Types of commercial insurance

Types of commercial insurance

Professional liability insurance

Professional liability insurance, also known as a general corporate obligation, is very important because it can protect you if you file a lawsuit against a third party (someone outside your company). If you file a lawsuit, then this policy can help cover the cost of the court and any settlement or compensation. This can be helpful in covering the charged damages and interest for you and can help with your legal costs. Each of these policies can cover the liability fee within the policy limit:

Workers pay compensation for insurance

This commercial insurance can actually be compulsory for your small business. In most states, if you have some employees (between 3 and 5 where you live), you should have insurance compensation for workers. This coverage can cover medical care and may change the partial wages of an injured employee at work. If an employee dies as a result of a work injury, his family can be compensated.

Home insurance

Another type of commercial insurance is property insurance. Think of physical disasters: fire, theft, flood This is what the property insurance can cover, depending on which plan you choose. Property used for business may be covered by any of these disasters, including "personal property" located in the building. Depending on your plan, it may contain furniture, inventory, technology, and anything used for your business.

Commercial auto insurance

Corporate auto insurance will be especially important if you own your own company-owned cars. If your one-wheeler employee injures another car or injures some other person, then your auto insurance business will usually pay the cost spent on your policy.

Umbrella policies

This type of commercial insurance can be useful if you take the risk of big losses or lawsuits. Essentially, it covers everything beyond your other insurance coverage. For example, You are sued for $ 3 million and your business liability insurance only covers you for $ 2 million. The comprehensive insurance policy generally covers the remaining $ 2 million and it can also be applied to other liability insurance policies.

Package Deals on Small Business Commercial Insurance

To limit costs, it may be wise to take out a full business insurance policy, such as the business owner's policy. This policy combines coverage for most property and liability insurance risks and some additional coverage that will benefit most small businesses.