Commercial Insurance: Things to Know Before Insuring Your Business

​Commercial Insurance, also known as business liability insurance, is crucial in every business. It protects the owner in case of a lawsuit issued by a third party. It helps in covering legal fees and settlements in the chances of being sued. Having commercial insurance is convenient to avoid using out of pocket money to settle liability costs. 

Commercial Insurance
There are various types of commercial insurance policies. Here are some of the policies that cover liability expenses: 

1. Professional Liability Insurance
   This type of insurance helps protect the business that operates by giving advice, recommendations, or any physical help to customers.
2. Employment Practices Liability Insurance
   This insurance covers damages in cases of employee's civil and legal rights violation.
3. Directors and Officers Liability Insurance
   This insurance can protect directors and officers if they fail to regard the business for the shareholders' rights properly. 
4. Business Identity Theft Insurance
   In cases of identity theft and fraud involving the business, this insurance can help protect the company. 

Other Types of Commercial Insurance
Workers’ Compensation Insurance
This insurance is crucial for small businesses. Most states mandate that if a company has a certain number of employees (depending on the country), the business must have workers' compensation insurance. It covers medical costs and replaces partial wages for an employee in case of injury caused by work. 

Property Insurance
Property Insurance covers damages caused by fire, theft, or flood. The inclusion of personal property will depend on the plan the insured will choose. This insurance is vital, especially for merchandise businesses. 

Business Auto Insurance
This type of insurance policy is essential if the business owns cars. If an accident occurs and injures an outsider because of the company's car, this insurance will cover the costs the company is liable for up to the policy's limit. 

Umbrella Policies
The Umbrella Policies provide coverage for the expenses that go above what the other insurances cover. This policy is convenient, especially if the business is at risk of significant lawsuits and losses. 

Key Employee Insurance
In the case of an employee's death, this insurance will help reduce the impact of losing an employee. 

Group Health Insurance
This insurance can provide for the business owner, their family, and the company's employees. Typically, the owner of the business covers a percentage of the employee's premiums. It is better to purchase a group health insurance plan to protect the employees.

At Arnold, Bruce & Doerfler Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (503) 222-1951 or Click Here to request a free quote.