Having Commercial property insurance protects your company, employees and products or services. Accidents, natural disasters and lawsuits are a serious inconvenience and even more so if you are not prepared.
To cover and guarantee the well-being of your personal and business property in case of unexpected catastrophes, the best thing to do is to purchase commercial insurance.
The law demands companies to get commercial insurance
In fact, the law in many cases requires commercial property owners to carry insurance, regardless of your industry, from businesses to restaurants; the federal government requires all businesses with employees to carry workers’ compensation, unemployment and disability insurance.
Of course, everything varies according to the laws of each state, but we can offer you excellent policies and we will also tell you what commercial insurance is and why you need it.
Individuals and families purchase homeowners insurance; businesses and organizations hire commercial insurance. The difference between personal and commercial insurance is essential to property and casualty insurance companies.
Some insurance companies offer only commercial insurance and others offer only personal insurance. Many insurance companies provide both types of insurance, but usually through separate personal and commercial divisions, as each type of insurance has its own different terms and conditions and covers different aspects; commercial insurance tends to be a bit more complex, as it includes a greater amount of policy forms and endorsements than personal insurance.
Aspects to consider when taking out a commercial insurance policy
When hiring commercial insurance, one must also purchase other forms of insurance to complete the protection needs of one’s business. Businesses can choose different types of commercial policies: commercial vehicle insurance to take care of the transportation of cargo and goods, commercial property insurance that covers taking care of the assets within the company, product liability, and others that fully protect your business.
Employees want to feel safe in the workplace, and as an employer, it is your legal responsibility to keep them safe. However, accidents do happen, and to better protect employers from lawsuits, businesses may be required to purchase workers’ compensation insurance.
Types of commercial insurance
Commercial insurance policies can be hired by homeowners and are offered according to different requirements, here we tell you about the most common types of commercial insurance:
General Liability Insurance: this protects the business if a third-party is harmed:
Third party injury / Damage to third-party property / Claims for property damage
Product Liability: this one protects your company if a product it manufactures, sells or distributes:
Injures someone / Causes sickness / Damages someone’s property
Damage to property: it covers damage to the company’s offices, manufacture space or other physical installation:
Inventory; equipment; supplies; and raw materials Causes of loss include:
Fire / Vandalism or robbery / Unexpected climate events
Workers’ Compensation policy
This one protects and insures your company against claims brought by injured employees or the families of deceased workers.
For injuries to employees:
Partial lost wages / Medical costs / Recovery costs
For death in the workplace:
Funeral costs / financial assistance to the family of the deceased
Benefits of having commercial property insurance
- Flexibility to choose the optional coverage you want to complete your insurance package.
- Broad coverage to protect your business against multiple unexpected events.
- Advice on insurance calculations.
- Discounts for clients and packages.
- Specialized professional advice on inspection and risk assessment.
- A full service team to answer your questions and provide assistance whenever you need it.
If you want to hire an effective Commercial Property Insurance policy to protect your business, contact us and we will have for you information and assistance in everything you need.
