Commercial insurance is a broad term that covers a range of insurance policies protecting business owners and their investment.
For example, commercial insurance can protect you from financial loss caused by a range of unforeseen events, such as theft, property damage, and liability (i.e. “slip and falls,” etc.).
The question with commercial insurance is — which policy options are best to protect you?
Commercial insurance simplified
When it comes to getting the right commercial insurance for your business there are a couple of important points to keep in mind.
First, certain types of businesses have a harder time getting a policy than others, primarily because of risk. A few examples are liquor stores, convenience stores and gas stations. In fact, some companies have created specialized liquor store insurance policies (as well as convenience store policies, etc.) to meet the specific needs of these businesses.
Secondly, the type and number of policy provisions you’ll need depends on the nature of your business.
Retail stores will most likely need coverage against theft and liability (i.e. slip and falls), while professional practices typically get coverage for professional liability (i.e. E & O policies, etc.).
Additionally, if you own a fleet of vehicles it makes sense to have a commercial policy (or range of policies) covering your vehicles and any liability that may result from accidents.
With this in mind, here are three main points to consider when it comes to commercial insurance:
- proper coverage depends on your business type
- multiple policies may be required to cover all aspects of business risk
- certain businesses require specialized insurance
Finally, there is more to finding the right commercial insurance than simply requesting a quote.
It makes sense to speak with a commercial insurance specialist who can help design a policy (or policies) to protect every aspect of your business. In fact, it pays to speak with more than one provider when looking for any type of insurance policy. That way you can choose the most knowledgeable person for your particular needs
Does that make sense to you?
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