One of the most important investments you make in your business is commercial insurance. This vital coverage protects your company from financial losses. It can truly mean the difference between staying in business and closing the doors when claims, lawsuits or property damage exceed your budget.
Understanding the various types of business insurance coverage will help you work with us to create the most appropriate policy coverage for your company.
The Role of Commercial Insurance
Insurance policies that cover your small business help to protect you in the event of theft, employee injury, property damage or legal liability. By maintaining the appropriate amount of coverage, your business can recover more easily should any of these types of losses occur. Without the right business insurance protection in place, claims expenses could be so large that it drives you right out of business.
Types of Business Policies
The main types of insurance coverage most companies use in their protection plans are:
• Liability – protects your company from claims of damage by third parties. Liability coverage pays for any costs associated with lawsuits or injuries that customers or visitors to your business experience. They may be claims of personal injury or property damage.
• Property – this coverage protects your business from property damages due to such events as floods or fire.
• Workers Compensation – workers comp is mandatory in most states and covers medical and disability costs for on-the-job injuries to employees. It also offers a liability component that protects your company should employees file negligence lawsuits for workplace injuries.
Why Your Insurance Agent is a Valuable Tool in Your Business Arsenal
Working with an insurance agency that specializes in commercial insurance lines is important. Agents build relationships with business owners in order to assist with critical business decisions. Insurance brokers and agents understand how coverage works and can discuss common losses in your specific industry. They advise on the best coverage options to fully protect your business interests.
If you need help in choosing the right business protection policies for your company, please give us a call or submit a message using our online contact form. We’re here to help you make informed choices about your business insurance options.