Types of Commercial Insurance

Generally speaking, commercial insurance covers businesses, and the two main types are cover your property and liability. Property insurance, as the name suggests, provides coverage for any business property or inventory that is stolen, destroyed from a loss, or damaged; liability insurance covers any damages to someone else’s property, including bodily injuries.

Most businesses that purchase commercial coverage choose combination of property and liability to cover anything that may go wrong. Oftentimes, mistakes made on the job, or simple accidents, can simultaneously affect both the business’ property as well as a third party’s health. For that reason, it’s important to consult with a broker to find the best deal for you and your business.

Property Insurance

Property insurance covers losses and damages to personal property, like fire or flood damage to your office building. There are many different types of coverage, like a machinery policy to cover equipment breakdowns, a debris removal policy to cover the cost of cleaning up after a storm, and ordinance or law insurance to cover costs related to having to rebuild a building to code that may have been only partially destroyed by nature.

Crime insurance covers things like theft and robbery, and builder’s risk coverage takes care of any damage that might occur to buildings under construction. Bars and nightclubs often have a lot of glass and mirrors in the building, so they might have a type of glass policy that covers any glass breakage on the premises.

Liability Insurance

This type of commercial insurance covers injuries that you or your business might accidentally cause to happen to third parties. For instance, commercial vehicle insurance would cover any cars, trucks, or vans that you might use in your business. Errors and Omissions, or “E & O” insurance, covers any accidental mistakes that cause injury to others. An auto repair shop may have an auto repair policy to cover any mistakes that may happen in the garage that could cause damage to a customer’s vehicle.

There are several types of unique liability coverage. Bars and liquor stores should definitely purchase alcohol liability coverage if it’s not already required by the state. Administrative alcohol liability insurance involves breaking liquor laws – failing to check IDs, selling to a minor, or letting inebriated people keep drinking. Civil liabilities can involve lawsuits from the inebriated or those possibly victimized by the inebriated, and criminal liquor liabilities involve the unfortunate situations where someone receives alcohol from your bar and then injures or kills someone.

Two completely different types of commercial liability insurance include landscaping insurance and technology insurance. Landscaping and gardening companies should protect themselves against any injury from daily hazards in the landscaping business, like tools and equipment, pesticides, and more. Technology policies cover any of the potential liabilities that technology and IT professionals may face in a rapidly changing field.

Businesses Need To Be Insured

If you own a business, chances are you need to purchase some form of commercial insurance to protect yourself and your company. Contact a professional today to find out about the options available.

Commercial Insurance – Commercial Liability, Property and Compensation Insurance

Having a business and running it with all governing laws in itself is a challenge. On top of it managing liabilities, workers compensation and unseen law suits adds more dynamics and tough calls in running the business. The nature of business, responsibility and accountability for business raises importance to have a good insurance. Due to these reasons it is important to understand “what is Commercial Insurance”.

Most of the new business owners or even very little experienced business owners often end up buying the wrong or not perfect commercial insurance. The important thing is not only buying the insurance but also with right coverage to protect your business. The point to stress here is that what works is the right coverage for liabilities, which makes difference is having a bad or good business insurance.

The first thing to understand is that there are different kinds of commercial insurance. The main categories of commercial insurance are “property”, “workers”, “compensation and liability”. Regardless of what type of insurance is applicable to your business, they all cover damages to your business or cover liabilities or cover medical or employer injuries related expenses. Depending upon the business one needs to choose right insurance and extra coverage to cover all liabilities.

There is no rocket science in choosing the right insurance to cover your liabilities. All it requires is to understand your liabilities,term and coverage and in what type of commercial insurance your business fit. Make correct choice between professional liability coverage or product liability coverage. It is advisable to discuss your business profile with insurance broker. Check out your risk factors and liabilities, which will help you in choosing the right insurance for your business. The risk of not having right coverage can lead to losses in assets. The commercial insurance is security to your business.

In some states buying insurance for business is law and failure to comply with law will lead to heavy fine and losses. most of the states do provide liability insurance at cheaper rates to small and new businesses to get going.

Commercial Insurance – Is This Necessary?

Insurance is a type of risk management fundamentally utilized to put off risks of unforeseen or unexpected losses. Insurances are characterized by the a proportionate transfer of a possible danger of loss, from one object to another, in exchange of some form of compensation or payment.

There are different types of insurances and commercial insurance is one of them. Commercial insurance is an insurance primarily intended for businesses. As a matter of fact, a commercial insurance is possibly one of the most significant things a business proprietor or owner can invest on. Also, this type of insurance may be very helpful in preventing possible losses as a result of unfortunate and unexpected instances.

Things to consider when you don’t have an insurance for your business are property damage, theft, and liability. Operating a business without it is inviting risks, risks of loses in property and money. This risks may end up to be more expensive than the cost of the premiums in your insurance. With an adequate insurance coverage such occurrences may be minimized if not altogether thwarted. Business interruptions as well as injuries incurred by employees while on the job can be completely covered by your commercial insurance coverage. This will give you much peace of mind so that you, the owner, can conduct your business without having to worry about the possibility of something bad happening.

We all know that your business is very important because without it you you will not be able to earn a living and provide for your family. So why don’t you consider acquiring a commercial insurance for your business? Even Hollywood celebrities appreciate the value of insurance. Most if not all of them have their properties and lives insured but not only that, they also have their assets insured and some of these celebrities are Mariah Carey, who insured her legs for $1 billion, Jennifer Lopez, who insured her huge derrière for $300 million and Rihanna who had her legs insured for $1 million to name just a few.

These days when everything is expensive and that economy is still suffering from recession, it is crucial that we have security on all our possessions and businesses. One can never be to sure of what may happen in the future so it is always better to be ready and secured rather than be caught off guard. So do not hesitate anymore about getting a commercial insurance. As the saying goes, prevention is always better than cure!