Commercial insurance is meant to protect your company’s financial assets, physical and intellectual properties, as well as any covered losses. These losses may occur as a result of property damage, vandalism, theft, lawsuits, loss of income, illnesses, and/or employee injuries.
In most cases, you will find that standard commercial coverage include commercial property, commercial Liability, commercial auto, worker’s compensation, etc. There are many more commercial insurance coverage types that most businesses use to protect themselves from other unique risks that businesses end up facing time and time again.
Types of commercial insurance policies
As a businessman or businesswoman, you will notice that there are a variety of business insurance coverage options that you can use. The type of commercial insurance coverage that you choose depends more on the industry that you are in, location, size, an even the number of employees.
You will also need to note the fact that all commercial business insurance needs change over time. This is true with all businesses that grow. At the minimum, you will always find that most businesses only have property, liability, and worker’s compensation coverage.
1. Property policies
Any business that doesn’t have a proper property coverage may find it difficult in recovering from any significant property damages. That is why it is vital for all businesses with a lot of properties have proper property coverage. So, in the event that there is any property damage within the boundaries of the property policy, the insurance company should pay for the repairs and/or replacement of any damaged property. Property damage can occur as a result of a storm, fire, or any other covered event.
2. Liability insurance
This policy is meant to protect you from any kind of cost-related claims that are filed against your business for bodily injury or property damage. Lawsuits that are filed against businesses without liability coverage can sometimes end up leaving huge financial dents in businesses. These types of lawsuits usually demand large legal fees – even if your business is
innocent. So, if you don’t have the proper liability coverage, you may end up paying for everything. This may include the legal fees, settlement and/or judgment out of your own pocket.
3. Employee insurance policies
The workers’ compensation policy helps to provide employee benefits for any work-related illnesses or injuries. This coverage will also help your business by covering for any legal costs that your business may face in that regard.
These are the loss control services that are offered for most businesses. They will help to reduce the overall risk exposures in your business and also improve the safety of the operations in the business.
Do you have a question about commercial insurance? Click here to contact Davco Insurance today!