4 Types of Commercial Insurance To Be Aware Of

​Before starting a business, you’ll need to prioritize the kind of insurance policies you’ll acquire for your property, employees, and yourself. Depending on your business type, you may also want to add specialized coverages. Listed below are among the various commercial insurance types.

Property Insurance
Property insurance is a policy that pays for damages or losses to properties that are personal or real. An example is having a property insurance policy cover all the costs caused by a fire in your office space. You can also buy additional coverages for your property, such as:

• Business Interruption Insurance
  Business interruption insurance covers expenses and income that was lost caused by losses or damages in the area. To state an example, you are forced to close down your business for at least two months due to a fire; the insurance policy will then reimburse you for taxes, rents, net profits, and salaries that you would have earned in two months when you were closed.
• Tenant's Insurance
  Tenants are often required to have a particular amount of insurance due to commercial leases. The industrial policy that a tenant has usually covered the damages of the improvements you made in your rental space, and the building’s overall damage that was caused by employee negligence.
• Crime Insurance
  Crime insurance typically covers crimes of property. Namely, money robbery, theft, burglary, stock, employee or outsider fixtures, and securities.

Liability Insurance
Liability insurance covers the injuries that third parties have that you accidentally or intentionally caused. If a person sues you for damage of property or personal injuries, then the expenses in resolving the suit and your defense are immediately covered by your liability insurance company. Shared risks, such as injuries of a customer inside your premises, are covered by general liability policies.

Automobile Insurance
Commercial auto insurance policies cover vans, cars, trailers, and trucks used as service vehicles for your business. You’ll have reimbursement from the said coverage if your vehicles are stolen or damaged, or if the driver accidentally hits and injures a person or breaks property that you don’t own.

Workers' Compensation Insurance
A workers’ compensation insurance policy covers the injuries that an employee or worker gets while on the job. There are specific state laws that require business employees to have a similar plan to that of workers’ compensation insurance.

Now that you’ve read a generalized description of some of the known commercial insurance types, it’s time to choose which ones are suitable for your business. Make sure to choose wisely, or you’ll end up investing in insurance policies you won’t ever use.

At Arnold, Bruce & Doerfler Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (503) 222-1951. Get your free quote today by CLICKING HERE.