When it comes to insuring your business, there are many distinct types of commercial insurance to secure all the coverage you may need. From covering employees, liability, theft, and equipment, each aspect of your business will require specific coverage. Every business is unique, and working with your insurance agent to discuss your circumstances is essential.
What Is Commercial Insurance?
If you own a business, you need Commercial Insurance. The type of policy required is different from individual homeowners or car insurance. Commercial insurance definition, according to The Business Dictionary, is “Coverage for businesses for protection against potential losses through unforeseen circumstances like theft, liability, property damage, and for coverage in the event of an interruption of business or injured employees.” There is more to guarding your business than a simple blanket policy. The best way to make sure you are adequately covered is to work one-on-one with your commercial insurance company agent.
Understanding Your Commercial Insurance Needs
Being insured against fire, theft, and catastrophic loss is just one part of your actual commercial insurance needs. You will need both general and professional liability insurance to protect yourself and the physical location of your business. A few other insurance terms are covered below.
-Commercial Auto Insurance
Whether covering one vehicle or a fleet, you will need specific and detailed coverage. Talking with an agent will help you choose the the right automobile insurance and amount of liability and property protection you will require.
-Inland Marine Coverage
If you own vehicles with equipment and inventory, you will need something called Inland Marine Insurance. Your standard policy is for your business address only and will not cover any property or material that is off-site. As an example, your main policy will not cover theft of a work van and equipment while out on a service call. Any inventory in use or stored apart from your primary address must be covered separately for theft or damage. When it comes to high-end art or furnishings, you must add this particular type of rider to be sure your property is protected.
-Business Interruption Insurance
This insurance covers financial loss if the business suffers from a disaster. A major power outage could impact freezers, or a broken water main could cut off traffic access, impeding your ability to conduct business. This type of protection would cover your loss of income for the duration of the interruption.
Your state will likely require minimum coverage for worker’s compensation. There are also many decisions to make about medical responsibilities and other employee liabilities. Again, a thorough discussion with your insurance agent will help clear up any confusion on this subject.
Protecting your business and customers from electronic theft is so important in the information age. If you gather sensitive financial or personal information from online customers, you are inviting risk. This type of coverage will protect everyone in the event of a data breach.
Additional coverage over and above the standard limits will need something called an umbrella policy. Think of this choice as adding a layer of protection beyond the average needs. A discussion with your trusted agent will help you decide where you need this level of extra assurance.
We hope these guidelines are helpful tools for choosing business insurance. There are many facets of your company that may necessitate a tailored commercial insurance policy. We understand that most business owners may not know everything they require for adequate coverage. At Independent Insurance Associates, we partner with several major commercial insurance companies to ensure the most suitable comprehensive coverage for your business. We welcome the opportunity to review your current business policy and encourage you to contact us today to discuss your commercial insurance needs.