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:
- 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.
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.