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What risks does your policy cover?
FAQ | Commercial Insurance
Commercial insurance offers protection from operational setbacks, issues, and losses.
Owners are liable for their business operations. In turn, this means the risk of lawsuits and damages. Owners are at the whim of their markets. Competition is fierce, and woes may strike at any moment.
Commercial insurance provides peace of mind from the unexpected. In turn, the business can continue operating despite setbacks. They persevere through tough times caused by financial losses.
The insurance also aids workers by way of worker's compensation. In a roundabout way, business protections are linked to worker protections. Ensure their well-being, and the business thrives.
Keep in mind that "commercial insurance" is an over-arching term.
All states have some form of required insurance coverage for business operations. This includes worker's compensation insurance.
Common coverage may also include commercial auto insurance (if there are company vehicles). General liability insurance, too, is commonly held to protect customers and third parties.
Larger organizations may take protection into their own hands. They have the capital and resources necessary for coverages. As for small businesses? Forgoing business insurance isn't recommended.
The main types of commercial insurance include:
General Liability Insurance
General liability insurance (business liability insurance) aims to offer coverage and protection from accidents and mistakes. Relate this insurance to body and property damage. It's ideal for retail businesses and others that engage customers physically.
Commercial Property Insurance
Commercial property insurance is protection for items at the business and on its property. Relate this insurance to events like fires, floods, and major storms. It's ideal for all businesses operating in a physical location.
Commercial Vehicle Insurance
Commercial vehicle insurance covers company vehicles. The policy also covers those in the vehicle and others involved in an accident. It's ideal for any company offering employees a vehicle and fleets. Delivery drivers are specially protected through this insurance type.
Worker's Compensation Insurance
Worker's comp insurance is what covers employees when they're sick or injured. Insurance pays out, covering employee expenses while they recover. It's a necessary coverage for any business with employees.
Business Interruption Insurance
Business interruption insurance offers protection during downtimes. The intent is to cover expenses while the business is unable to operate. Relate this coverage to disasters. Though truly unexpected, it's an insurance that's ideal for those in volatile locations.
Cyber/Data Liability Insurance
Data (cyber) liability insurance provides coverage from data breaches, attacks, and disruptions. This insurance is becoming a necessity since so many rely on computers and the Web. It's a plan that adapts to the rapid changes in modern business and tech.
Other Commercial Insurance Options
From crime insurance and coverage for accounts receivable to umbrella policies and more, business owners have options! As business evolves, so does commercial insurance.
What isn't covered by commercial insurance? What causes claim denials? Consider activities such as:
Whether it's shady manufacturing to money laundering, don't expect insurance coverage nor payouts for illegal practices. Denials can extend to unethical practices, too. If it skirts the line of legality, then be aware that there are serious consequences from all fronts.
Intentional neglect of items that lead to dangers and accidents aren't covered by insurance. Activities that harm employees or customers are grounds for claim denials, too. Think of it like this: If corners are getting cut and causing problems, then expect issues with the insurer.
Labor Disputes and Issues
Breaking labor laws goes well beyond claim denials from an insurance company. The business is now in hot water with state and federal laws. If a business has sunk this far, then claims coverages are a zero.
The type of coverage and its extent is a major factor. Next, the industry and business type are considered. Location, property, assets, challenges, and employees go into the pricing, too.
Commercial insurance is affordable.
Many plans only cost businesses a few hundred dollars each year. The total amount will depend on the needs of a business. But, it's far less than the financial fallout caused by a single incident.
It's best to get a few quotes to find the perfect median price. This is after deciding exactly what's needed and reducing risks. Consider bundling insurance policies to receive an extra discount.
All businesses are unique, and so insurance isn't one-size-fits-all.
Let our licensed insurance guides lead the way!
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