A Guide To Commercial Insurance

When you’re starting up your own business, it can be difficult to keep it financially stable. That’s why, when you own a commercial property, it’s imperative that you get insurance. Having coverage for your property allows you to protect it from any potential lawsuits or future disasters.

Of course, it’s important that you understand what your insurance covers. Even the most extensive coverage has its exclusions within the policy and may not cover you under certain circumstances. For example, some insurance policies will not cover the property if a natural disaster damages it.

When you buy commercial insurance, it will most likely cover you for the following:

● Theft

● Fires

● Floods

● Vandalism

● Storm Winds

However, it’s important that you have a full understanding of the different types of insurances at your availability so that you can choose the right one for your business.

When you’re buying insurance for your commercial property, there is a range of options for you to choose from:

● Liability Insurance

This type of insurance will protect you if someone gets injured on your property. For example, if a customer gets burnt from one of your employees accidentally spilling a hot liquid on them, a lawsuit could be put in place against you. This coverage will pay for any medical costs of the injured client.

● Worker’s Compensation

If one of your employees were to get injured during their working hours, worker’s compensation would protect you. For example, if the employee is moving heavy boxes in a warehouse or stockroom, and they end up suffering from a back injury, you could be held responsible. This insurance will cover the costs of any medical bills and also paid time off work for recovery. If you don’t have worker’s compensation, you’d have to pay the costs out of pocket, and your company could suffer.

● Property Damage Insurance

If your commercial property gets destroyed or damaged by a flood, storm, fire or another form of disaster, this insurance can give you protection. It can cover some of the costs towards replacing the damaged goods inside of the property and also any fees for rebuilding the external structure of the property.

● Disability Insurance

If you were to become disabled or too unwell to run your establishment, your regular income could suffer. With disability insurance, you receive income protection.

● Business Interruption

In the event of a disaster, this type of insurance coverage will protect and maintain your income.

Buying Commercial Insurance

Don’t go for the first insurance plan that you come across. Compare a range of policies and weigh up all your options. It’s important that you choose an insurance policy that suits your business perfectly – you need to do your insurance homework. As your business begins to grow, it becomes more dangerous not to have the correct insurance in place. As the company owner, you’re the only one who can choose to protect your business.

Make sure that you understand all there is to know about commercial insurance before you invest. The more knowledge that you have, the easier it is for you to choose the coverage that suits your business and its needs. Depending on what type of business you run, insurance costs can significantly differ. Don’t go for the cheapest option just because it’s the least expensive; you also need to look at what the policy covers and what it can offer your business.

Contact Ed Cuellar for any of your Insurance Needs