Commercial Business Insurance

You need coverage to protect your business and defend it at all times against injuries, damages and litigations. Commercial business insurance is the right tool for your business, and it can help your business be back on its feet without much trouble after an unexpected loss or disaster. It is the best and the most important investment for a business.

Commercial business insurance provides for a company’s liabilities and protects its assets. The assets (important documents, human resources and commercial property including machinery, furniture, electronic equipment, inventory, etc.) are covered for loss or damages because of a covered risk such as storm or fire. The liabilities of the company including medical fees and legal expenses are covered based on the policy limit.

Commercial business insurance is not a fixed package, but a customizable solution suiting a company’s need. Depending on the type of business and its loss exposure, the coverage options of the business insurance can be tailored. Loss exposure of a business is its rate of exposure to different risks that would bring financial loss to the company.

A basic commercial business insurance policy would include property insurance and liability coverage. However, depending on your business’ needs, you can add other products to the package. Generally, the commercial policies are of three types.

1. Business Owner’s Policy: Includes business liability, property and income coverage. You can get a comprehensive plan designed to cover your business type.

2. Business Interruption Policy: Reimburses the lost business income, if the business is shut down because of a covered risk. This will generally help the business to restore to the point when it was abruptly interrupted.

3. Product Liability Policy: Covers a loss (including legal and medical expenses) resulting from a faulty product.

Additional products you can opt for with a commercial policy are as follows:

  • Crime
  • Business income
  • Electronic data
  • Equipment breakdown
  • Farm
  • Commercial auto
  • Marine
  • Aircraft
  • Transit
  • Employer’s liability
  • Worker’s compensation
  • Professional liability
  • Umbrella coverage
  • Builder’s risk
  • Executive risk
  • Environmental
  • Earthquake endorsement
  • Flood
  • Surety bonds

There are many options for you to cover your business against unexpected losses under a commercial business insurance policy. A reputable provider, who covers businesses similar to yours, will be able to give you the right, tailor made policy for your business. Such a policy will align with your business plans and objectives and help you pursue them without a setback. Sustain your success and grow your venture with the right commercial business insurance.

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