The insurance industry is growing every year because of the increased need for insurance coverage by both new and established businesses. According to recent research, the insurance industry grows by 4% every year. Commercial insurance coverage is designed to protect businesses and their employees from various claims and risks, such as property damage, bodily injuries, and more. There are different types of commercial insurance coverage that you can use to protect your business. Here is a guide to help you understand the different types of commercial insurance coverage.
1. General Liability
The most common type of commercial insurance coverage is general liability. A general liability insurance policy protects a business against claims of property damage, bodily injury, reputational harm, advertising harm, and copyright breach. It also covers injuries caused by a company to third parties.
2. Property Insurance
Property coverage provides financial reimbursement for damage or theft of a business property and its contents.
3. Workers’ Compensation
Workers’ compensation is mandatory commercial insurance coverage for businesses with more than one employee. It provides monetary benefits to employees who get injured or become disabled while working. The policy also covers death caused to workers during the course of employment.
4. Business Interruption Insurance
A business can be interrupted by a hacking incident, riots in town, problems with the electric grid, and other issues. Business interruption insurance is designed to cover businesses against events that interrupt businesses’ activities. The coverage replaces the money your business would have made during an interruption or provides funds to run the business in another location temporarily.
5. Commercial Auto Insurance
Commercial auto insurance is necessary for covering automobiles used in conducting business. It is designed to make physical damage and liability coverages for commercial vehicles like company cars and commercial vehicles and trucks. It covers amounts, events, and usage not covered by personal auto insurance.
All businesses must have commercial insurance coverage to protect against different claims and risks. Having commercial insurance coverage will protect your business from losing property and money. Contact Cole Harrison Insurance today to find the right coverage policy that best suits your business’s structure and needs.