Commercial Business Insurance – Does my business really need commercial business insurance?

Think about what would happen if you were in an auto accident and severely injured the other driver or yourself, but you didn’t have car insurance. What would your life be like then? The first thing the other driver would do was sue you for damages and health care bills.

No matter how small your company is anyone can be sued and that is why commercial business insurance is something to invest some serious time in researching. One common myth business owners have is they don’t bring in that much money so they can’t be sued. The facts are that if a judgment is rendered in court against your company the money will be collected. Items and bank accounts can be seized; even your wages could be garnished at the hand of a good and unrelenting attorney.

Your business may be good but you never know what potential risks lie ahead so having commercial business insurance lowers your vulnerability to losing everything you have worked for. The day you start a company is the day you need to start looking for insurance and there is more to it than just signing an application.

What types of commercial business insurance are available and how do I decide what my company needs?

Property & Casualty Insurance

Basically, property insurance covers you against most risks of damage and loss at your location of business. Some policies include fire, theft and weather damage or an act of god. You have to remember that you may have to obtain different kinds of property insurance depending on where you might live in the world. There is fire, flood, snow, ice, sleet damage, earthquake, terrorism, marine and boiler insurance plus many more I have not named. Not all policies cover those types of things so it is a good idea to make sure the type of commercial business insurance you get is named clearly in the policy, and that you are getting exactly what you need.

Casualty insurance can many times be lumped together and may often be cheaper as a packaged policy, but just be sure that it will be covering all the risks you may have. Casualty insurance is sometimes called liability insurance and covers liability for an organization’s or employees negligent acts.

Business Interruption

Business interruption insurance kicks in if something happens to the business such as an act of god or some other damage and you are not able to carry on with production. It covers you in case something happens and can even help you either relocate so you can start up again or replace some of the income lost.

Workers Compensation

On-the-job injuries are a risk that every company that has employees runs so commercial business insurance can lower that risk you have. Workers compensation states that a employee cannot sue their employer if they get hurt on-the-job but the company does need to pay for medical bills and damages. Depending on the size of the company you can go through private insurers or there are state agencies available.

Commercial Auto

If you have personal vehicles that are going to be used by your business they need to be covered by commercial auto insurance. If you have cars that are owned by the company in which employees will be driving then you might need a commercial auto policy. It works the same as a personal policy in that it covers damage to vehicles or to others.

Life and Disability Insurance

Most firms have employees who are vital to operations and the loss of which could be extremely detrimental to running the business. There is an insurance product called life and disability insurance which protects the business in case there is a death or disability to one of the key employees at the firm. That is why it can also be called key employee insurance.

Research Commercial Business Insurance Online

There may be companies out there that want you to think you are getting a deal because their cost is a lot lower than others. The company may be unstable or new to the market. Check on ones that are stable with the States Insurance Dept Website or A.M. Best of Standard and Poor’s.  All I can tell you is to do your research and don’t sign with the first commercial business insurance company you find.

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