Frequently Asked Questions

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Business Insurance – Frequently Asked Questions

There is a lot of information about this topic that you should know. So, that’s why we’ve created this business insurance Frequently Asked Questions page. Because Insurance Navy exists to help you with any insurance issues that we can. Therefore, check out these business insurance frequently asked questions below to learn more.

What is business insurance?

It is a contract  between a business owner and an insurance company that protects from financial losses.

How important is it?

It is extremely important, especially to protect business owners from personal liability.

How much do I need?

The amount needed depends on the type of business. For example, a free-lance writer will need different coverage than a plumber.

Are business insurance premiums tax deductible?

Insurance premiums are tax deductible since the Internal Revenue Service (IRS) allows businesses to deduct business-related expenses.

Is it required by law?

Only workers’ compensation insurance is required by the state of Illinois. You may have to do further research if you want to know about this policy outside of Illinois.

What does it cover?

Coverage varies by policy. Research your specific policy and provider to find your answer. 

Can you cancel it?

Business owners may cancel their insurance at any time. However, this may cause premiums to go up if the business owner decides to get coverage in the future. Adjusting an insurance policy may be a better alternative to canceling a policy.

What is business interruption insurance?

Business interruption insurance covers the loss of income due to a disaster that forces a business to close down for a short period.

More Information

Need more information that wasn’t addressed in our business insurance Frequently Asked Questions page? Our agents and customer service representatives are here to help. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. Because we care about your convenience, our offices open from 8 a.m. to 9 p.m. CST. Moreover, they are open 7 days a week.

Additionally, we can help you find an insurance quote right on our website. Because we want  to help you save money wherever possible, we offer our insurance quotes completely free of charge. By navigating our website, you can also inform yourself about many useful topics, such as coverage for repairing or replacing parts for your car after a crash, how to file a police report, and why you should never admit fault immediately following a car crash.

We also have a strong presence on social media, so like or follow us on TwitterFacebookInstagram, or Pinterest. After that, we can keep you updated on helpful topics and local news.

Lastly, we also have blogs that may help you with any questions you have. For instance, our blogs cover many different topics. From how to keep your car cool in the summer, to proper steps to take after Godzilla damages your car.

*Please review your own policy carefully for details on business insurance coverages. Coverages vary by contract.