Commercial Property Insurance
The best commercial business insurance policy is the one that most readily meets your business’ needs without costing you an arm and a leg. If your business owns a property, be that a warehouse, an office, or a retail shop, it should have commercial property insurance. A commercial business insurance broker can go over the details of this coverage with you, but ordinarily it covers the following:
- Business Interruption
- Equipment Breakdown
- Transit & Cargo
- Builder’s Risk
- Contractor’s Packages
Business Interruption Insurance
Business interruption insurance provides coverage for loss of income while your business is closed due to a covered loss. Coverage is available in various forms, including loss of earnings, loss of profits, extra expense to stay in business, and loss of rental income.
Equipment Breakdown Insurance
This coverage provides compensation in the event of breakdown of equipment or appliances, which is otherwise excluded under a commercial property policy. Covered equipment could include boilers, electrical panels, air conditioning systems, telephone systems, compressors, and transformers. A business interruption loss could also result from damage of such equipment.
No business policy is complete without some form of liability insurance. It’s understandable that any business may want to find cheap insurance options, but it’s unwise to cut corners when it comes to liability insurance. Liability insurance can protect you from the high cost of lawsuits and legal expenses. Liability insurance has several types, including the following:
- General Liability
- Umbrella Liability
- Tenant’s Legal Liability
- Professional Liability
- Directors & Officers
- Event and Sports Liability
Commercial General Liability
This insurance provides coverage for bodily injury or property damage to third parties due to your business operations. This necessary coverage will protect you against legal liability and allow you to continue your business operations smoothly and with no interruptions.
Professional Liability (Errors and Omissions) Insurance
Professional liability is normally excluded under commercial general liability. Professional liability insurance, also known as errors and omissions insurance, provides coverage in case you are claimed to be liable for negligent acts performed in your capacity as a professional.
Directors and Officers Insurance
As a director or officer, being personally responsible for exercising good governance in company affairs creates a significant risk to your personal assets. Directors and officers insurance provides coverage for legal liability of directors and officers in corporates or non-profit organizations.
Commercial Auto Insurance
While not every business uses commercial vehicles, those that do must carry commercial auto insurance. As a business owner, your personal auto policies won’t do any good here. Whether you use a few sedans to do deliveries or you use dozens of trucks, this insurance is necessary.
There are several types of auto insurance to ensure your vehicles and business are protected from all sides: