Top 4 Common Types of Commercial Insurance

​Owning a business means you are prepared for the risks that come with it. To better protect yourself, different commercial insurance for businesses are available in the market. Learn more about some of the typical commercial insurance and how they can help your business.

Property Insurance
For damages and losses inflicted on your properties, you can count on property insurance to cover them. In case of fire in your office, a property insurance policy can provide you with the needed money to recover and repair everything. Depending on your needs and the nature of your business, you can check other additional coverage.

Some of these additional coverages include boiler and machinery, debris removal, builder’s risk, glass, inland marine, business interruption, law or ordinance, tenant’s insurance, crime, and fidelity bonds.

Liability Insurance
In cases of injuries to the third party that are caused by the products or services offered by your business, liability insurance will have you covered. If someone decides to sue your company for property damage or personal injury, the costs to resolve the lawsuit can be covered by liability insurance. This insurance policy will protect you in cases of common risks that happened due to your products or on your property. If you keep shopping around for other commercial insurance, you might find that liability insurance has different varieties that will take care of more specific coverage.

Malpractice Insurance
This insurance policy is quite similar to liability insurance, but it is made for liabilities caused by the substandard quality of service. If a customer or another third party becomes injured because of the professional conduct falling short of the standard care, the malpractice insurance will take care of it. The malpractice policy, or professional liability insurance, will pay for the defensive costs or settlement fees.

Professionals such as dentists, real estate agents, accountants, architects, and doctors count on this insurance policy most of the time.

Workers’ Compensation Insurance
If one of your employees gets injured on a job-related accident, workers’ compensation insurance have you covered. The law requires businesses with employees all over the country to have workers’ compensation insurance. The specific requirements and terms usually vary depending on the state. Aside from giving your workers the right compensation for their injury, the insurance policy will also prohibit them from suing your company for negligence.

With the many commercial insurance policies to choose from, finding the right one can be time-consuming. Get to know what your company needs first before shopping around for plans. Talking to an insurance agent can also help you get the best policy for your business.

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.