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Commercial Insurance

What Does Commercial Insurance Do To Protect Your Business?

As a business owner, you have an obligation to protect your company from anything that could threaten its financial future. Knowing the basics of commercial insurance can help you evaluate which types of coverage your business may require.

Understanding Policy Types: The Basics of Commercial Insurance

According to Allegiant Insurance Services, there are four main types of essential insurance coverage for small businesses:

1. Liability Insurance

Liability insurance shields your business from legal claims of negligence, harm or other damages allegedly caused by your products or services. It also provides protection for claims of injuries incurred on your property.

2. Workers Comp Insurance

If your business has employees, you will likely need workers comp coverage. Workers comp provides for the medical expenses of employees injured on the job or compensates families for the work-related loss of a loved one.

3. Property Insurance

Safeguard your facilities and inventory against theft, fire or other catastrophes. Property insurance covers everything from office equipment to raw production materials.

4. Business Auto Insurance

Whether you have one company car or a whole fleet of trucks, business auto insurance is indispensable. This type of coverage addresses personal injury and property damage claims that may result if one of your company’s vehicles is in an accident.

Finding the Right Commercial Insurance

Once you understand the basics of commercial insurance, you can work with a qualified insurance agent to get customized coverage. Your agent can bundle several types of insurance into a business owner’s policy that suits your company’s needs.