Protect your business with commercial insurance. Have the right type, so that you don’t lose everything if unforeseen circumstances arise. If you have to close your business because of a lawsuit, your family would be devastated. There are several types of insurance that may offer you stability and keep you afloat if a disaster happens.
General Liability Insurance
If someone becomes injured while at your place of business, there could be damages that will be your responsibility. Having general liability insurance could protect you from paying out-of-pocket costs, like medical bills.
Professional Liability Insurance
Professional liability insurance protects the company from malpractice lawsuits or claims involving negligence. Physicians who own their own practice may be required by the state to have professional liability insurance.
Umbrella Liability Insurance
Umbrella liability coverage takes care of any gaps in insurance that is leftover. If you have a limit to your liability coverage, umbrella liability may be used to cover the rest.
Commercial Property Insurance
Commercial property insurance has two basic types. There is an all-risk policy and a peril-specific policy. The all-risk policy covers a large amount of events except ones that are clearly mentioned. The peril-specific policy only covers exactly what is written in the policy.
Having commercial insurance that protects your vehicles may be necessary if your employees use your vehicles regularly. Drivers that need to transport merchandise from place to place could be covered if you were protected with commercial insurance.
Some people may believe that their homeowner’s policy will cover losses if you have a home-based business. It’s possible that you might have to add addition coverage, including professional and general liability insurance to your homeowner’s policy.
Serving Selden, NY, XL Brokerage Inc. has independent insurance agents that can offer you information about commercial insurance options.