Arnold, Bruce & Doerfler Insurance Blog
You may be familiar with auto and health insurance, but as a business owner, you should know that there are a lot of commercial insurances that you can choose out there. Therefore, you should take some time considering your choices. Below is a list of different types of commercial insurance and how it could help with your business.
When it comes to physical disasters such as flood, theft, fire, earthquake, and more. Property insurance might cover it, depending on the kind of plan you’ve chosen. Also depending on your plan, the coverage may include your business's inventory, furniture, technology, property used, and other personal property within your building.
Workers Compensation Insurance
For most states, this policy is mandatory for big and small businesses. Depending on where your business is, a certain number of employees about 3 to 5, you should have compensation insurance. This type of coverage will help replace your injured employees’ partial wages and medical care, this only takes effect if the employee is injured during work. But if an employee died during work, or dies from the injuries they got from work, the compensation would be provided to your employee’s family.
Business Liability Insurance
Now, this is the most important insurance policy among others. The business liability insurance, or also called as a commercial general business liability, can protect you from getting sued by someone who’s outside your business. This insurance policy will help cover the legal fees costs and any award or settlement if you’re sued.
Business Auto Insurance
This insurance could be especially important if you have cars that are owned by your business. If one of your employees has damaged another vehicle or injured a civilian, your business auto insurance will generally pay for the costs that you are liable, up to the limits of your policy.
This insurance policy could be very useful if you’re at risk of lawsuits or major losses. Basically, it would provide you some coverage that is more than what your other insurances could cover. Like for example, you are getting sued by another company for $2 million but your business liability insurance could only cover $1M. That’s where the umbrella policy will take action, they will help cover the remaining $1 million, and it can also be applied to other liability insurances.
If you are managing a small business, in order to keep your costs low and within the budget, you might want to consider purchasing a packed insurance deal. Choose a policy that has all your needs for your small business.
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.