Commercial Insurance Basics
Business Insurance can be confusing and overwhelming. Here are a few basics to get you started on the path to protecting your future. You can find lots of helpful information from the Small Business Administration too.
Types of Business Insurance
- General Liability – Protects your company from general damages to the property or injury to another party on the property. Most large organizations require small business to carry General Liability insurance to perform work on a property.
- Workers Compensation – Protects your company if an employee is hurt on the job. Only required if you have a certain number of employees.
- Commercial Property – This covers the building of your business. It provides coverage in the event of fire, storm or other specific event listed on the policy. It can also cover lost or stolen property.
- Business Auto – Just like a personal auto policy, but for business use vehicles. This is generally carried by truck drivers, contractors, delivery drivers, taxi cab companies, limo companies, etc.
- Errors and Omissions – Protects you from any errors you might make. Licensing errors, documentation errors, omitting important information on documents.
- Inland Marine – Covers equipment at the work location. Farm equipment, construction equipment, tools and other valuable items that are listed on the policy.
Interesting fact: Inland marine insurance was originally designed to protect the valuables in cargo shipments. When a ship merchant would transport goods from the ship to the location it protected the merchant from being sued if any damage occurred in the transport from the dock to the location.
- Surety and Bonds
There are other types of small business insurance that are available to you. If you don’t see what you need here, just let us know and we can help guide you.
How to Choose Your Individual Plan
- Make sure the types of insurance you have fit your business needs.
- Let your insurance agent help. They are professional and can guide you to what you may or may not need.
- Make sure the limits are right for you. The last thing you want is to get in a sticky situation that causes substantial loss that you can’t afford.
- Educate yourself. There are a million resources out there about what types of insurance are available and how to protect yourself. Our state has developed an awesome guide that you can review here.