Commercial Business Insurance

Commercial Business Insurance

Commercial business insurance is a crucial component to protecting a company from any unexpected financial losses. It gives small business owners the peace of mind that they will be financially covered if their company runs into any unexpected issues. Because every business is different and has unique needs, there are numerous types of commercial business insurance policy options, which can pose challenges when selecting the right policy for your business. If you own a business in San Diego, California, and have questions about how to protect your company, Windfall Insurance Services Inc. can help. Continue reading to learn more about your commercial business insurance options.

Essential Information: Commercial Business Insurance

Having a commercial business insurance policy that has adequate coverage is important because it will protect your company against damages, property loss, and potential lawsuits, and personal injury on the business property. It is different from personal insurance in that it has higher coverage amounts because businesses involve multiple employees and deal with more physical property. Commercial business insurance includes one or more insurance coverages that are intended to protect a small business, its owner, and its employees from risk and damages. Since these types of insurance policies can vary significantly in their coverage, your company may want to purchase more than one commercial business insurance policy depending on need.

Understanding The Different Commercial Business Insurance Types

Because of the wide variety of commercial business insurance available, you will want to work closely with an insurance agent to determine the best coverage for your small business. Common kinds of commercial business insurance include:

● General liability – This insurance will cover bodily harm and injury that may occur towards a customer at your business site and includes medical costs and protect against property damages, libel, and slander.

● Business Owner’s Policy, (or BOP) – This is packaged coverage that bundles liability insurance, commercial property insurance, and business interruption insurance into one policy.

● Commercial automobile insurance – This helps to cover costs from any vehicle accidents if an employee from your company is responsible for an accident while driving for the company.

● Employee liability – This will be required if your company has employees on the payroll and will protect your business from lawsuits from work-related injuries, accidents, and medical expenses if an employee becomes injured on the job.

● Cyber liability – This covers a business in the event of a data breach or cyber attack.

● Professional liability, (also known as errors and omission insurance) – This type of coverage protects a company against any lawsuits that deal with actions that occur in your business’s line of work. For instance, professional liability insurance would cover a healthcare business if someone passed away or was injured at the site.

If you want to know more about commercial business insurance in San Diego, California, contact Windfall Insurance Services Inc. today for a consultation.