As a business owner, you understand the importance of choosing a comprehensive commercial insurance plan for your company. You want adequate coverage if a weather event or fire destroys your building and the surrounding property. You also need protection in case you are sued by a client or customer.
Determining Your Commercial Insurance Needs
A commercial package policy should be tailored to your specific needs. It is imperative to discuss the options with your insurance agent to ensure you have adequate coverage for the risks you face.
Types of Commercial Insurance
At a minimum, each package should include coverage for property and liability concerns. Other specialized policies can be added, as needed.
- Property Insurance – Choose a plan that will protect your investment from damages caused by storms, fire or theft. A separate flood insurance policy must be purchased to protect your property from flood damage. Business interruption insurance can be added if you need to relocate during renovations.
- Liability Coverage – If a client is injured on your premises or if a customer’s property is damaged, this policy helps cover medical expenses, legal fees and court costs. Employment practices liability coverage is a wise addition to the policy. It protects your company if an employee files an employment claim.
Make sure you find the best commercial insurance policy for your business model.