In the market, it is vital to protect the business especially its capital and investment. You need to consider your co-owners, investors as well as your people. Commercial insurance helps enterprises attain that goal and responsibility it has for everyone involved. Usually, the two primary types of commercial insurance are public liability insurance and employer’s liability. Here are other types that you may include in your coverage:
It is also called Continuation Insurance or Business Interruption. From the name itself, it occurs when there is an interruption in the operation of the business. It will help in covering the possible loss in income and payroll. It can also help with paying the rent if the company needs to move to another place to continue its operations.
Management and Professional Liability Insurance
If your business offers services in the professional field and an error or mistakes occur, professional liability insurance will help shield the company from defense cost and legal damages.
Meanwhile, management liability insurance is almost the same with professional liability mentioned above. It will protect the company from the lawsuit filed against them involving its management practices within the organization.
Commercial Umbrella Liability
There might be instances that some of your coverage reaches its limits. It is when umbrella liability saves the day. It adds financial protection for accidents and lawsuits.
Commercial Flood Insurance
Unlike flood and other disasters, some insurance coverage does not acknowledge flood in a package. The business must have to purchase separate insurance for this.
Commercial Auto Insurance
If your business has nothing to do with vehicles, you obviously do not need this insurance. It is why it is essential to take note of your industry first. This insurance protects the cars used in the operation of the company.
It is the insurance that protects both the business property and assets from damage all natural and human-made disasters. It includes the building, inventory, equipment, computers, and furnishing.
Workers Compensation Insurance
It is the company’s responsibility to protect its workforce. If accidents happen while employees do their jobs, this insurance will help cover the loss in income and medical treatments.
It is imperative to know all these types of insurance and the nature of your business to make them work. Not knowing what you need most may result in potential additional expenses instead of extra coverage. Commercial Insurance Pros has its clients as their first priority with affordable rates and clever policies. To learn more about how we can help you please contact our agency at (949) 453-7400 or Click Here to request a free quote.