Understanding the Complex Process of Commercial Insurance

All business owners, even those that operate a small business from home, need commercial insurance. Deciding what kinds of commercial insurance is appropriate can be somewhat daunting because commercial insurance is a category of insurance that has many different types of policies needed to provide adequate coverage for business risk.

Just like every business needs to have insurance, every business owner can benefit from establishing a solid, trusting relationship with an agent at Lifetime Investments serving Mesa, AZ and the surrounding area.

Commercial insurance can be broken down into these general categories, which provide protection for:

  • Employees
  • Protection Against Liability
  • Commercial Property
  • Business Interruption
  • Extraordinary Risks (Umbrella Insurance)

Commercial Insurance for Employees

Every state requires workers compensation insurance for employees. Additional insurance may be required if employees need to be bonded for specific job activities, which is common in the financial services sector and the construction industry.

Commercial Insurance for General Liabilities

America has more lawsuits than any other country. This is why having general liability insurance is a must. Professional liability coverage (also called malpractice coverage) may be needed. If the business makes some product or serves food to the public, there is a need for product liability as well.

Talk with your insurance agent because there are many liabilities that might go unnoticed by business owners until there is a serious problem that could have been avoided with adequate insurance.

Commercial Insurance for Property

This protects the owner from risks to the real estate that they own for use in the business.

Business Interruption Insurance

If a disaster or other covered event causes a business to stop functioning, this insurance helps a business owner with the expenses that are ongoing until the business can start up again.

Umbrella Insurance

There are many things that can be coved by umbrella insurance. It can extend the policy limits of other policies. It can provide coverage for things that other policies do not cover such as sexual harassment claims, defamation, frivolous lawsuits, cyber attacks and more. To get a customized quote, work with your agent at Lifetime Investments in Mesa, AZ.

Contact your agent to get a free commercial insurance review, ideas about risks that can be covered, and a commercial insurance quote.

I own a salon and have been told by other business owners I should get a BOP. Is that the best kind of salon insurance?

Most people don’t realize what all goes into running a salon in Mesa, AZ, and all the work and responsibility that goes on behind the scenes. At Lifetime Investments, we understand the unique challenges you face and want to work with you to help protect your investment.

Small Business Insurance

There are different kinds of policies for different kinds of risks. The most obvious kind is property insurance because you know you need to protect your workspace in case of a fire or theft.

There are many other kinds of commercial insurance policies, though, ranging from automobile to workers comp to professional liability. 

Why a Business Owners Policy  (BOP) is a Good Idea 

You don’t want to spend more than you have to, and a BOP can save money by combining some of the most basic kinds of protection. They usually start with property and liability insurance, so you are also protected if anyone is injured as a guest on your premises. 

If you use a vehicle for deliveries, you may need commercial auto insurance. Any valuable tools or equipment will probably need its own protection. If you employee technicians or cleaners, you might need to have a workers compensation policy. Errors and omissions insurance can protect you in the area of professional liability, and you can even get protection in case of business stoppage.

You want to make your clients feel like a million bucks without spending a million bucks yourself. Whether you own a beauty salon, a barbershop or a tanning salon,  Lifetime Investments can help you protect your small business in Mesa, AZ so you can do what you do best. Call today for a free quote.