What is Business Insurance?
Commercial insurance coverage protects businesses from losses due to events that may occur during the normal course of business. Having these coverages is mandatory. Additionally, there are many types of insurance for businesses including coverage for property damage, legal liability, and employee-related risks. Important to realize that companies evaluate their insurance needs based on potential risks. It can vary depending on the type of environment in which the company operates.
From the day business owner starts a business, they expose themself to certain risks. Even before the first employee is hired, a business is at risk. Making it important to have the right insurance in place. One lawsuit or catastrophic event could be enough to wipe out a small business. Even before it even has a chance to get off the ground.
Fortunately, businesses have access to a wide range of business insurance types to protect them against these dangers.
Here are some of the basic coverages that you could include in your business insurance policy:
General Liability Commercial Insurance.
Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages. If you, your business is alleged to have caused Bodily Injury or Property Damage to a third party.
Having a building or business personal property, including office equipment, computers, inventory, or tools. Therefore, you should consider purchasing a policy. A policy that will protect you if you have a fire, vandalism, theft, smoke damage, etc. You may also want to consider business interruption/loss of earning insurance. All as part of the policy to protect your earnings if the business is unable to operate.
Business owner’s policy (BOP).
A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP. Due to the fact that the bundle of services often costs less than individual coverages.
Professional Liability Commercial Insurance.
This type of insurance is also known as Errors and Omissions Insurance. The policy provides defense for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons, and technology providers to name a few.
Give us a call and let us help you find the best coverages for your business insurance policy at the best price.