As suggested by the name, commercial insurance provides coverage and protection for businesses in the event that unforeseen situations that may arise such as property damage, theft, liability, interrupted business, equipment breakdowns, or injured employees. There is no standard type of commercial insurance meant to fit all business; various companies of differing industries will have different needs, depending on the type of and nature of the business.

As mentioned, one of the most significant factors in determining what kind of insurance is necessary for a company depends on the kind of business being conducted. Other aspects to consider when evaluating the insurance needs of a company are:

  • Amount of employees

  • Location of the business

  • Gross annual revenue

  • Whether the company rents, leases, or owns the properties that it operates in

  • Whether the company owns or rents cars

You’ve invested time and money into your business, so it only makes sense that you want the best policy to protect it. Before you even start planning to purchase commercial insurance, evaluate everything that could pose a possible risk to your business. Having this information at hand could assist you in the process of narrowing down which policies fit your business best. Don’t always go with the first policy you come across; take the time to research, review, and compare your options. It is worth it to take this extra time to protect your company. The process doesn’t end once you have chosen the best policy for your company; you should set aside time to review the policy annually. As your company grows and changes, you might need to reevaluate its needs.

Remember, you are not alone in this process. Contact Davco Insurance for any assistance you may need.