Like auto insurance, commercial insurance isn’t a one size fits all package. Most businesses with commercial insurance will have a base of 3 coverage areas with liability, property, and worker’s compensation, but you don’t have to stop there. There are a variety of other coverages you can add to your policy, giving business owners of all industries better peace of mind as they operate their businesses on the day to day.
Property insurance covers losses or damages to your business property. If your business catches fire and you lose your building and inventory, it’s your property insurance that will step in to handle your claim and cover your damages. Liability insurance covers your business should someone on the property becomes injured and pursues a lawsuit to cover their damages, while worker’s compensation insurance covers employees who have been injured or made ill on the job. Aside from these big three, there’s a lot more to know about the optional additional coverages you may be able to add to your policy.
Top Insurance Coverages To Consider
Depending on your industry, your optional coverage areas will differ. For instance, the coverage necessary for a retail clothing boutique is going to be a little different than that needed by an industrial warehouse. A few top insurance coverages for businesses to consider include:
- Machinery insurance – Machinery insurance coverage is a type of commercial insurance that may not be needed at a corner store, but will certainly be needed for a construction business, factory, or even a salon. This type of insurance covers the accidental breakdown of machinery and the loss of business that may occur while waiting for machinery to be repaired or replaced.
- Builder’s risk insurance – For construction companies, builder’s risk insurance is a must-have coverage, equally important to your property, liability, or worker’s compensation coverages. This type of insurance covers structures in the process of being built, and if a storm blows through bringing down the home a company was building, it’s builder’s risk insurance that will cover the related damages.
- Automobile insurance – Commercial automobile insurance is quite a bit different than the standard auto insurance you may have on your personal car. For restaurants that deliver, a florist, or any other business that uses commercial vehicles, this is an important coverage. If vehicles are damaged, stolen, or are in an accident while on the job, your commercial automobile insurance will ensure your vehicles are covered.
Covering All Facets Of Your Business
When you have a business, you’re working with a big investment. Making sure all angles of your investment is covered ensures that your business will thrive to see another day no matter what mishaps may occur. If you’re looking for commercial insurance to cover all facets of your business, speaking to insurance professionals can be a much-welcomed help. To learn more about commercial insurance policies, coverages, and more, contact us at Panorama to see what we can do for you and your business today.