When you are running a business, growing your revenue is only part of the equation; you also want to protect your company from any potential claims and lawsuits that could arise as you carry out your work. Even the most cautious business owners could find themselves facing a claim or lawsuit, and commercial insurance could help keep the company afloat should something unexpected happen in the course of doing business.
What Is Commercial Insurance?
Also known as business insurance, commercial insurance can help protect your company from risks such as lawsuits, property damage, injuries, and theft. Unlike personal insurance, it covers entire groups of people, such as the employees and stakeholders, as well as the business itself and its property. It offers higher coverage limits because of the greater risks faced by businesses.
Types of Commercial Insurance
There are several types of commercial insurance available that are geared toward specific risks a company may potentially face. Here is a look at some of the most common offerings.
A commercial auto policy is ideal for companies that use automobiles to carry out their day-to-day business. It can offer liability and physical damage protection for cars, vans, and trucks used for business, including medical payments.
Workers Compensation Insurance
Workers compensation insurance is a legal requirement for virtually all businesses and can protect a business from lawsuits in the event of work-related accidents or injuries experienced by employees. Workers comp is intended to help an employee cover the medical costs for such injuries.
Cyber Liability Insurance
As society’s reliance on technology grows, the risks of using these new solutions also rise. This type of commercial insurance will cover your business in the case of a cyber-security threat or data breach. This is particularly essential for businesses that keep a lot of personal and other sensitive information on their servers that could be hacked or otherwise compromised.
General Liability Insurance
General liability insurance will protect against bodily injury, personal injury, and property damage that might arise in connection to your business operations. It may address reputational harm from slander or libel, advertising injuries, or damage to rented property, among other factors.
Errors & Omissions Insurance
Errors & omissions insurance is a type of liability policy that protects your business against the losses that are not covered by traditional liability insurance. It can protect against claims if a client sues your business for negligent acts or errors related to the type of business you carry out that leads to a financial loss.
For example, it may cover in the event that a real estate agent lists the wrong square footage on an MLS sheet or if a tax preparer misses a filing deadline and the client incurs a fine. It typically covers judgments, court costs, attorney fees, and settlements.
Work With Experienced Insurance Consultants
If you would like to learn more about how the protections offered by commercial insurance can protect your business, get in touch with the experienced insurance consultants at New City Insurance to discuss the right types of insurance to suit your needs. Please give us a call at 888.210.2759 or request a consultation online.