Commercial

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As a business owner, you might wonder what type of business insurance coverage you need. While the answer may vary depending on the size and type of your business, there are various commercial insurance policies that business owners should consider.

Commercial insurance protects a business against risks that could affect its success. Some types of small business insurance policies protect the well-being and reputation of the organization, while others cover the financial aspects. A commercial policy differs greatly from personal insurance because it covers multiple stakeholders and employees and has higher coverage limits.

Benefits of Commercial Insurance

There are inherent risks to running a successful business. For this reason, it is important to cover your business with an insurance policy that protects it and its assets. Taking an insurance policy gives you peace of mind, something many business owners and operators cannot afford in today's highly unpredictable business environment.

Commercial insurance helps protect your business in different ways, whether it's giving employees benefits if they get injured or sick on the job, property damage, or covering your business from losses incurred from a data breach. Without commercial insurance, you could be liable to pay legal fees, medical costs, replacement and repair costs. In addition, commercial insurance helps you ensure your business is not affected by the impact of substantial business interruptions.

Some states impose mandatory insurance policies that business owners must observe. For instance, auto insurance and workers' compensation are compulsory insurance coverage in most states. Therefore, if you operate in certain states or are planning to establish or expand your business to other states, you must stay informed on the insurance requirements of those states.

More so, business insurance increases the credibility of your business. For example, some industries may require proof of insurance for any business undertaking.

Types of Commercial Insurance Coverage

There are numerous types of commercial insurance that can protect your business. Picking the right policy covers means your business will have customized coverage that meets your unique needs. They include:

  • Commercial general liability insurance covers claims that your business caused property damage or bodily harm to someone else.
  • Commercial property insurance protects your business' equipment and property.
  • Business income insurance (business interruption insurance) covers lost income if your business can't operate as a result of covered property damage.
  • Commercial auto insurance covers you or employees who drive company vehicles for work.
  • Workers' compensation insurance issues your employee benefits in case of work-related illness or injury.
  • Cyber insurance helps your business respond to cyber-attacks if personally identifiable data gets stolen or lost.
  • Business owner's policy (BOP) combines business income, commercial property, and general liability.

How Much Does Commercial Insurance Cost?

Business insurance costs vary from business to business. Each business is exposed to unique risks and levels of uncertainties. Therefore, commercial insurance companies will charge rates depending on the individual qualities of your business, including location, personal property, employees, and other factors. For instance, insurance for a small business with no storefront will cost significantly less than a large business with multiple establishments and a large pool of employees. So get in touch with our team to get an actual cost for your small business insurance coverage.

Frequently Asked Questions

Yes. The government expects every business with employees to have workers' compensation, unemployment, and disability insurance. In addition, some states may require additional mandatory insurance.

Business insurance can cover losses incurred because of property damage, lawsuits, loss of business income, and other losses. Businesses often purchase a comprehensive policy that combines all risks unique to their situation.

Several types of business insurance coverages exist. Some of them are optional, and others are compulsory. For example, if your business employs people, you are legally required to have employers' liability insurance.

Yes. Commercial insurance covers equipment used to run your business.

Yes. Employee compensation is a ‌requirement in commercial insurance. The government prioritizes employee well-being in commercial insurance coverages. Get in touch with our team at Blue Ridge or call 1-800-733-2530 to answer all your commercial insurance queries.