Imagine an employee driving a company van down the road, going around a corner, and suddenly driving into a gigantic sinkhole where the road is supposed to be. Hopefully, there is insurance protection for that accident.
If there is no coverage or inadequate coverage, this is what is called a “gap” in insurance. Gaps in coverage on not necessarily obvious. A business may be going along just fine and then, suddenly, some shocking event occurs for which there is insufficient insurance protection.
Types of Commercial Insurance
Commercial insurance is a broad category and it includes many types of protection such as:
- Worker’s Compensation: This insurance is required by law to protect workers and business owners from liability for injury and death that may occur while a worker is on the job.
- Property and Casualty: This protects the facilities.
- General Liability: This is for accidents that may happen, which harm things or people other than the workers.
- Product Liability: This addresses the risks associated with making, selling, and distributing products.
- Professional Liability: This is a category of insurance protection for health care workers, attorneys, those who work in the financial services sector, and other professionals.
- Business Interruption: This is helpful if the business is prevented from operating by circumstances beyond anyone’s control such as a natural disaster.
- Commercial Vehicle Insurance: This is for any vehicles used in business operations.
- Specialty Insurance: This may be customized to offer risk protection for other things such as terrorism, cyber-attacks, fraud, and more. Talk with your agent to learn the details.
In addition to commercial insurance, it is a good idea to have umbrella insurance that extends the policy limits of other policies and may offer more protection for other things like defamation or discrimination lawsuits and help pay for legal expenses
Commercial Insurance Review
To make sure the business has adequate commercial insurance and to uncover any gaps in coverage, work with an agent at XL Brokerage Inc. serving Selden, NY and nearby communities like Mastic. To get a commercial insurance review or a quote for new commercial insurance contact the good folks at XL Brokerage Inc. in Selden, NY.