As a commercial business owner, you probably know that commercial insurance coverage is something that your company needs to succeed. But what types of commercial insurance glendale az are required by law? Do you need any other kinds of commercial insurance? Why invest in commercial insurance? How does commercial insurance work?
Commercial Property Insurance
One type of commercial property insurance is business income when your company is closed due to fire or another disaster. This commercial property policy will also help cover equipment and buildings damaged by an insured risk such as fire, hurricane, theft, vandalism, etc. The business income portion of business interruption coverage provides money for continuing your normal day-to-day operations. For example, it might pay for rent on a temporary location while repairs are being made to your building, salaries for employees who are working remotely, or the costs of continuing to produce and ship your products.
Commercial Auto Insurance
If you use company vehicles for business purposes, you’ll want commercial auto insurance. This type of policy covers cars, vans, and trucks used for work-related activities. It can help protect your business if one of your drivers gets into an accident while on the job. Commercial auto insurance can also cover damage to vehicles that occur while they’re being used for business purposes, such as delivery.
Product Liability Insurance
If you sell products to consumers, you need product liability insurance. This type of commercial insurance protects your business from lawsuits if a product causes harm to someone. For example, a commercial product liability policy could help cover the costs of medical treatment you’re required to provide because a customer was injured by your products. It can also protect you from legal fees and other costs if someone sues you because of injuries they received while using one of your products.
Commercial General Liability Insurance
This commercial insurance is designed to protect businesses from financial losses caused by negligence or errors that occur during business activities. In many cases, commercial general liability insurance includes protection from employment practices claims as well as accidents that happen at commercial property locations. This type of commercial coverage also protects against unintentional damage to others’ property which could lead to a lawsuit. And it helps pay for any medical expenses and other losses associated with negative publicity about your company.
Errors and Omissions Insurance
If you provide professional services, you’ll want to have errors and omissions (E&O) insurance. This commercial insurance helps protect your business from claims that you made a mistake while providing your services. For example, if you’re a doctor and you misdiagnose a patient, E&O insurance can help cover the cost of any resulting medical expenses. It can also help pay for legal fees if the patient sues you.