabricators.
Restaurant Insurance - Coverage for buffets, cafes, cafeterias, carry-out restaurants, coffee shops, fine dining restaurants, delis, drive-ins, and fast food. Need a quote for homeowners, life, business or other products? In only a few minutes, your local agent can provide you with a quote for one or more of our products. Just like building a business, building an effective insurance program is done in steps. A good first step is working with a Farmers agent to put together the right policy for the unique challenges facing your business.
Please contact your Farmers agent for more information. Farmers artisan contractor coverage is a broad, comprehensive program for special trade contractors. It offers expanded coverage to meet the specialized needs of those involved in two major segments of the construction industry: artisan contractors and service providers.
Whether you own a new or used auto dealership, a repair garage or a chain of transmission shops, Farmers has an affordable plan customized to meet the specialized needs of your auto sales and/or service business. Automotive Trades coverage is available for:
Commercial Real Estate coverage Farmers Commercial Real Estate coverage provides a comprehensive program to property owners who lease or rent building space used for offices, service businesses, retail stores, light industrial or light manufacturing. Parking areas may be included in the coverage if used by the building occupant and customers. We offer coverage for:
Apartment and condominium owners have special needs when it comes to finding comprehensive insurance coverage designed for multi-family housing units. Farmers Habitational coverage safeguards your assets plus offers options such as liability protection for condominium association members and loss of rental income for apartment owners. Coverage options include:
Farmers Manufacturing coverage is a comprehensive program to meet the special needs of business owners engaged in the mechanical or chemical transformation of materials into new products. It is available for the following five types of manufacturers.
Today’s restaurant environment is more complex than ever and you want to know you’re covered for the unexpected occurrence. Farmers All-in-One Restaurant Package includes Business Liability, Property and Crime coverage's designed to meet your needs. Whether your restaurant is elegant, trendy, traditional, ethnic or homestyle we have the package for you. We specialize in providing insurance for the following types of restaurants:
Make your restaurant the very best it can be! The fastest-growing business segment in the United States is retailers and service companies. Every day millions of these businesses provide a place for consumers to purchase retail goods or find services. And each one of these businesses has special needs when it comes to finding the right insurance program. That’s why Farmers Retail/Service offers a package of coverage's designed to meet the special insurance needs of the businesses listed below.
Wholesaler/Distributor coverage As a wholesaler or distributor, you have unique insurance needs. Farmers specializes in providing your business with carefully packaged coverage that delivers the goods no matter what kind of goods you deliver. We specialize in the following categories of business:
General business insurance coverage No two businesses are alike. At Farmers, our team works with yours to also provide quality products and services for your business.
*Life Insurance issued by Farmers New World
Life Insurance Company: Form# FNWL020017 Workers?Compensation The difference between a Farmers Workers? Compensation policy and one offered by another insurance company is service. As part of our service, Farmers offers your business our "building block" system to help you build a strong foundation for operating a safe, secure work environment. The building blocks include accident prevention and loss control, team service lead by your professional Farmers agent, claims management and our medical and disability management program referred to as Farmers Care. What does this mean to you ?the employer?
We offer Workers?Compensation focused on these ten industry groups:
As a business owner, you spend many hours working and developing your business. But have you thought about what would happen to your business should you or your partner become disabled or die? To preserve the future of your business, it is important that your create a business continuation plan. Such plans often include a "buy-sell" agreement. A buy-sell agreement, funded by life insurance and written while the owners are alive, ensures that your heirs can sell their share of the business to surviving owners - and that the surviving owners can buy their share. Each owner also agrees not to sell their interests without first offering it to the remaining owners at an agreed-upon price or formula. Consider the following options for your business: Partnership Life Insurance: Farmers Partnership Life Insurance is designed to help your business survive the loss of a partner. To preserve the business, many partnerships have a buy-sell agreement, which fixes both the price and terms of the sale in the event a surviving partner buys out a deceased partner's interest. Life insurance can provide the necessary funds no matter when the partner's death occurs. Sole Proprietorship Life Insurance: You may want to transfer your business to a successor, in which case life insurance purchased by your heirs can provide funds to pay estate taxes and help sustain the business during the initial period of new management. Or, if your employees are interested in carrying on your business, a buy-sell agreement can be funded with life insurance to assure that your family will receive the optimum value for the business. Stockholder Life Insurance: We recommend that you use life insurance to create a pre-death buy-sell agreement certifying that if a stockholder should die, the remaining stockholders can purchase his/her shares at a fixed price. This will guarantee that heirs will receive cash for their inherited business interest and that surviving stockholders will maintain control of the business. Surety Bond Program Farmers is recognized as a leader in the surety industry with expertise in a variety of bonds. Consideration can be given to underwrite almost any type of bond required. Many Farmers agents have authority to execute bonds right on the spot. A bond covers the fulfillment of an obligation. The obligations can range from performance of a contract to following laws related to an operating license. Other obligations include paying taxes or lease fees, supplying goods, paying a court judgment, performing duties as a public official, etc. Farmers is ready to provide the backing needed to meet your business or personal bond needs. When a business loss occurs, our experienced claims representatives will help you get back where you belong with caring, professional service and same-day response. Our commercial claims centers handle:
Commercial Auto claims are settled at your local branch claims office.
Insurance pays only the obvious costs of an accident. You pay the hidden costs out of your profits. Hidden costs of loss are unrecognized costs such as losses in labor productivity, disrupted schedules, supervisory and administrative time, replacement of damaged material and equipment, loss of customers the list goes on and on. Hidden costs typically run from four to seven times the insured' direct cost. They include:
You can minimize the hidden cost of accidents by making your business a safer place to work. Farmers Loss Control Service can help. There are ways to help control loss by making the workplace safer for you, your employees and your customers. Our experienced loss control staff will help you write a safety program for your company. We can also provide:
View the following links for help with your business safety program: Business safety
Loss Control
Loss Prevention
Review and print these self-inspection checklists. They can help you identify some areas that might need attention.
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