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Commercial insurance refers to a policy that is meant to protect a business from future risks.
Coverage may include business property damage, loss of income due to a business interruption, legal issues, theft, and employees’ grievances.
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At a basic level, commercial insurance is aimed at helping businesses stay protected against risks that may threaten its success. Depending on the commercial lines coverage, it can be specifically aimed at protecting the reputation, wellbeing and financial situation of a business entity, as well as the employees working for the business.
Unlike personal insurance, commercial insurance can cover multiple stakeholders and employees. Commercial insurance also differs from personal insurance because it tends to have much higher limits of coverage, since there’s typically more physical property at stake.
Moreover, commercial insurance carriers and agents are specifically trained in the risks and threats that businesses face. Plans are often structured to cater to a company’s specific industry and day-to-day activities. Personal insurance plans, like auto or renters insurance, tend to have a more one-size-fits-all purchase process.
There are many types of commercial insurance. A few of the most common include:
Commercial auto and equipment breakdown insurance can be especially helpful for businesses that rely on tools or automobiles to conduct daily business. Similarly, property insurance can help protect tools and tech property like computers, desks, and office environments.
Workers compensation insurance is another common form of commercial insurance, often required by law, especially for businesses in the construction, manufacturing, repairing or engineering industries. This type of insurance helps protect the company from lawsuits in the case of a work-related injury and accident experienced by an employee – plus can help cover medical costs for an employee injured on the job.
Cyber liability insurance is a growing form of commercial insurance that can cover businesses in the event of data breaches and other cyber security threats. Since many businesses hold a great deal of personal information on their servers, being hacked can have lasting financial repercussions.
Packages and Business Owners Policy (BOP) Insurance are a common solution for business owners because it may offer a cost savings to “bundle” several policies together. Packages and BOPs can differ from business to business or carrier to carrier but may include property, general liability, crime and inland marine.
Business interruption insurance is also a smart investment in terms of commercial insurance. This can help protect your business from financial losses in the chance that a covered accident or unexpected event prevents your company from operating.
If you own or rent an office or workspace, you likely need commercial property insurance, also called business hazard insurance.
Landlords often require proof of commercial property coverage from their business tenants. And lenders typically mandate commercial property insurance for the life of the mortgage.
Though landlords carry property insurance for their buildings, they won’t take responsibility for any expensive business property a tenant keeps in the space.
Even when it’s not required, commercial property insurance is important for any small business that owns property. This coverage insures expensive equipment as well as inventory.
Commercial property insurance covers your business’s real estate and its contents. It helps pay for repair or replacement when business property is lost, damaged, or destroyed.
Your business assets aren’t just expensive – they keep your business running. With commercial property insurance, you’ll be able to afford repairs for necessary equipment after an unexpected event like a fire or a break-in.
Easily apply online, compare quotes from top carriers in seconds, and get your certificate of insurance the same day.
Depending on your risks and type of property, you may need to expand your property coverage with endorsements or additional policies.
Depending on your risks and type of property, you may need to expand your property coverage with end
Commercial property insurance covers property damage caused by named perils. That includes burglaries, vandalism, fires, and storms. But it doesn’t cover normal wear and tear or natural disasters.
Typically, this policy covers your building and business personal property kept at that location. If you don’t own or rent a building or other commercial space, the policy can cover assets stored at a designated location. These are usually places like your home or a storage unit.
Depending on your risks and type of property, you may need to expand your property coverage with e
If you bring equipment to job sites or work in an area prone to flooding, you might want extra protection. You can modify your commercial property policy to protect against additional risks, including:
Natural disasters. If your business needs protection from floods, earthquakes, tornadoes, or hurricanes, work with your insurance agent to add riders for natural disasters.
Forced closure. Property damage often forces businesses to temporarily close their doors. A business interruption policy can help you stay on top of your bills by replacing lost business income if you’re forced to shut down due to property damage.
Damage to mobile property. If your business needs coverage for transported items, consider inland marine insurance. This policy covers equipment, tools, and other possessions that move from place to place. It also includes items in a business’s temporary care, such as loaned artwork.
Commercial property insurance covers property damage caused by named perils. That includes burglaries, vandalism, fires, and storms. But it doesn’t cover normal wear and tear or natural disasters.
Typically, this policy covers your building and business personal property kept at that location. If you don’t own or rent a building or other commercial space, the policy can cover assets stored at a designated location. These are usually places like your home or a storage unit.
Texas shield insurance has been covering the city of Houston with excellent service providing a range of insurance coverages since 2007.
