Are you about to get insurance for your business? Whether you operate as a small business or run something that’s more large-scale, it’s in your best interest to learn about the different levels of commercial insurance that are available to you. You can bring your questions to Securum LLC of the Bellevue, WA area, which should help you feel more confident in making decisions about your commercial policies.
General Liability Insurance
This is the basic level of insurance you should have for your company. It protects against those claims that involve bodily injury to another person, personal injury that includes slander and libel, and property damage to someone else’s possessions.
Commercial Property Policy
Commercial property insurance protects the building you own or rent as well as the equipment you use in order to run your business. Keep in mind that this policy usually won’t cover damage from floods or earthquakes. You might want to get a separate policy such as commercial flood insurance that helps to protect your business from this type of claim.
Business Income Insurance
Also known as business interruption insurance, this helps you replace lost income if you are unable to run your business. Some examples include paying for your rent, payroll, utility bills, and other kinds of ongoing expenses.
Professional Liability Insurance
This coverage can be used for lawsuits filed due to some mistake in the services your company provided. It’s also called errors and omissions insurance.
Workers’ Compensation Insurance
This type of policy offers benefits to your employees if they become sick or hurt from conducting work tasks. Benefits from workers’ comp include replacing lost wages, paying for medical bills, paying for ongoing care such as physical therapy, and covering funeral costs. Many states do require that businesses with employees have workers’ compensation or they are at risk of criminal charges, fines, and penalties.
