Commercial insurance is an integral part of protecting your business. It's also essential to have the right types of coverage and coverage limits for your business. Commercial insurance is divided into three basic types, property, liability, auto, and worker's compensation.
Commercial property insurance covers the physical building where your business operates. Examples include storefronts, office space, manufacturing facilities. Property insurance covers the structure, equipment, inventory, and other's property inside the building.
Commercial liability insurance covers your liability if a third party is injured or their property is damaged. It covers medical expenses, attorney fees, and damages. General liability does not cover employees, auto accidents, or intentional acts.
Not every business needs commercial auto insurance. If you use a vehicle for business purposes, however, you will need it. This includes transporting inventory, traveling for your business, and transporting customers as part of your business. Commercial insurance will cover you and your employees when driving for work purposes.
Workers' compensation insurance is needed if you have employees. If an employee is injured at work, workers' compensation will cover the expenses. This includes medical bills, lost wages, and damages. The insurance company will also handle the legal aspects, including negotiations and legal representation.
In addition to these basic policies, there are different types of insurance you may find beneficial. Business interruption insurance will cover your lost profits if your business has to close temporarily.
Debris removal insurance covers the removal of debris from your property. Property insurance will cover storm damage, for example, but not the expense of removing tree limbs and debris from the damage.
Equipment break down insurance covers the equipment needed to run your business. This can include computers, industrial machines, and any other equipment required to run your business.
If you need commercial insurance or are interested in updating your coverage, contact us at Caluori Insurance in Rhode Island. We can help you get a quote and find the right policy.
