No matter what business you’re in, it’s important to have the right insurance coverage in place. Commercial insurance can protect your business from losses due to unforeseen events, including third-party property damage, errors, or bodily injuries.
When shopping for commercial insurance, it’s important to consider your specific needs and risks. Coverage options vary from policy to policy, so be sure to ask your agent about the specific protections available. Some of the most common types of commercial insurance include:
Property Insurance: This coverage protects your business property from damage or theft.
Business Interruption Insurance: This coverage helps reimburse your business for lost income following a covered event.
Commercial Auto Insurance: This coverage protects your vehicles used for business purposes.
Errors and Omissions Insurance: This coverage protects your business from liability resulting from mistakes or negligence.
Commercial general liability insurance makes it so your business can continue operating while claims are made against it, such as negligence. Having the right coverage in place can help you protect your business against costly lawsuits.
Commercial property insurance protects your business’s physical assets, such as workspace and computers. It doesn’t matter if you work from home or lease your work space. Commercial Property Coverage is one of the most important types of commercial coverage that a business can have in place. There are many different types of Commercial Coverage Plans available for small to large businesses based on their need and location.
If you use your vehicle to transport goods or people in the course of conducting business, then you’ll need commercial auto insurance. When you’re using your personal car to conduct business, you’re required to have liability coverage on the vehicle. Commercial auto insurance goes beyond that by adding additional coverage types designed specifically for businesses.
An umbrella liability policy offers excess liability insurance over and above what is provided in a business’ current General Liability, Employer’s Liability or Auto Liability policies. Because the primary liability coverages typically do not offer sufficient limits, many businesses find that they need to purchase an additional layer of coverage known as “excess” or “umbrella” coverage. This extra layer of coverage can protect for claims that fall outside of the liability limits provided by your primary coverages.
Every company with a presence in the digital age has some type of sensitive customer information. These can include credit card numbers, social security numbers, and other personally identifiable information (PII). Many businesses neglect to cover their business’s potential exposure in the event that such data is leaked via a cyber attack. Cyber lability insurance coverage protects companies from covering these costs out of pocket and having to pay fines and fees for not complying with data breach laws .
While it may seem unfair to hold the business responsible for the acts of an unruly and intoxicated patrons, establishments are held liable and can be sued for large sums of money. Fortunately, with a good Liquor Liability Policy, businesses are able to protect themselves should things get out of control. Liquor liability coverage is a separate insurance policy specifically designed to provide financial protection against lawsuits alleging bodily injury, property damage or personal injury resulting from the sale or service of alcohol to patrons who later cause harm to themselves or others.
There are a few different types of business interruption insurance policies. Coverage can vary depending on the policy and the event that triggers it. Some common causes of business interruptions include fire, natural disasters, theft, and even power outages. This type of coverage is important for any business. It can help you recoup some of the lost income and operating expenses that occur when your company has to halt operations.
If your business relies on equipment to function, it’s important to have coverage in case that equipment breaks down. Equipment Breakdown insurance protects a broad range of equipment against breakdowns caused by motor burnout, power surges, boiler malfunction, and operator error. Equipment Breakdown covers the cost to replace or repair the damaged equipment, as well as other expenses incurred due to the damaged equipment.