What Are The Types Of Commercial Insurance?

1. What Are The Types Of Commercial Insurance?

2. Property Property insurance protects your business’s buildings and the personal contents inside of them. Many products offer additional coverage for loss of rent, business break, inflation protectors, etc. Even if you do not own the building you occupy, you should purchase a property insurance policy to ensure your personal contents in the building. Most property policies will have deductibles, coinsurance, and a total insurable value.

3. Liability General liability insurance protects your business in the case of a claim. Should you face a claim, your general liability policy commits to cover defense costs and settlements up to the limit of your policy. General liability limits are usually divided up into a premises limit, products/completed operations limit, and an aggregate limit. The aggregate limit is the most that the policy will pay out for all claims combined. The two sub-limits Most liability policies will have additional coverage's for premises rented to you, medical payments, and some hired/non-owned auto liability.

4. Workers’ Compensation Law requires Workers’ compensation insurance for all employers. It provides a medical and lost salary benefit to employees who are injured on the job and relieves the employer of the risk of an employee claim. If your employee is injured on the job, workers’ compensation insurance pays for medical expenses and lost salaries until the employee is refunded for their loss.

5. Auto Auto insurance offers coverage for both automobile liability and property damage. The automobile liability protects a company from any claim stemming from the company’s use of a car. As with general liability, defense costs are not included in the policy limit and are not covered by the policy. Property damage protects a company from any damage to the company’s auto subject to a deductible. Overall, the commercial auto policy combines liability insurance and property insurance regarding the company’s use of automobiles.

6. Employee Benefits Many employers find that a key factor in attracting and retaining good employees is offering a balanced Employee Benefits package. There are multiple lines of coverage provided by the employee, such as Medical, Dental, Vision, Life, and Disability. Finding a broker is essential to helping the employer find the carrier that best fits the company’s needs and to help get the best price.

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