Business Insurance

Own a Small Business? Consider Commercial Insurance

By April 30, 2018 No Comments

Beginning a business can be intimidating, but when you have your insurance squared away, you’ll be able to rest a little bit easier and get back to business duties. Commercial insurance is one you should consider, and there are three different types that you should look into before settling on one. Property, liability, and worker’s compensation. You might only want one, while others are more interested in having all three.

Typically, these types will cover damages done to your property, as well as injuries received on-the-job, and even 3rd party damages for those that send others out to different properties. If you want a more in-depth look at the different types of insurance, continue reading:

Commercial liability insurance – This type of insurance is protection for small businesses that receive claims of false advertisement, injuries, any property damage, or personal and slander. It’s worth stating that this is not damages done to you or your property – only to others. This is to protect you from others filing a claim.

Commercial property insurance – Property insurance is one you’ll want to look into to protect your business, inventory, and assets from unexpected natural disasters, theft, fire, and more. Each type will vary based on what your needs are, and what exactly your business provides. There isn’t a set price for this, and your personal circumstances will raise or lower the cost of said insurance. If you’re a high-risk business, you can expect the cost to be a bit higher.

Worker’s compensation insurance – There are many businesses that don’t invest in this type of insurance just because their business aren’t labor-intensive, but fail to realize that you can get hurt anywhere. Even if you’re in an office environment, it’s still worthwhile to invest in. Beyond protecting the employee, worker’s compensation insurance will also protect you.

The location of your business may also intensify the necessity for some types of insurance, depending on crime and climate, as well as other factors.

If you’re interested in discussing a commercial insurance plan for your small business, contact us today.