Types of Business Insurance Coverage
As your business grows, your risks increase. Your commercial property is the most important part of your business.
For us, your commercial property includes not only the physical structure that houses your business but also all the elements that help it prosper – from the machinery you use to the goods you transport by sea or land. We have insurance that covers every area of your business.
In addition, we have insurance against interruption of operations. It compensates for the loss of income that your business may suffer in the event of a pandemic, a natural disaster, or a closure.
We cover everything related to your business. Learn more about the different options.
Insurance protects your business in the event of various losses or situations. Only you can decide what type of insurance your business requires.
To select insurance there are two key questions you need to ask yourself:
- What do I need to protect? The office for a possible fire, the equipment for possible theft, responsibility for other people’s lawsuits, other assets?
- How much is that protection worth?
Once you are clear on this, be sure to:
- Select the type of insurance and the amount that fits your unique situation.
- Request quotes and inquire at various companies and pay a reasonable and convenient cost.
- Choose insurance policies with enough coverage to properly insure your assets.
- Always read the policy and make sure you understand it before signing.
- Avoid duplicating coverage.
Business Owner Policy:
A standard Business Owner Policy provides coverage for a property (fire, theft, etc.), personal liability (injury caused to someone in your business or because of your product/service), business interruption, and, in some cases, compensation to workers. The clauses of each policy are different, so make sure that your policy includes all the coverage that your business requires.
Property Insurance covers your business for loss or damage (such as fire or vandalism) to your property. Most Business Owners Policies include Property Insurance. Commercial property coverage typically falls into two categories: construction (covers property damage caused by fire, lightning, vandalism, etc.) and personal property (property within your office, such as files, office furniture, inventories, materials, etc.).
Personal Liability insurance covers your business in the event of personal injury caused to someone or damage to someone’s property that occurs within the limits of your property. For example, this type of insurance would cover you in the event that a client becomes entangled in a loose telephone cord in your conference room and breaks an arm. Likewise, if you accidentally break a costly antique on a customer’s property, your Liability policy would reimburse the customer for the damaged property.
Professional Responsibility (Errors and Omissions):
Professional Liability insurance, also called Error and Omission Coverage, protects you financially in the event of a claim against you for negligence, errors, omissions, or unfair acts in the performance of your duties. Professions for which this type of insurance is recommended or required include, but are not limited to, computer technicians, systems analysts, accountants, hairdressers, lawyers, and consultants.
These types of policies offer additional coverage to that of insurance when the losses exceed the limits of your primary Civil Liability policy. Umbrella coverage often applies to Commercial Liability or Civil Liability insurance for automobiles.
Need Business Insurance Coverage?
Contact our experienced business insurance agents at 713-429-1790. Get in touch with us immediately so we can recommend the right coverage for your business. You can also fill out a form by clicking here.