Insurance can be overwhelming to say the least. Commercial insurance covers a wide range of issues, coverage options, and exclusions. Let’s look at trying to keep it simple to look how your commercial insurance works.
How does my business insure:
Property and Buildings
Property and Casualty insurance covers building and property. As simple as that seems, there are a number of losses that aren’t covered, such as flooding as one example. Just because your business is in leased space and not owned also does not mean you can go without property and casualty insurance. Don’t assume homeowner’s insurance will protect a home based or part time home business.
Auto and Truck
A commercial auto insurance policy will cover your business vehicles and their drivers. Again, while seeming quite simple, many business owners assume a variety of risks by using their cars and assuming a personal auto policy will cover any risk. Sometimes, the auto coverage can be combined with Property and Casualty in a Business Owner’s Policy. Check with your commercial insurance broker to determine your needs.
Every business must have workers compensation in place to protect them if an employee is injured on the job. Some states also require additional coverage be provided. Work with your commercial insurance broker to determine what coverage is mandatory.
Ask your insurance agent/broker about other options available for your business. There are a great number of coverage options available to protect your business. Discuss with your agent about what risks your company faces while conducting your day to day business.