The In & Outs of Commercial Insurance
Whether you own a small, medium or larger sized business, there are specific types of insurance coverage that will meet individual business needs. To learn more and to help identify the type of commercial coverage you should consider for your business, here is some more information that will give you a clearer picture of the the different types of existing commercial insurance.
What Type of Commercial Do You Need?Property Insurance
Property Insurance is a key aspect of a commercial policy. This type of insurance can cover a broad range of areas, including various potential damages to your property. In the event, there is damage done to your physical business assets, exterior property fixtures, this coverage can help with repair and replacements costs.
Damages or losses that occur as a result of fire, flooding, storms, vandalism and thefts are circumstance that are commonly covered under these plans.
Specific property items that are typically covered under the insurance policy will include, computers and other business equipment and documents, furniture and inventory, other’s property, indoor and outdoor signage, and the building premise, itself.
In the event, you may have to shut down all or partial areas of your business, having Business Interruption Insurance can be greatly beneficial as it can help you to continue to pay your bills, while also meeting payroll needs.
Do You Need Extended Coverage?
While properly insurance is a main type of insurance coverage you will want to include in your policy, there are other areas of coverage also worth some additional consideration and these typically fall under the scope of extended coverage.
Professional Liability
Professional Liability insurance can support any legal fees you may be subject to as a result of being found at fault for any professional services you have supplied. For example, this may include instances of customers claims that the work or services did not fulfil contractual agreements.
Product Liability
Also relating to customer claims, however in this case specific to the products and services themselves being faulty or problematic, this Product Liability coverage can protect you by also reimbursing expenses associated with your legal defence needs.
Cyber Insurance
Regardless of the size of your business, having cyber insurance in place is an important way of protecting your business against a range of cyber-attacks and the financial costs that can occur as a result. Some of these threats include, loss of income from online sales disruption, data loss, as well as damages affecting business reputation and legal defence expenses.
Auto Insurance
If your business involves the operation of vehicles, having commercial auto insurance is also a good idea. Similar to personal auto insurance, business auto coverage, relates to damages to vehicles related to theft and vandalism, and storm-related destruction. Commercial auto policies can help with replacement and repairs costs of your company vehicles.
Equipment Breakdown Insurance
One final type of commercial coverage also worth mentioning, is known as Equipment Breakdown Insurance. To avoid, significant loss of operations and income, this type of insurance can help with repair and replacements costs so that your business can be back up and running as soon as possible.
When all is said and done, there are many aspects of commercial insurance that you will want to consider. To learn more about the ins and outs of commercial insurance, connecting with and insurance agent can provide the most effective pathway forward.
Contact Leaders Insurance and we can help you find the most comprehensive commercial insurance coverage for your unique business needs.