Understanding Commercial Insurance
Insurance is, perhaps unfortunately, a topic that causes a lot of stress in people. It is said that it’s the only service you pay for, but hope never to use, and that’s quite accurate. As unfortunate a reputation as the industry has gained over the past several years, the truth is many agents just want to help people in times of great need.
Commercial coverage is different than personal coverage, and that can confuse people when it comes time to start a business or protect existing business interests. Learn the different varieties of commercial insurance, what they cover, and how to determine what kinds of policies you need for protecting your business.
Commercial Insurance
When you start a business, whether it’s got a physical location or is a work-from-home job, you’ll need the right insurance to protect your interests. Your homeowner’s insurance, for example, won’t necessarily protect you from accidents that occur while you’re working, even if you’re at home. Your personal car insurance may not pay for damages related to business travel. The right commercial insurance is essential to making sure you, your employees and your other business assets are protected in critical times.
Property Insurance
You’ll want a commercial policy to protect your physical business location. You may also want to consider a commercial addendum to your homeowner’s insurance if you have a home-based business. Property insurance can cover a wide range of issues, each of which may require its own policy.
These include machinery insurance to cover equipment, debris removal coverage to clean up after a disaster, risk insurance for construction and inland marine insurance to cover property that is transported between your property and others, as well as other people’s property on your grounds.
Other kinds of addendum’s you might consider are ordinance insurance which covers you if you need to reconstruct buildings for code issues, tenant insurance to cover improvements to rental spaces, insurance against property crimes and bonding to cover you for employee misconduct.
General Liability Insurance
Liability insurance may be the most important form of business coverage you can carry. Simplistically, the coverage is designed to respond to claims relating to bodily injury or property damage that arise as a result of your business’ operations. It protects you against lawsuits and can be the difference between paying a suit and going bankrupt.
Workers’ Compensation Coverage
The Federal government and most state governments requires you to carry workers’ compensation insurance if your business has employees. This coverage covers the medical expenses, loss of wages, and rehabilitation of your workers should they suffer on-the-job injuries. Failure to carry it could subject you to serious fines and penalties.
Commercial Auto Coverage
Again, your personal auto insurance won’t cover using your car for work purposes. If you’ll need to travel for work you’ll need a commercial policy to cover damages from accidents you might suffer. This coverage is sold with higher limits that most personal policies.
Getting Commercial Coverage
Other forms of commercial coverage that may or may not be needed depending on the business include malpractice insurance, errors and omissions insurance, crime coverage and more. If you’re starting a business in the Las Vegas area and aren’t sure what insurance you’ll need, your first step is to talk to a qualified and experienced insurance agent.
At Harris Insurance we have over a century of combined experience in the industry and we can help you build a policy that covers all your needs without breaking the bank. Give us a call to talk about your business commercial insurance needs today!
