There are seemingly endless options available when it comes to commercial insurance. However, the three primary types include property, liability, and worker compensation options. Property coverages will help cover any damages to your property. They can sometimes be from natural disasters or customer negligence, depending on the company you choose. Liability insurances will help you cover damages that you’ve done to others, such as someone falling and hurting themselves on the ice. Workers’ compensation will ensure that your employees are taken care of while they heal from being hurt on the job.
Depending on your needs, you may also want specialty coverage options.
Property
Commercial insurance can cover damages and losses to personal and real property. If your office were to go up in flames, the policy would help you get money to cover expenses to rebuild. Likewise, you can find specialty insurances for property needs, including machinery, debris removal, glass, business interruption, tenant, crime, and other insurances. You may be required to know about or ask about the various insurances available, as they may not be expressed on the website.
Liability
Liability insurances are there to cover anything you’ve done to someone else. If you own a construction company and an employee drops a beam on a customer’s vehicle, this commercial insurance would pay for those damages. It is also what is used if someone sues you for property damage and personal injury. It is usually called General Liability and covers common risks and customer injuries.
You’ll also find other insurances, including auto and E&O insurances, depending on the company you choose.
Worker’s Compensation
This option will help cover employees when they get hurt at work. State laws require almost every business owner to carry worker’s compensation, which helps the employees and the company owners.
