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Commercial Insurance Coverage Examples
Commercial Property
Commercial Property Insurance is there to protect a business from losing its assets in a covered event, such as fire, theft, and vandalism. Not only can it cover buildings, equipment/furniture, and inventory, it can help alleviate the weight of income lost while the business is unable to operate. This commercial insurance is important for all companies to consider, even if you're working/running a business from your home.
Commercial Auto
Similar to regular car insurance, Commercial Auto Insurance offers coverages like liability, collision, and UM/UIM, but is specifically for business vehicles, rather than those for personal use. Covering a large variety, including cars, trucks, vans, and food trucks, this form of insurance can help with the financial losses if your company vehicle is an accident. Most states require at least the minimum insurance for commercial vehicles.
General Liability
Also known as Commercial General Liability (CGL), this business insurance can help with a number of risks with different coverages. Personal Liability to protect against injury to ones own self against copyright infringement, slander, etc. Product Liability to protect against injuries or damages caused by your company's products/services. Premises Liability to protect against injuries that occur on company property.
Worker's Compensation
Workman's Comp, a social insurance program required by almost all states, provides the financial coverage employees need in the event of getting injured or falling ill while on the job. This commercial insurance employers pay into includes assistance with temporary/permanent disability, medical care/bills, and even death benefits for an employee's family.
Umbrella Insurance
Protecting you against the costs and expenses that go beyond the usual limits of your other business insurances, Commercial Umbrella Insurance, has coverages for employee accidents, property damages, lawsuits/settlements, and customer injuries. Businesses that see a lot of public engagement, are responsible for customer property during a service, or operate at someone else's property, often have this insurance for extra protection.