Did you know there was a commercial insurance policy that can cover any type of risk? People often think of insuring stores or factories when they think about these types of coverage. It is possible to insure anything. Take a look at professional actors and actresses who have policies covering their legs worth millions of dollars in the case of an injury. The point of my argument is that you can write a policy if you need to insure something for your business.
While most people are reluctant to discuss insurance, businesses of any size need it to be able to function and to assure their business partners that they will remain solvent in the face of unforeseeable events. The best and most affordable insurance coverage is what you need to be able to protect yourself against risk. Below is a list of some of our most popular business insurance types. You can now make a list of all the types of insurance you may need to ensure your business runs smoothly.
What is the point of insurance?
Employers who work for you generally must be enrolled in the worker’s compensation, unemployment and disability insurance programs of their state. You are not required to have business insurance if you are the sole employee. However, the bigger question is how can you lose everything you’ve worked so hard to get? We strongly recommend that you have some type of insurance.
These are the 9 Types of Commercial Business Insurance
1) General Liability – This covers general liabilities such as property damage, injuries, and negligence claims. Other policies can be used to protect your company against reputational damage.
2) Property or casualty – Although these policies are often included in general liability insurance they are also possible to be used interchangeably. Peril specific policies, such as flood, fire, crime and business interruption, are not automatically covered by most property insurance. These types of coverage will need added separately.
3) Product liability – This protects you in the event that a product is defective or causes damage to buildings, or someone is hurt by one of them.
4) Life & Disability – Besides the obvious life and disability insurance programs for employees there is also something called key employee life insurance. It protects you from income loss due to death or disability of senior employees.
5) Commercial Auto: If vehicles are used for business purposes they must be covered in case of damage to employees or vehicles.
6) Business interruption – This covers you in the event of an interruption in your business, such as an accident that causes your factory to shut down. Every region of the globe is susceptible to different types of disasters. Make sure you look at the potential consequences and ask your insurance company to add them to your policy.
7) Home business – Do not think that your homeowner’s policy would cover your home business in the event of damage from fire or another accident. The majority of home owner policies will not pay much to cover any loss to a home-based business.
8) Internet Business- Security is the number one concern with running an internet company. In fact, a Russian computer specialist hacked into our internet business. Because many of the websites needed to be redone and placed on other servers, it took us weeks to get our feet back on the ground. Our concerns were more about the time lost than the money spent, fortunately we had insurance.
9) Specialty Insurance- Doctors and dentists can have their business covered for errors in taxes or malpractice suits.
After we’ve discussed the options available to you for commercial business insurance, it’s now time to talk to insurance agents about your needs and wants for your company. Here are some things you should keep in mind. Customer service is key. You should have a good idea of how they will be there for your long-term goals, not just when things go wrong. Many good agents will keep in touch with you to check on your policy and make any necessary changes. Get quotes from a variety of companies so you can compare the options and negotiate the best coverage for your company.
