Does My Business Need Commercial Insurance?

One of the most critical decisions a business owner will make involves the kind of commercial insurance policy (or policies) he or she buys. The right coverage can make or break a business in the event of a lawsuit, natural disaster, accident, or other serious issues. So, what kind of insurance do you need? Ask yourself a few questions:

 

Does your business involve commercial property?

 

Property insurance is one of the most common types of commercial insurance because it casts a wide net of coverage over tools, inventory, equipment, buildings, and more. It also protects against losses from various natural and manmade disasters, including fire, break-in, vandalism, and windstorms.

 

Does your business location contain valuable furniture, equipment, and inventory?

 

Business personal property insurance will cover these items. However, you should note that your commercial insurance carrier will most likely limit coverage for property taken off your specified location.

 

Is your business located in an area that’s easily flooded?

 

Flood damage isn’t covered by most commercial property policies. You’ll probably need to purchase separate coverage to protect against that kind of loss.

 

Do you have equipment that you frequently transport to various locations?

 

An inland marine policy will cover equipment and items that you must carry from place to place.

 

Does your business use commercial vehicles?

 

Business auto insurance will give you peace of mind every time your commercial vehicles head out on the road.

 

Is your business at high risk for lawsuits?

 

An umbrella policy can save your business in times of legal crisis. It raises your liability limits and extends your commercial insurance coverage when your losses exceed basic liability.

 

Do you have employees?

 

Workers’ compensation coverage is a must for any employer. It covers the cost of medical care and physical rehabilitation if any staff members get injured at work. It also helps replace lost wages while they are rehabilitating. And in most cases, it protects you and your business if an injured worker sues, as well.

 

Are you a small- to- medium-sized business?

 

Take a look at a business owner’s policy (BOP), which combines property, liability, and business interruption coverage into a packaged deal. Purchasing a BOP is typically less expensive than buying separate policies. Plus, you can still customize the coverage to meet your unique needs.

 

Your business is too precious to lose for any reason. Contact a Hibbs agent today and get the right commercial insurance to protect it.