What Is Commercial Insurance?

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by Daniel McClain on Apr 11, 2018

Have you heard the term “commercial insurance” before? Do you want to have a solid understanding of how it can protect your business? If so, read on.

Defining Commercial Insurance 

Commercial insurance is insurance that protects businesses, business owners, and employees. A basic policy can cover liability, crime, property damage, commercial auto insurance, and options such as workers’ compensation, equipment breakdown, and business interruption.

Employee benefits--dental, vision, disability, and group life--are often under commercial insurance, too. So are surety bonds, which insure against contractors who go outside the terms of a construction contract or break government regulations, unfavorable court decisions, and employee theft.

What Types of Commercial Insurance Does Your Business Need?

You might want to know the type of coverage for you...and how much it will cost. The first factor an insurance agent will check on is your industry type. The larger the risk in a business type, the larger the insurance need.

However, many businesses can benefit from at least these two types of insurance:

  • Public liability, which covers your place of business if a member of the public is injured

  • Professional indemnity coverage, which covers you if a client suffers a loss

Employers’ liability insurance can also be required by law if you employ one staff member or more.

An agent will need to know more about your location, number of years in business, number of employees, revenue, and whether you own, rent, or lease buildings or vehicles.

Other Types of Commercial Insurance

Whatever type of business you have, there’s already an insurance option to help you. They include coverage for:

  • Plant and machinery - protects mixers, dozers, and cherry pickers that you own or rent

  • Equipment and tools - protects power tools, hand tools, and plant equipment

  • Stock - protects stock that you store on a work site

  • IT equipment and laptops - protects you from losses to IT equipment that could cripple your operations

  • Business contents - protects all the items in your office needed for daily operations

  • Product liability - protects you if your product causes an accident

  • Business buildings - protects a shop, office, bar, or even a home office

  • Business interruption - protects against disastrous losses of income

  • Many more

The bottom line is that commercial insurance can protect your bottom line. Imagine, for example, what a relief it is to have business interruption insurance to protect you if a disaster stops your cash flow.

Protecting against a loss can mean the difference between a business that fails and one that lasts for decades. Besides, when you don’t have worries cluttering your mind, you’ll be able to run your business better, which will make it a greater success.

If you’re ready to discuss commercial insurance in Torrance, CA, contact us today. A knowledgeable, professional agent will help find the option that is best for your situation and budget.

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