Insurance 

Commercial Insurance: Is It Right For You?

Owning your own business is…well…risky business!

Not having policies in place for when disaster strikes can seriously affect the flow of things. Not to mention the legalities that you will have to deal with.

In this day and age there is really no excuse to not have some sort of commercial insurance coverage. As a business owner you’re not only responsible for the day to day, but also the wellbeing of yourself, the work space and your employees spending time there. It’s there to help everyone, including you.

We’ve laid out all you need to know about commercial insurance and how it can benefit your company today.

What Is Commercial Insurance?

Commercial insurance is a form of protective coverage for all sized business models. It covers businesses financially in the event of excessive or unpredicted losses. It also covers any damage that may occur to a business’ property or employees.

For example:

  • Natural disasters may bring business to a standstill resulting in massive financial loss.
  • The same occurrence could cause physical damage to office space and electronics.
  • An employee might trip over some recently damaged property and seriously hurt themselves.

Commercial insurance would protect the business in the event of any of the above.

Types

While property, liability and workers’ compensation are the most commonly employed types of commercial insurance, there are a few others that might be more suited to you. Let’s break them down for you.

Debris Removal Insurance

In the event of a natural or elemental disaster debris removal insurance will get the remaining debris cleared up for you.

Wind, fire and flooding can leave behind massive amounts of rubble that needs to be cleared before repairs can begin. This coverage will eliminate the need for you to employ an external company to come do the clearing.

Glass Insurance

Again in the event of natural disasters, glass insurance has your property covered.

This coverage will replace all damaged glass windows as well as their frames so the building can get back to a secure state.

Builders Risk Insurance

Builders risk insurance should be purchased if a business’ building is still under construction.

This covers you in the event of wind, flooding or other elements causing the unfinished framework to come crashing down. Any damage to the building prior to completion is covered under this policy.

Machinery Insurance

If your business relies on a lot of machinery to function then this policy is for you.

Machinery insurance covers any form of equipment breakdown. It will also compensate the company for any monetary losses that occurred during the down time of the piece of machinery.

Unique Types

Some other less common forms of commercial insurance include:

  • Crime insurance
  • Errors and omissions insurance
  • Fidelity bonds
  • Inland marine insurance
  • Tenant’s insurance

Benefits of Commercial Insurance

Although it’s an accumulative, recurring expense on your business books the advantages that come with being covered make it all worth it. Aside from peace of mind, there are numerous other benefits to having even the most basic form of coverage on the market, such as:

  • Employee safety: Giving your employees a safe work environment shows them that you care. In turn, you are likely to have a more productive and enthusiastic team surrounding you.
  • No legal risks: In the event of a disaster situation, you are not at risk for a multitude of potential legalities that can be thrown your way. Without commercial insurance you run the risk of losing your business should any instance make it to the court room.
  • Nothing is your problem: When disaster strikes it’s not your problem. Simple as that. Any and all damages, losses, injuries & repairs immediately fall into the hands of your insurer. What a pleasure!
  • More business trust: Coverage is something that many clients look for before emptying the services of a business. This will be more or less common depending on the nature of the business in question. People want to know that their investments are secure in the event of disaster and there is no risk of loss on their part. Covering your business will show them you’re the safe bet.

How Do You Get Covered?

The thing with commercial insurance is that it needs to be put in place before disaster has opportunity to strike. In order to cover your business you need to seek the help of a business insurance broker.

Business insurance brokers don’t work for one specific insurance company. It’s their job to assess your personal needs and negotiate the best possible deal with the insurers available.

The whole process is straight forward and transparent. They’ll find the best version of the policy you need, based on your company.

Employing a business insurance broker is a once off expense. You will only pay for the actual coverage month after month.

When seeking out a business insurance broker keep the following points in mind:

  • Are they registered and certified in the field?
  • Are they represented by a reputable firm who can vouch for their abilities?
  • How many businesses have they successfully covered in the past?
  • Are they confident and well presented during negotiations?

[Conclusion]

Since commercial insurance can mean the make or break of your company, it’s clear why obtaining even a basic coverage policy is highly recommended.

There is no reason to sleep with one eye open when it comes to business.

Get covered today!

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