Business & Commercial Insurance
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Business & Commercial Insurance Information
Business owners face many risks as part of their everyday operations. Having the right commercial insurance can provide essential coverage for those hazards. The team at Total Insurance can help you secure the insurance you need. Contact us today for more information.
What Is Commercial Insurance?
Commercial insurance, or business insurance, isn’t one insurance policy, but it is a term used to refer to a combination of policies that provide financial coverage against various exposures your business may encounter. In exchange for an insurance premium, the insurer agrees to provide payments for losses that occur due to covered events. This can help reduce your business’s out-of-pocket burden.
What Is Commercial Insurance Coverage?
Each business’s specific insurance needs vary, but there are a few common policies that most companies purchase, including:
· General liability insurance—This insurance typically provides coverage for third-party claims of bodily injury, personal injury (e.g., libel or slander), advertising injury (e.g., copyright infringement) and property damage. It may pay for associated losses (e.g., medical expenses) and legal fees (e.g., court costs, settlements and judgments).
· Professional liability insurance—This insurance may cover claims of professional negligence, misrepresentation or inaccurate advice made against your business. It may also be known as errors and omissions (E&O) insurance.
· Commercial auto insurance—If your company owns vehicles, this insurance may provide coverage if accident occurs or if your fleet is damaged. It is a separate policy from personal auto insurance.
· Commercial property insurance—If your business’s property (e.g., your building and its furnishings) is damaged by events such as fires, vandalism or other named perils, property insurance may pay repair or replacement costs. Coverage for property in transit (e.g., inland marine insurance) may also be available.
· Workers’ compensation insurance—This coverage can assist employees who are injured or become ill due to a work-related incident. It may provide medical costs, wage replacement and other financial assistance. Additionally, state laws may mandate workers’ compensation coverage.
Other coverages may be available (e.g., commercial crime insurance, cyber liability insurance, equipment breakdown insurance, and business interruption insurance). Speak with your Total Insurance agent regarding options, limits and exclusions. We can help you secure a comprehensive insurance portfolio that fits your business’s risk profile.
How Much Do Commercial Insurance Policies Cost?
The cost of commercial insurance premiums varies. Numerous factors, including selected coverage limits and deductibles along with your business’s size, industry and location can impact premiums.
How Do I Get Commercial Insurance?
To make sure your commercial insurances needs are meet, give our Total Insurance team a call today. We can provide information regarding commercial policies and their costs, and we can help you secure the optimal coverage at the best value.