A Complete Guide To Commercial Insurance

Whether you’re a new business looking to to get insurance — or a preexisting business trying to understand where all these fees are coming from — there are always benefits to understanding the nuances of commercial insurance. Absolute Choice Insurance can help you determine which options are best for you and your business.

What is Commercial Insurance?

Commercial Insurance (sometimes referred to as business insurance) is an umbrella term for all the difference kinds of coverage you need for a business.

Different businesses need different commercial insurances, but they are all aimed to protect the business, the owner, and the employees. The required coverage plan for your business can change depending on your business industry, the number of workers, safety liabilities, location of job site, and many other factors. There is no one insurance plan for all businesses, so it’s important to do your research and find which plan fits your needs.

Types of Commercial Insurance

  • Automobile Insurance – Covers the cars, trucks, and vehicles used for your business
  • Fidelity Bonds – Covers loss due to employee theft
  • Glass insurance – Covers broken windows
  • Property Insurance – Covers damage to property. Exclusions will apply
  • Liability Insurance – Covers injury the business caused to a third party member (not the employee)
  • Tenants Insurance – For commercial leases that require tenants to own insurance
  • Worker’s Compensation – Injury to an employee due to the workplace

This is not an extensive list of all commercial insurances, but it shows what insurance can generally cover. Find the insurance plan that includes the most important coverages for your business while excluding unnecessary money sinks.

How it Works

There are many scenarios where commercial insurance can help your business. For example, if your worker John were to injure himself due to an unsafe working environment, worker’s compensation can help cover for medical expenses. If a burglar were to come into your office and steal all of the electronic tablets, an insurance company could come, asses the damage, then help cover the cost of purchasing replacements.

Policy Limit

Insurance claims aren’t without limits. Because insurance companies don’t have an infinite amount of funds or a means to pay for all the damages, there is an agreed upon limit of compensation. Remember the burglar from earlier? If they were to run away with your company’s supercomputers valued at over a million dollars, insurance companies could only compensate you up to the limit and the rest would be up to you to pay. This is still favorable to not having commercial insurance as it comes out much cheaper than having to pay out of pocket.

Deductibles

This is the specified amount of money that the insured business must pay before an insurance company will make a claim. This is standard among most policies and the amount the business must pay can differ.

Conclusion

Every business needs commercial insurance to operate legally and confidently. There are many unforeseen troubles that businesses can face from lawsuits and burglary, to a small employee injury. Having the insurance to back you and your business will give you a sense of ease as you guide your business forward. Contact Absolute Choice Insurance today for more information!

Phone: 407-344-4444
Website: www.absolutechoiceinsurance.com

Leave a Reply

Close Menu