Commercial

Commercial insurance can serve as a vital shield, offering protection against potential financial setbacks from various incidents. Whether you’re a small startup or a large corporation, understanding the basics of commercial insurance can help you make informed decisions to secure your business’s financial future.

What Is Commercial Insurance?

Commercial insurance, also called business insurance, is designed to protect a business, its owners and its employees financially. It can encompass various policies that cover different aspects of a company.

Types of Commercial Insurance

The following are common types of commercial insurance:

• General liability insurance—This is one of the most common types of commercial insurance. It protects businesses from claims of bodily injury, property damage and personal injury (like slander or libel) that could arise from business operations.

• Property insurance—This can financially cover damage to business property caused by events such as fire, theft or severe weather. It can include buildings, equipment, inventory and furniture.

• Workers’ compensation insurance—This coverage can help ensure employees receive necessary medical care and financial support during their recovery. For employers, it can help mitigate the risk of lawsuits related to workplace injuries and demonstrate a commitment to employee well-being.

• Professional liability insurance—This coverage is crucial for protecting your business from the financial impact of lawsuits related to professional services.

• Commercial auto insurance—This is necessary if your business uses vehicles for operations. It covers damages and liability in case of accidents involving business vehicles.

• Business interruption insurance—This coverage can help ensure that a business can survive financially when it cannot generate revenue due to a covered event.

Why Is Commercial Insurance Important?

Having the right commercial insurance is crucial for mitigating risks and helping to ensure business continuity. Without adequate coverage, businesses could face substantial out-of-pocket costs for legal fees, medical expenses, property repairs and more. It’s important to note that certain types of insurance may be required legally, depending on the business type and location.

Learn More

Contact Action Plus Insurance to discuss your commercial insurance needs.