One of the most common types of commercial insurance is a general liability. General liability provides coverage for customers who are filing claims because of your business operations. Your general liability insurance policy will cover lost wages, damaged property, and medical and hospital bills of the customers who suffered because of your product or services. This type of commercial insurance also provides coverage for clients insured at the site of your business.
Product Liability Insurance
Product liability insurance protects your distributorship or wholesale business against defective products. In case the product harms the user, or if there's a harmful ingredient in it, you need to have product liability insurance to protect you against claims.
Professional Liability Insurance
Also called errors and omissions, professional liability insurance will protect business owners who provide professional services or advice. In case they make a mistake or an unintentional omission during the delivery of services, professional liability coverage will handle the claims of the customer. For example, if an engineer miscalculates traffic loads on a bridge, it could lead to construction delays and problems that the engineer or his firm should settle with professional liability insurance.
Commercial Property Insurance
Commercial property insurance will protect your business if a fire, hail, weather disturbances, criminal activity, or a hurricane destroys your property. This type of insurance can buffer any potential financial impact on your business. Commercial property insurance will also provide reimbursements for damaged or stolen furniture, computers, and inventory.
Home-Based Business Insurance
Home-based business insurance can protect your home-based business by providing coverage for equipment such as phones, cameras, or computers. It can also provide liability coverage for client injuries during a visit to the homeowner’s property.
Some Final Words
Whatever commercial insurance you are planning to buy, it’s best to reduce risk in your business in the first place. You should also find the right mix of commercial insurance to protect yourself and your company. Get the right commercial insurance for your business today for your peace of mind.
At Independent Executive Insurance Broker, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (805) 624-4815. You can also request a free quote by CLICKING HERE.