Commercial

Commercial insurance is a policy designed to protect a company from various financial risks, including property damage, legal liabilities, employee-related risks, and business interruptions.

Yes, most businesses need insurance to protect against risks that could otherwise financially cripple the company. Some types of insurance are legally required, while others are highly recommended based on the nature of the business.

The types of coverages depend on your business type and risks. Common ones include:

• General Liability Insurance

• Property Insurance

• Workers’ Compensation Insurance

• Professional Liability Insurance

• Business Interruption Insurance

• Commercial Auto Insurance

• Cyber Liability Insurance

General Liability Insurance protects your business from claims involving bodily injury, property damage, and personal injury. It covers legal fees, medical expenses, and settlements.

• General Liability covers third-party injuries and property damage.

• Professional Liability (or errors and omissions insurance) covers legal costs for claims related to professional mistakes or negligence in providing services.

Workers' compensation insurance is designed to cover medical expenses and lost wages for employees who are injured on the job. In many places, it’s required by law for businesses with employees.

If you run a business from home, you may still need insurance, especially if clients visit, or you have equipment that could be damaged. A standard home insurance policy might not cover business-related claims, so consider a home-based business insurance policy.

Commercial auto insurance covers vehicles used for business purposes, including company-owned cars, trucks, or vans. It covers accidents, injuries, and property damage related to business use of vehicles.

You should review your business insurance annually or whenever there are significant changes in your business, such as expansion, acquiring new assets, or hiring employees.