Cover the Risks: How to Customize Your Commercial Insurance


by Daniel McClain on Feb 14, 2018

Whether your business property experiences a minor hiccup or a truly catastrophic event, commercial insurance is a must for protecting all of your business’ financial assets. Sure, you can certainly purchase a one-size-fits all policy, but if you want to truly cover your business from every one of its associated risks, a customized commercial insurance plan is what you need.

Thefts, accidents, storms, and fires can and do take place at businesses every day of the year. Not only are these incidents inconvenient, but they can be extremely costly. Factor in damages and repairs or replacements, lost data and computer security, medical liability bills, and also the price of lost customers, lost time, and lost income. You’ll begin to realize that your business simply can’t afford to not have the proper insurance coverage.

Here is all that you need to know about general commercial insurance plans, why some customization of commercial insurance is a better choice, and how to obtain a stone-solid policy that will cover all of your business’ specific needs. As we explain some of the custom options, keep in mind that business property insurance is available no matter if you lease your own building, rent a workspace, or even just work from home.

General Commercial Insurance Plans

It may surprise you just how many different types of insurance there there is one available for just about every possible need. If you own your own business, commercial coverage is one of those types of insurance that is a must. Another type of required business coverage includes Workers Compensation.

A Business Owners Policy (BOP) is generic coverage that usually includes most of the coverage required for your business. This can include:

  • Landlords

  • Buildings and its contents

  • Delivery and stocked customer goods

  • Electronic data equipment

  • Loss of use

  • Loss of income

  • Liability and personal injury

With this general Business Property Insurance plan, you can feel fairly comfortable knowing your business is protected against most general risk possibilities.

Why a Customized Commercial Insurance Plan Is a Better Choice

Just like homeowners insurance has optional add-ons such as earthquake and flood insurance for those who live in a location at risk for experiencing these types of events, commercial insurance has options for customization that better cover the potential risks associated with your specific industry and line of work. This is called Loss Control. These services can not only reduce your risks, but save you money on both your insurance premiums as well as if you must make a claim.

Loss Control services can be tailored to meet specific needs, such as:

  • Apartments, condos

  • Mini-malls, industrial parks, retail buildings, shopping centers, restaurants

  • Construction, electricians, woodworkers, metalworkers, artisan contractors

  • Cleaning, janitorial, maintenance

  • Manufacturers, wholesalers, warehouses, mini storage

  • Professional services, print and graphic design

  • Electronic Data Processing (EDP)

  • Mechanical Breakdown

There are also a variety of Liability Insurance options, depending on your type of business:

  • Professional Liability: Coverage for errors and omissions for doctors, consultants, etc.

  • Product Liability: Coverage for products, recalls, etc.

If you don’t want to pick and choose a variety of coverage options to fit your needs, Commercial Umbrella Insurance could be a good choice for you. This type of policy is quite inexpensive when you consider that it covers well above your Business Property, Business Liability, and Business Auto. This overage protects you against losses that exceed your base limit, which is especially useful to have should a detrimental loss of property or person take place.

How to Get a Customized Commercial Insurance Plan

If the idea of figuring out what customized commercial insurance plan options are best for your business seems overwhelming and expensive, don’t worry! The truth is, it can be quite easy and financially forgiving when you entrust an independent insurance agent to be on your side.

No matter which type of commercial insurance policy you are looking to purchase or renew, it’s important to match your needs not only to the right services and right price, but to the right carrier or provider. That’s why working with an independent agent is such a good idea.

With a qualified and experienced agent, you can continue to move forward in your day-to-day running of your business with little interruption while your business gets personalized attention from a good agent. In the end, you will receive a perfect combination of services, price, and provider can be found.

When you run your own company, its success translates into your livelihood. Don’t risk it! With the right insurance, you’ll have confidence knowing any eventuality is covered, as are your financial assets.  

If you are looking to customize your commercial insurance in Torrance, California, please contact Insurance Center Associates for help finding the best coverage at the best rates!

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