Business owners should carefully consider their commercial insurance needs, which offer a range of vital protection related to the business. From vehicles to property and the employees within the business, owners can safeguard their investment and lessen the risk of a scenario affecting its growth and presence. The following areas represent some of the primary commercial insurance needs that any business should approach.
Commercial Auto Insurance
A vehicle that is used within the context of business must have its own policy; a personal car insurance policy is not enough, as it won’t cover items that relate to business. If your business uses vehicles to perform routine or even occasional operations, a commercial auto policy is a must.
Commercial General Liability Insurance (CGL)
Bodily injury, property damage, personal injury, and advertising injury are covered with a CGL policy. A convenient catch-all type of policy, many businesses can use it as a starting point for their insurance needs – in terms of liability.
Commercial Property Insurance
A commercial property insurance policy could be thought of as a commercial version of a homeowners policy. You will find similar covered items, such as fire, theft, and natural disasters that pertain to the business property. If your business has some type of physical location, it would require a property insurance policy.
Workers that are hurt on the job can rely on workers compensation for lost income and medical expenses. This coverage is commonly required by employers, and it often extends to temporary employees as well.
Business Owner Package (BOP)
Small business owners can take care of many needs in a BOP policy – it often includes vehicle, property damage, business income, property, and bodily injury, as well as other types of basic insurance needs.