Owning a business comes with a lot of risks. Will you be able to enter the market successfully or fail? Will you be able to sustain growth without overinvesting? Will you be able to find the talent that will help you grow? Most of these risks are inevitable. However, there are risks that you can mitigate with commercial insurance policies. Commercial insurance policies were designed to protect business owners and entrepreneurs from risks. Here are some of the policies you should consider for your business.
Property insurance is critical to protect all of your assets. Whether you rent, lease, or own your building, property insurance can protect you if there is an incident. Property insurance also covers your assets like equipment, inventory, and office furniture. That way if there is a fire or a theft, you can replace the lost items and continue your business operations. When purchasing property insurance, it’s important to speak to your insurance agent about what risks are most present in your area to your property. That way you can make sure you get a policy that covers them.
Liability insurance comes in three primary forms for businesses:
- Premises Liability: Premises liability insurance is insurance that protects you against accident injury claims. If someone trips and falls on your property, your premises liability insurance will cover the costs of the damages. All businesses with a physical location should have premises liability coverage.
- Product Liability: Product liability insurance is designed to protect businesses that manufacture or make a product. Even when businesses take every measure possible to ensure their products are safe, incidents can still happen. This insurance will help cover if your products caused any damages to your customers.
- Professional Liability: Professional liability protects you against claims if you make a mistake or fail to perform your duty. This is a good coverage for businesses that provide a service. The most common professional liability is medical malpractice insurance, but there are a variety of options for other service professionals.
Business Interruption Insurance:
Business interruption insurance is designed to cover any interruptions to your standard business processes if an incident occurs. For example, if there is a fire, business insurance will cover the costs of the lost business until your building is safe to enter again or you’ve relocated. This is an important insurance coverage because it can keep your income stable after an incident and protect your business.
Commercial insurance is essential to protecting your business against risks, but it’s important that you get the right coverages for your needs. At Panorama, we work with a variety of insurance providers and can help you find the perfect insurance coverage package for your unique business needs. Give us a call to get started and we’ll be happy to answer any questions you have about your risks. We work with all of our customers one-on-one to find a policy that meets your budget and helps protect your business into the future.