Most businesses needs business insurance to protect their inventory, from various types of losses or potential claims. However, there are different types of business insurance available. Exactly what type you need depends on several factors.
General Liability Insurance
General liability coverage protects your business against negligence, bodily injury, liability claims, personnel/manufacturing errors and perhaps even property damages. In some policies the general liability insurance can include coverage for your legal fees as long as it is a covered claim.
Commercial Auto Insurance
If you own business vehicles you need commercial auto insurance. Your personal vehicles are insured under a personal-lines auto insurance policy. Business vehicles are written under a commercial auto insurance policy. Be careful to know the difference. If you insure your business under your personal vehicle you are insuring your vehicle incorrectly.
Product Liability Insurance
Do you manufacture, distribute, wholesale or retail sell a product? You could be liabile for its safety. Product liability insurance helps protect you and your business against claims due to a defect product or a product that injures others. Keep in mind the type of product you are involved as some products need greater insurance awareness.
Professional Liability Insurance
Service oriented businesses can purchase liability insurance to protect their interests against malpractice, negligence and errors in relation to the services you provide your clients. Some industries may even be required to purchase this type policy, doctors for example.
Commercial Property Insurance
This type of policy can cover losses relating to damage of company property, including fire, wind, smoke, hail, vandalism. It can cover lost income, building damages, business interruption, and other property.
Generally, you can purchase an all-risk policy or peril-specific policy. Be sure to ask your agent which type would be best for you.
For a business insurance quote, please call me directly at (480) 659-0229.
Gary Brown, Agent/Owner