Whether you have just started your own business or own several companies in several states, commercial insurance is a must-have. However, commercial insurance is pretty complicated and the process leaves many commercial property owners wondering if they got the insurance that best meets their needs, or even what they need. Here is a helpful guide to commercial property insurance that will help you identify and meet your needs.
What Is Commercial Property Insurance?
The term “commercial insurance” is the insurance that will protect you from any circumstances that could affect your business. The term usually covers three main types:
- Property insurance for your equipment and office
- Workers compensation for medical expenses for employees injured at work
- General liability insurance for damage to a third party.
It gets a bit tricky as generic commercial insurance can also mean just general liability. Make sure you check to see exactly what types of insurance is included in the proposed policy.
What Will My Commercial Liability Insurance Pay For?
No matter how large or small or what type of business you are running, you need to make sure that your commercial general liability insurance will cover different cases such as the following:
- A customer or their property is damaged by you or your employees.
- If a customer is hurt in your store, office or work area.
- If your product hurts someone or causes damage to their property.
- If someone sues you for damages, copyright infringement or medical costs.
Working with an independent agent, you can determine just what coverage you need. For example if your offices are full of computers, fax machines, etc., you will need property damage insurance, but the dance teacher that rents a space for lessons may not. If you do not have employees but operate as a sole contractor you won’t need workman’s comp.
How To Choose The Right Commercial Insurance Policy
Every business does not require the same forms of insurance. Keep in mind the following to make sure that the coverage you choose is the best for your individual business. Know what you need! Make sure you know and understand what your policy covers. If you are a business owner such as a general contractor you will need more workman’s compensation than the owner of a bookkeeping company. Read the policy carefully and ask questions. Decide if you want a larger deductible for a smaller premium.
What To Look For In A Commercial Business Insurance Provider
When you go to purchase your commercial insurance policy, it is in your best interest to meet with an independent insurance company that has many years of experience dealing with business owners from large corporations to the small “mom and pop” business. You need to look for a provider that does not sell you more insurance than you need, is completely open about what your policy will include and does not charge any hidden fees. If you are just starting your business or making changes to a current policy, make sure you are provided with a certificate of insurance.
As a business owner you have enough to worry about besides if you are insured enough if something happens. Since 1973 the independent agents at Panorama Insurance, have been helping business owners get the right amount of coverage with a company that will meet their needs and budget. Since we are independent we can save you the time and trouble of comparing insurance companies for the insurance you need.