Frequently Asked Questions About Commercial Insurance 2020

A variety of businesses emerge nowadays; getting commercial insurance is crucial in ensuring that it grows and smoothly operates. So what is commercial insurance? Commercial insurance protects businesses from risks and liabilities. Every business is different, so there is no standard insurance policy that fits all.
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Every businesses needs vary according to their goals and operations. An ice cream shop has different needs than a salon. Fortunately, business owners have the option to choose what coverage the business needs.

Defining Commercial Insurance
Commercial Insurance varies in coverages designed to protect a business. It also covers business owners and their employees. 

Several commercial insurances have standard coverages such as property, liability, and crime. There are also options in adding other benefits like cyber insurance employee benefits, worker's compensation, and equipment breakdown insurance. 

Frequently Asked Questions about Commercial Insurance
Choosing the right insurance for the business can be confusing; most business owners do not know their business needs and insurance costs. One of the significant factors in choosing insurance coverage is how the company operates. Here are some additional considerations in choosing insurance:

1. Location
2. Number of employees
3. Duration of the business
4. Revenue
5. Vehicles
6. Whether the business rents or owns buildings 

Conducting a risk assessment is also one way of determining the needs of the business. Consider risks based on business operations, legal environment, and industry. Speaking to peers and competitors can also help in understanding the type of commercial insurance they are buying. 

Most Common Commercial Insurance
Commercial General Liability is the most purchased type of insurance by far. It protects the business from liability claims for bodily injuries and property damage, which arose from its operations or property. Commercial General Liability provides many types of coverage, especially claims most businesses are incurring. 

It provides coverage for physical assets in case of damage caused by fire or flood. Numerous types of losses are also covered, making it one of the most popular commercial insurance types. 

In Buying Commercial Insurance
One of the best ways to purchase Commercial Insurance is through an expert insurance broker. Insurance brokers help in assessing the business needs and provide recommendations in choosing the best commercial insurance.

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.