Protecting your organization from financial risk is easier to do with commercial insurance. However, it would be best to learn more about the coverage to ensure you get the best plan for your business. Below you’ll find details about commercial insurance, including its purpose.
Different types of commercial insurance coverage include automotive, real estate, workers’ compensation, cyber, and general liability. The coverage you choose will depend on the type of business you operate. However, if you have multiple organizations, you can select more than one coverage type. In some cases, your business may qualify for a discounted rate when purchasing two or more plans from the same provider. When enrolling, it’s best to check with the company to learn more about your options and discounted packages.
What Is Covered
As a business owner, you may be required to provide insurance for employees, visitors, and business dealings with other companies, depending on the state, local, and federal regulations in your area. This type of insurance could help you pay for the costs of lost business income, lawsuits against the organization, home-based office problems, and property damage. For instance, if visitors sue your business for an accident that took place on company property, or if an employee is injured while completing work for your organization in another location, the commercial insurance plan you choose may cover those liability costs.
Various Issues that May Not Be Covered
Most companies are under the misconception that commercial or business insurance can save their businesses from every breach, financial loss, workers’ compensation claim, and property damage loss. While the coverage can reduce your company’s financial risk with multiple issues, there are some situations that commercial insurance doesn’t apply to, such as natural disasters like floods or significant weather events. Fraudulent and intentional activities aren’t covered and could lead to arrest, jail time, and substantial fines. Before selecting a commercial insurance plan, research the program and ensure your riders cover standard policies and additional risks.
Many companies, especially small businesses, worry about liability losses and property damage that could occur in the future, making it challenging for them to develop long-term plans. However, with commercial insurance, you can have less uncertainty and take more risks with your company. This includes hiring extra employees or taking on additional clients instead of focusing on massive out-of-pocket expenses that could set your organization back financially.
Access to More Resources
Your company has access to larger corporations, loss control experts, and legal resources with commercial insurance. These benefits are essential when it comes to building a solid foundation and increasing your brand’s outreach. An insurance company may provide your organization with various resources to lower risks and improve your brand. When comparing commercial insurance providers, research the benefits they offer, such as free human resource assistance, which can reduce the odds of employment-related lawsuits.
Business owners need commercial insurance because operating a business means assuming certain kinds of risk, and the type of commercial insurance needed will vary according to company size and type of operation. For affordable, reliable commercial insurance as well as homeowners, renters, motorcycle, and auto insurance, call on the trustworthy professionals at Altra Insurance Services. Reach out to us today at (800) 719-9972 to learn how we can satisfy all your insurance needs.