Commercial insurance is crucial for any business owner. At its core, these policies are built to protect businesses and corporations from a vast array of different risks that may affect their day to day operations or continued success. They cover businesses, their ownership, and their employees with various policies that cater to the specific needs of different businesses and industries. Because commercial insurance coverage covers such a wide range of needs, there are various types of commercial insurance policies out there to suit the wide array of businesses that operate in the United States.
Commercial insurance differs quite a bit from personal insurance policies like health insurance or auto insurance. These insurance policies cover different stakeholders and employees, and it typically has much higher limits of coverage. The commercial insurance coverage that one business may have could be completely different from another, as their industries and day to day activities are likely to differ as well. Commercial insurance is highly customizable, and trained agents will make sure you have the policy that is just right for you.
Types Of Commercial Insurance
Commercial insurance may include various types of coverages to craft the right policies for any specific business. Some types of coverages that may be included in your commercial insurance are:
- Commercial auto and equipment breakdown coverages – If a business has a fleet of company vehicles, or they use the equipment on a daily basis, this is a necessary coverage. These policies will be used to cover company vehicles and vans, manufacturing equipment, and even computers or tech equipment for tech companies.
- Workers compensation insurance – Workers compensation insurance is a necessity to operate a business throughout the United States. If a company employs even 1 non-owner employee, they must be covered with workers compensation insurance in the event of an accident or illness while on the job. Without workers compensation insurance, it’s businesses that will be responsible for paying damages out of pocket in the event of an on the job accident.
- Cyber liability coverage – Cyber liability coverage may not be a type of business insurance that many were talking about a few short decades ago, but it’s more important than ever now. This coverage takes care of businesses in the event of data breaches or other cybersecurity threats.
- Business interruption insurance – If an accident or unexpected event stop your business from operating for any span of time, business interruption insurance keeps you protected. For instance, if a fire blows through your business and keeps you from operating for a number of months, it’s your business interruption insurance that will ensure you can get back up and running again without further loss.
Covering Businesses Of All Industries
No matter the size of your business, or the industry you’re in, it’s important to stay protected. With commercial insurance policies tailored to you and your business, you get complete peace of mind. If you’re interested in what our commercial insurance policies and coverages can do for you, contact us at Panorama today.