Do you own a business? If so, it is important that you are aware of the different types of commercial insurance coverage available. This blog post will cover some basic information about these types of coverage and how they can help protect your business from potential losses.
Insurance protects businesses from unforeseen events. There are many different types to choose from, with each type having its own pros and cons. We will discuss what those differences are in this article!
– Property Insurance: this type of insurance protects your business from losses that result from property damage. These could include fires, floods, and other natural disasters, as well as vandalism or theft. This is a very common choice for most businesses because it covers the physical assets on which a company’s success depends.
Commercial Auto Coverage: If you own vehicles used by employees during work hours, then commercial auto insurance will cover those vehicles against damages resulting from them being driven while working, such as commuting back and forth to meetings or driving between work sites.
Commercial General Liability Insurance: This type of insurance is designed to protect a business from claims made by third parties who were injured or damaged as the result of one of your employees’ actions, negligent behavior, or defective products. For example, if an employee accidentally damages someone’s property during work hours, then they may be able to file a claim with this form of coverage! In addition, it will cover legal costs that arise from those types of events as well, just in case you have to hire a lawyer for defense purposes.
Directors and Officers Coverage: If you are the owner of a corporation, then you are considered to be one of its directors. This type of coverage will protect your personal assets in case someone files a suit against the company!
– Business Interruption Insurance: this is another important form of insurance that protects businesses from losses incurred during an incident that makes it impossible for them to function normally, such as being struck by lightning or having their supply warehouse destroyed by fire. It can even cover lost income if business models have been disrupted due to these types of events, so they need not interfere with daily routines and work schedules!
– Workers Compensation Coverages: These policies provide benefits when employees are injured while on the job, no matter whose fault caused the injury. Benefits provided may include medical treatment, rehabilitation, and compensation for lost wages. Some employers opt to hire third-party insurers in order to avoid the administrative burden of managing this type of coverage themselves, but it is important that you understand your obligations and requirements under local laws before making such a decision!
Commercial Umbrella Insurance: This policy provides additional liability protection for businesses beyond what their primary policies cover, usually at an affordable rate since it’s an add-on option rather than a separate form of insurance. It can be especially helpful when buying commercial auto insurance because some areas do not allow drivers who only have personal car insurance plans to drive company vehicles during work hours without also having commercial vehicle coverage! You will want to talk with an agent about how much extra protection you need if you’re purchasing both types of coverage since most standard policies only cover $500,000 in liability!
Cyber insurance: cyber insurance can be purchased to help protect against risks such as hacking and loss of data. This type of coverage is often required by banks, retailers, and other businesses that handle sensitive information on a regular basis.
Business Owner’s Policy: This policy designates a set of coverages that can be tailored to meet your specific needs and will usually include liability, property, and business income. The cost may vary depending upon the type of business you run and how many locations it’s spread across, so it’s important for agents to ask about these things early on in order to avoid misunderstandings later!
When it comes to protecting your business, you want the best coverage. That’s why we at Paradiso Insurance are here for all of your commercial insurance needs.
We know that each industry has different needs for their commercial property and workers’ compensation coverages, so our agents will work with you closely to find the right mix of policies for your company. To get started, call us today!