The Three Main Elements of Commercial Insurance

The Three Main Elements of Commercial Insurance

Business owners know that their company is one of the single most important parts of their lives. It is incredibly important to take the right steps to keep your business operating properly, and few things are as important as getting the right commercial insurance policy.

Good commercial insurance is there when you need it, and can keep your business safe from things like lawsuits, heavy out of pocket expenses, and more. However, it’s important to bear in mind that not all policies are created equally. There are several things you’ll want to make sure are present in a commercial insurance policy, ranging from premium amounts to benefit payout totals and more.

The first thing to pay attention to is simply what kind of coverages you’ll have in place. There are three main types of insurance policy coverages that a business will for sure need to have.

Property Insurance


Property insurance protects a business’s assets, physical and financial. This is the type of policy that pays out when something like a disaster, vandalism, or theft damages a property, damages goods and products within the business, and more.

It’s important to review the property insurance policy carefully to make sure that the right elements are included – some policies may lack coverage for certain disasters or criminal acts, for example. Businesses will need to make certain that they have the best possible level of coverage available.

Liability Insurance


Liability coverage is almost as important as property insurance. This protects businesses from being held liable for injuries and damages related to their property and even to their services. For instance, a policy held by an arborist may protect against accidental damage they do to a property when limbing a tree. Or a policy held by a store may simply protect them against being held responsible for medical bills associated with accidents that happen onsite.

Worker’s Compensation


Worker’s compensation policies are there for your employees, and also for the business itself. These policies pay out compensation to employees when they’re hurt on the job. They’ll provide payment for medical bills and lost wages associated with the accident. And despite today’s safety measures, workplace injuries are still far too common.

This ensures that a business’s employees are fully protected and have peace of mind. But, it also benefits the business. If you have more than a single employee, you’ll be required to have a worker’s compensation policy in place by law. Additionally, the right policy will prevent you from having to pay out of pocket if an accident occurs.

Getting Your Policy


The right insurance policy can make or break a business. It’s important that all companies have a worker’s compensation policy in place that works for them. To get yours, talking to our professionals is a good idea. Contact Panorama today to learn more.

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