The Basics of Commercial Insurance

 

Running a business requires a lot from the average entrepreneur. Beyond selling a product or service, there are multiple responsibilities to manage behind the scenes. Bookkeeping, inventory, licensing and more are all part of entrepreneurship and take time to coordinate. Being pulled in so many directions it can be challenging to check all the boxes. When opening a business or working from home, commercial insurance is an important safety net to have in place.

The right commercial insurance policy for your small business depends on a number of factors. In some industries, established insurance requirements may guide policy creation. For others, the right level of commercial insurance protection may be up to the entrepreneur to decide. Regardless of industry, the best commercial insurance policies are the ones tailored to the businesses they protect. Before obtaining coverage get to know the basics of commercial insurance protection.

Commercial Insurance Policy Options

Depending on the type of business, there may be different levels of insurance requirements to meet. In most cases, entrepreneurs begin with a policy built on a foundation of general liability insurance protection. From there, different coverage may be included depending on industry and risk. Other insurance protection options include:

  • Commercial auto insurance covers fleet vehicles from damages related to a collision. Companies with staff using personal vehicles can add special liability coverage, protecting employee cars, trucks, and SUVs.
  • Commercial Property Insurance covers business property, equipment, and inventory from potential loss.
  • Interrupted/Lost Income Insurance creates a net of financial protection in case operations and income are interrupted.
  • Directors and Officers Insurance protects those charged with making decisions from litigation.
  • Errors and Omissions Insurance protects detail-oriented professions in case of an error or omission in on official paperwork.
  • Data-Breach Insurance to protect from litigation due to malicious hacking.

An insurance agent can help tailor the right policy to suit the business. Ask about a BOP or Business Owner Policy. With a BOP entrepreneurs can bundle requisite insurance together for savings.

Getting a Commercial Insurance Policy

Before obtaining commercial insurance coverage it is important to know what is being insured. Placing a proper value on the property in question will help find the right level of coverage. Too often, entrepreneurs undervalue their business or property, resulting in inadequate insurance coverage. A qualified insurance agent can help place the correct value on property and more, helping shape the best commercial insurance policy. In many cases, local agents have an edge, as they are familiar with local risks facing entrepreneurs.

For help building a commercial insurance policy call today. Our agents can help find the right levels of coverage and shape them into a policy that makes sense. Insurance protection is available for businesses of all shapes and sizes. For more information about insurance for small businesses call today.