Commercial insurance is one of the staple requirements for a successful business. Accidents can occur anytime. In such instances, commercial insurance coverage protects your financial interests against damage and loss that otherwise can have a crippling impact on your business.
Each business has its own set of specific needs and potential risks. Commercial insurance offers a wide range of coverages that you can choose from to ensure maximum security for your business. Here, we will discuss the four important commercial insurance coverage that your business must have.
This insurance coverage is a must-have for all businesses, big and small, as it protects your business against a wide range of potential liability risks and lawsuits. When you buy commercial general liability insurance, you ensure that your business is financially secure against third-party claims of:
They can occur on and off your business premises caused by a mishap or your business operations, services, or products. The insurance covers:
The coverage offers protection to the property, rented or owned, from where you operate your business. Besides the building structure, it protects your company’s physical assets, such as:
The insurance protects from damage and loss caused by:
This insurance is important coverage for all businesses and especially for small business owners as it reimburses the loss or damage caused to your premises and assets by a covered peril. In the absence of such coverage, you may have to pay for the expenses from your own pocket, which can spell financial disaster for the company.
In the event of suspended business operations due to extensive damage to your business property and assets by a covered peril, business interruption insurance, also referred to as business income insurance, helps you compensate for the financial loss that you may incur during the period.
The insurance pays for:
Expenses needed to operate your business at an off-site location while your business property is closed for repair work and they include:
However, the insurance does not cover losses if you need to relocate your operations due to a viral outbreak or any other reason not related to property damage.
Today, all businesses ranging from global conglomerates to your neighborhood store, use technology as part of their business operations. While technology has its multiple benefits, it also exposes businesses to cyber risks. With cyber threats becoming an unavoidable reality, buying comprehensive cyber liability insurance must be your priority.
The insurance protects your business if a cyberattack or data breach results in a financial loss or lawsuit. It covers the following:
For more information on commercial insurance, you can contact our team. At Expert Auto Home Health Insurance Agency, we will help you get the right insurance coverage that offers maximum security to your business at the most cost-effective rates.