Every business owner needs business insurance to protect themselves against expenses related to property damage and liability claims. If you do not have adequate business insurance, costs incurred due to an unfortunate event will have to be covered by your existing financial resources resulting in unnecessary financial strain. Business insurance protects your company’s assets, properties, and finances. In the event of a fire, theft, or accident at the workplace, the right business insurance policies would cover the resulting liabilities and losses on behalf of your business.
Types of Business Insurance
- Commercial General Liability Insurance
This is a type of insurance that protects your company from financial loss stemming from property damage, negligence, personal injury, bodily injury, and advertising injury caused by the services provided by your company.
- Commercial Property Insurance
This insurance covers your company in case of any damage and loss to its physical assets and commercial property. Such damages could be caused by fire, natural disasters, explosions, theft, and vandalism. This insurance covers your entire building and everything in it, including the furniture, computers, equipment, and even the employees’ properties. The cost of this insurance depends on your company’s location, the kind of service your company provides, and the construction of your company’s building and related properties.
- Commercial Auto Insurance
This insurance policy provides various types of coverage for trucks, cars, buses, and every other vehicle used by your company. It covers any property damage, medical fees, bodily injury, and comprehensive and collision coverage. It also covers legal fees in case of a lawsuit due to the accident. Commercial auto insurance is important because vehicles used for business purposes are sometimes excluded from personal auto insurance policies.
- Workers’ Compensation Insurance
Workers’ compensation insurance provides medical benefits to employees who get injured, ill, or disabled while fulfilling their responsibilities for the company. This insurance also pays a part of the wages lost by the employees due to injury or illness. This way, the company can avoid any legal repercussions that might otherwise result from steps taken by the employee/employees affected.
- Commercial Excess Liability
This insurance provides extra coverage that goes above the limits of an underlying liability policy. It does not increase the said coverage but issues higher limits on the original policy. It provides extra layers of protection in situations where the underlying insurance resources have been totally consumed.
Every business must be covered by these insurance policies to protect itself against losses incurred due to unforeseen, unfortunate events. If you have more questions related to business insurance, contact our experts at First Insurance Solutions today. We are here to assist you with all your coverage needs.