INSURANCE INSIGHTS
The Four Pillars Of Commercial Insurance
Accidents happen , and unfortunately , so do lawsuits . A commercial insurance policy is the best way to protect your business and its assets , and there are a variety of options . Whether you operate a brickand-mortar retail store or a professional office space , commercial insurance is always a good idea . Here are four types of commercial insurance that your business needs and why :
1 . COMMERCIAL GENERAL LIABILITY INSURANCE
The first type of commercial insurance you should consider is commercial general liability , which provides liability insurance for general business risks . This is the first type of coverage that businesses purchase since it covers many common risks like property damage , bodily injury , and medical payments .
If your business is found liable for third-party injury or property damage on or off your premises , you would be covered under a commercial general liability policy . However , this type of insurance specifically excludes certain types of risks — for full details , contact your insurance broker . That ’ s why it ’ s important to purchase multiple types of commercial insurance like those explained below .
2 . PROPERTY INSURANCE
When you invest in a property , you will also invest in equipment — whether tools for your professional trade or simply desks , computers , and other standard furnishings . It ’ s important to ensure that your property and its contents are protected from loss or significant damage .
28