When you own a business, it’s important to understand the many accidents and incidents that can happen in which your business may be held responsible. People can slip and fall or become ill. Fires can happen, as can theft or car accidents. This is the reason that commercial insurance for liability claims is so important.
First off, let’s look at what business insurance consists of. This term speaks of all types of coverage available which protects a business owner from a loss. Business insurance can cover your business vehicles, legal claims, and even provide health insurance for the workers you employ.
Business insurance is important for any business owner, even those who might believe they don’t have enough assets to be sued or you’re somehow shielded from personal liability. However, the reality is that any business can be sued and it can cause some serious problems. It can even leave you personally liable for debts.
There are a few different types of business insurance that should be considered. The first is property and casualty insurance. Property insurance will cover the location of the business and its contents from things like theft, fire, floods, and hurricanes. However, you should read the fine print to see exactly what is covered by your insurer. Casualty insurance covers the operation of business, but is usually grouped with property insurance.
Commercial auto insurance from an agent is the second type of business coverage. This covers damage or loss pertaining to business vehicles. These vehicles are not covered under your personal auto insurance, even if they are used for both business and personal purposes.
Next is liability insurance. This is coverage that comes into play if someone sues you for negligence, which can happen when, as an example, someone slips and falls in your business or on the property it sits on. There is also product liability insurance, which covers damages caused by a product your company designed, made, or supplies.
Other types of insurance for commercial purposes include business interruption insurance, health insurance, disability and life insurance, and workers’ compensation insurance. Many times, you can get a policy that covers a number of these things at once to make it simpler.
If you need commercial business insurance, consider Boardwalk Insurance Group for your policies. They offer many insurance options in half of the states in the United States. You can find out more on their website or contact them at 713-987-3480.