There are four basic types of commercial insurance. These are property, liability, worker’s compensation, and commercial auto insurance. Depending on the type of business you own, you may choose certain specialty insurances to mitigate risks associated with your business as well.
Property Insurance
Property insurance covers damage to your physical property. It will cover the place where you conduct your business. This can be a storefront, office space, or even your home office. It also covers your physical property in the space. This includes business equipment, furniture, and physical inventory.
Liability Insurance
Liability insurance protects you from financial risk if a third party is injured or their property is damaged. If someone falls in your store and gets injured, for example, liability insurance would cover any liability you have for the person’s medical bills and personal suffering.
Worker’s Compensation Insurance
If you have employees, you will need worker’s compensation insurance. If an employee is injured on the job, you will be responsible for any medical bills related to the injuries and lost wages. A worker’s compensation policy will cover these expenses.
Commercial Auto Insurance
Commercial auto insurance and business interruption insurance are valuable for many companies as well. Commercial auto insurance may be necessary if you transport tools or goods for your business, run errands for your business, or provide transportation for clients. Commercial auto insurance generally covers liability and physical damage to your vehicle.
When it comes to commercial insurance, the value goes beyond relieving you of financial responsibility. In the event of a claim, you have an experienced agent overseeing the process. This can help ensure your legal compliance during proceedings, give you peace of mind, and make your life much easier. Peter Laczko Insurance Inc. in Woodstock, GA has experienced agents that can help you select the types of commercial insurance you need.
