A significant part of John Savadjian’s work as a financial planner involves counseling and helping small to medium-sized businesses with their insurance needs. For nearly four decades, John Savadjian worked with Prudential, one of the largest insurance agencies in the United States, as an insurance broker. His priority has always been to find the right insurance coverage for his clients at the best possible price.
John Savadjian understands how important it is to protect businesses from financial losses. As a result, he has worked tirelessly to make sure businesses have the protection they need to concentrate on growing their companies and taking care of their customers.
What Is Business Insurance?
Business insurance, sometimes referred to as commercial insurance essentially protects businesses from the kinds of unexpected expenses that can sink them if they do not have emergency funds. For instance, a natural disaster, lawsuit, or mistake involving property, customers, or employees can drain a business of its capital if it does not have insurance.
John Savadjian Helps Businesses Protect Their Assets
During his professional career, John Savadjian has protected countless small business owners from many of the unexpected costs of running a business. Although many businesses include protections for the individuals running them, the type of protection a corporation or a limited liability company receives usually only safeguards personal property from lawsuits. And, more importantly, these protections have their limits.
For example, the federal government mandates that every business with employees have unemployment, disability, and workers’ compensation insurance. Nevertheless, some states require extra insurance in addition to the federal standard. Because laws vary between states, it is advisable to have an experienced professional like John Savadjian guide you through the process. With his expertise, John Savadjian finds insurance that bridges the gap between one’s personal assets and a company’s business assets.
What Are the Different Kinds of Business Insurance?
Generally, business insurance refers to a range of coverage or policies. The following are a few of the most common types of business insurance policies John Savadjians has underwritten for clients over the years.
General Liability Insurance – This is usually the first type of insurance purchased by business owners because it helps companies cover costs if an owner or employee accidentally damages someone’s property. While it is only one type of business coverage, it is important because it works for any business and covers things like bodily injury and medical expenses in addition to property.
Commercial Property Insurance – This insurance protects nearly all the physical assets a company needs to do business. For this reason, it usually covers replacement costs for goods, equipment, inventory, and repairs to a workplace building. Businesses use it to guard against various events like smoke, fire, storms, and vandalism.
John Savadjian often helps businesses combine general liability with commercial property insurance into a package that includes both types of coverage. Usually referred to as a business owner’s policy, BOP insurance is an effective way to protect a business from expenses due to property damage, medical payments, and lawsuits.
Workers’ Compensation Insurance - This covers workplace injuries. In other words, if an employee gets injured while at work, this policy will pay for the medical costs and even for lost wages. This type of insurance is nearly always mandatory when a company has employees.
Professional Liability Insurance – This coverage helps protect companies from claims of work mistakes, negligence, and malpractice. It is important for businesses that offer services to customers.
As an experienced insurance broker, John Savadjian helps business owners insure against things they would not be able to pay for on their own. He knows how difficult it can be to determine the kind of coverage businesses need to protect themselves. Therefore, he helps clients find insurance to limit their business risks. For this reason, he works closely with his clients to research coverage, terms, conditions, and pricing to recommend the best insurance policies for their businesses.