Your business is your livelihood so it’s important to understand how to safeguard it from potential threats. Buying commercial coverage can be challenging, so SmartFinancial has compiled informative blog articles to help you navigate all the risks involved in running a business. SmartFinancial can also match you with an insurance agent in your area who understands your business and can offer the best rates on the market. See which types of commercial coverage you need today.
Commercial insurance provides coverage for businesses against the financial consequences of unexpected events, including property damage and liability. Learn about the different types of coverage available.
A premium is a monthly payment you must make in order to keep your commercial insurance policy active.
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ou are responsible to pay a share towards covered repairs and losses. You choose the deductible when you buy a policy.
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A policy limit is based on how much insurance you buy. You are responsible to pay the remaining balance if you reach limits.
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Not everything is covered, so make sure to ask about exclusions and see if there are any riders to cover those exclusions.
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When you file a claim, you are asking the insurance company to help you pay for a loss. Only losses due to covered perils are eligible for claim settlements.
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With a general liability insurance policy, you are covered for bodily injuries if someone is hurt at your place of business.
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Cyber insurance is essential to safely running a business and will cover data breaches and other security issues.
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Whether you own the building or simply own business equipment, you’ll need personal property coverage.
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Your personal auto insurance is not suitable for a company car or fleet. You’ll need commercial auto insurance in order to be covered for losses.
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Without equipment breakdown insurance, you’ll have to pay for repairs in full if your business equipment breaks down.
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In every state, workers compensation insurance is legally required for any business with at least one employee other than the owner.
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In the event of a data breach or other cyber attack, cyber liability insurance helps cover the cost of safely restoring your operations.
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Many small and medium size businesses buy a BOP policy, which bundles the most essential types of commercial insurance.
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If your business is forced to shut down due to a covered peril, business interruption insurance will help you cover losses.
Learn MorePersonal insurance does not cover losses to a business. For instance, if you use a car for business purposes and have an accident, a personal car insurance policy may not cover your loss. Also, businesses have special risks that must be covered, some required by law, like workers compensation, if you employ one or more people.
How much you pay for commercial insurance depends on the type of business you own. A larger company will pay more in premiums than a small business and a high-risk business will pay more too. For instance, a daycare center will have different risks than a church.
Workers compensation is required by law even if you only employ one person. General liability coverage is essential for most businesses and covers personal property and bodily injury losses. A commercial auto insurance policy is also essential if you use your car for business purposes other than a daily commute.
Answer a few questions and let Penny find the best rates in your area.
