Owning a business is hard work. Your commercial insurance coverage should be designed to fit the unique risks your business might face. Because a barber shop has different needs than a manufacturing company. Commercial insurance features one or more types of coverage designed to protect the business, the owners and employees.
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Commercial property insurance protects businesses against losses to company’s physical assets, including personal property used in the business. These items often include buildings, tools, equipment and valuable documents.
Liability insurance provides protection for your business against the unknown. This includes protection for your business against lawsuits, damages you become legally responsible for, attorney fees and medical payments.
Much like car insurance, this coverage protects vehicles owned by the business against physical damage, and provides liability protection while using the vehicle for business purposes. It’s important to make sure that you and your employees have the proper coverage when operating a vehicle on company time.
If your business requires employees to travel with tools or equipment to perform the job, you probably need inland marine insurance. Most companies can get by with commercial personal property coverage but there could be a limitation to the amount of coverage you have away from your business location.