Commercial insurance is designed to provide businesses with protection against various unexpected losses. Examples include the likes of property damage, liability, theft, and interruption of business for numerous reasons, such as injured employees. This type of policy is widely regarded as one of the most critical investments a new business owner can make. Without it, you are putting your company at huge risk, as you could be susceptible to losing a substantial amount of money if an unforeseen event occurs.
Why do you need commercial insurance?
Protect your property and everything inside of it
The most evident reason for acquiring commercial insurance is because you will protect your business’s physical premises and everything that is contained inside of it, from computers to furniture. This is just as important if you are leasing your commercial property. If a disaster occurs, such as theft or a fire, you can be confident that the payout you receive will cover the cost of replacing your stock.
Protect your employees
Workers’ compensation insurance is a must for any company with employees. This policy guarantees your employees will be protected if they are injured while working. Injuries at work can happen in many different ways, and thus this type of insurance is not only a necessity for dangerous working environments, but all workplaces.
Protect yourself from legal action
All companies are open to a huge assortment of potential claims that can be made against them, such as lawsuits because of product defects as well as those made because someone has been injured while on your premises. Defending yourself in court can be very expensive, irrespective of whether the case is founded or utter nonsense. The likes of professional liability and general liability insurance can ensure you are protected in such instances.
What are the different types of insurance that are available to your business?
Business interruption insurance
If your business operations have been interrupted because of a disaster or a catastrophic event, business interruption insurance will compensate you for all of the losses incurred.
Property insurance is essential, no matter if you lease or own the premises. It covers your property and everything inside of it, such as furniture, inventory, signage, and equipment, in the event of a theft, a storm or a fire.
Professional liability insurance
This type of insurance covers a business against any negligence claims that are made because of mistakes or performance failures that have caused harm. This insurance is also known as errors and omissions (E&O) insurance.
Workers’ compensation insurance
Workers’ compensation insurance was touched upon earlier. This insurance covers your employees in the event that they are injured while working. It covers medical treatment and any other expenses incurred.
Product liability insurance
If you manufacture, retail, distribute, or wholesale any type of product, you need product liability insurance. This covers you in instances when claims are made against you because one of your products caused harm because it was faulty.
If you are interested in commercial insurance for your business, you should certainly seek the assistance of professionals who can ensure you have the right policy for your requirements.