The Basics of Commercial Business Insurance

​Every business, big or small, needs insurance. It may not be mandatory, but the financial security it offers is hard to resist; that is why companies won’t risk doing business without insurance. Here are some critical basics regarding commercial business insurance:

A Protection for your Business
Business insurance helps you in mitigating or removing financial stress when an accident or disaster occurs. Insurance companies offer basic coverages. These are property, fire, theft, auto insurance, and general liability. There are also companies which provide niche and specialized coverage like worker’s compensation and equipment breakdown. 

Basic Insurance
Basic insurance coverage allows you to protect your business from unexpected events that may happen during normal operations. Here are some examples of  basic insurance coverage:

• General Liability - covers third party injuries that happened to be injured within your business grounds. Third parties may be customers or just passers-by, then most probably due to negligence, has been damaged. General liability will cover the medical costs of the third party.
  
  
• Property Insurance - whether you conduct your business inside your home, an office, or a whole building, it is wise to have it insured. This type might be a requirement, especially if you are a landlord, as businesses are more keen to rent in the insured property. If you are the lessee, then some landlords would require you to pay the property insurance instead.
  
  
• Commercial Auto Insurance - if you use your bicycle or you own a fleet of trucks and cars, then better get auto insurance. Auto insurance allows you and your vehicles to be financially secured when being used for business purposes.

Niche Coverage
A niche or specialized coverage allows you to secure accessories and people that cannot be secured through basic insurance. Here are some examples:

• Worker’s Compensation - this insurance covers your workers when they meet an accident due to work. This type can include medical and dental expenses, wages for missed working hours, and funerals.
  
  
• Equipment Breakdown - you can now ensure critical equipment that is essential for your work. This type can be your laptop, server, phone, and related tools of the trade. 
  
  
• Professional Liability Insurance - insurance that will cover your damage when a person claims that you are on fault due to your consultation and advice. It is used by licensed professionals like accountants, architects, engineers, lawyers, and doctors.

Conclusion
Those are just the basics in commercial insurance coverage. There are more specialized coverages being offered in the market, and it may be just perfect for your business and lifestyle.

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.