Businesses across the country have different insurance needs. For instance, a small business with four employees may have different coverage needs than a large company with more than 1,000 employees and potentially more significant risk. However, regardless of company size, all businesses need to protect their companies from the risks that might jeopardize their financial livelihood, and commercial insurance coverage can do just that.
What Is Commercial Insurance?
Commercial insurance isn’t one type of insurance but rather an array of insurance coverage that helps protect businesses of all sizes from the various risks that might endanger their operations, finances, reputation and assets, including employees.
What Are the Different Types of Commercial Insurance?
Businesses may select the types of insurance for their specific company needs. The types of coverage that many companies commonly choose for protection include the following:
· General liability insurance may help protect your business against claims of property damage or bodily injuries to another party, such as a client or vendor, reputational harm, or personal advertising injury. This coverage may compensate the affected party while covering legal expenses related to a liability lawsuit.
· Professional liability insurance may offer protection against claims of negligence, mistakes, inaccurate advice, malpractice, or misrepresentation raised by clients. It also provides coverage for defense costs or settlements following a lawsuit arising from such claims.
· Commercial property insurance may help to repair or replace your property, such as your building or possessions, if a covered incident causes damage.
· Workers’ compensation insurance may provide coverage to help pay for medical expenses and ongoing care following an employee’s work-related illness or injury, as well as wage replacement if they’re unable to work after the incident.
· Business interruption insurance may help your business continue to pay its bills or recurring expenses if you must temporarily close or cease operations after a covered accident. Coverage might include paying for overhead charges, employee salaries and related costs.
· Commercial auto insurance is essential if your business owns vehicles used for your business’s operations. Commercial coverage may protect your employees and vehicles from physical damage, liability and other protection if a covered incident occurs while operating for business. If your business leases, rents, or uses non-owned vehicles for business purposes, you must purchase hired/non-owned auto (HNOA) coverage.
Your business may also find other commercial business protection beneficial. We can help you explore if any of these types of coverage may help insure against your business’s risks:
· Commercial umbrella insurance
· Cyber liability insurance
· Directors and officers (D&O) insurance
· Employment practices liability insurance (EPLI)
· Inland marine insurance
· Products/completed operations liability insurance
How Much Commercial Insurance Should I Have?
Tailoring your commercial insurance policies to your business’s specific needs and risk is essential. We can help to ensure you get comprehensive protection that gives your business vital financial protection.
We Can Help
Call Raymond Longoria Insurance at 888-296-0345 to get a no-obligation quote on a commercial insurance package for your business’s needs.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.