There are many different types of commercial insurance that you may need to have with your company. The larger that your company is, if you do not have insurance, or if you are underinsured, this could be detrimental for your entire business. Some of them are mandatory, whereas others are simply taken out so that you can be properly covered in case of an unusual incident. Insurance is designed to ensure the protection of every business, and here are the most common commercial insurance types that you should consider purchasing.
Most Common Commercial Insurance Types
The first type of insurance that you need to have is called liability insurance. This will protect you against people that would sue you for whatever reason. For example, if you have a customer that comes through your place of business, and they fall down, they might sue you for slip and fall damages. This insurance will cover the cost of what they are suing you for, protecting the livelihood of your business.
This type of insurance is something that doctors and surgeons must have. It is a necessity. If they make a mistake, and the patient sues them, this could be for hundreds of thousands of dollars or more. When this occurs, they could end up taking the same amount of money that you make every year, and may even pursue all of your assets. This is insurance that dentists, doctors, real estate agents, and accountants typically have.
Worker’s Compensation Insurance
When you get this policy, this is specifically designed to protect you against on-the-job injuries for your workers. For example, you could have an employee that was severely injured, and they will need to be hospitalized. It is possible that you may have violated certain safety issues that have led to the incident. If this can be proven in court, you would be liable for paying all of their bills, lost time at work, and for the pain-and-suffering they have gone through. This insurance must be obtained if you have employees, protecting businesses from what would be a negligence lawsuit.
If you have a place of business that is quite large, and there are substantial damages, this insurance will help pay for all of the repairs. If you have an office building, warehouse, or any type of structure where business is conducted, this can provide you with the money you will need to get everything back to normal.
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Business Interruption Insurance
This insurance, along with property insurance and liability insurance are often lumped together into what is called a BOP insurance policy. Business interruption insurance can help you in the event you have had flooding or a fire. When this occurs, you will not be able to conduct your business for what could be several weeks, or even longer, and this insurance will compensate you for the loss of money. Additionally, some of them will pay for a temporary location so that you can keep your production levels normal despite what has happened.
Miscellaneous Insurance That You May Need
There are also other types of insurance that you may need to have because of the type of business that you are doing. If you are in the plumbing industry, or if you work with boilers and machinery, you will need to have insurance to cover you in case of equipment breakdowns. Debris removal insurance is useful if you have had a catastrophic event such as a wind storm, flood, or a fire that has placed a substantial amount of debris in your office or on your property. Builders risk insurance is obtained by those that are constructing a new facility for their company. This can cover you in case of damages that occur while you are putting the building together. Glass insurance covers store windows, and inland Marine insurance can protect you when you have damages done to a person’s property that you are moving to another location. As you can see, there are many policies that are designed to protect businesses that could have unexpected events that could cost them money.
These are just a few of the most common commercial insurance types that you may want to consider owning. It is sometimes difficult to find excellent rates on all of them. By comparing multiple companies, and getting estimates for each individual policy, you will quickly find excellent rates with low deductibles.
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