Property and Liability Insurance for Businesses
There are a lot of options when it comes to business insurance and it is easy to get lost on what you truly need. You can start with a basic business owners policy, which includes some property insurance and liability coverage. Then, depending on the type of business you have, you may need additional insurance protection.
Commercial Liability Insurance
A commercial liability insurance policy will pay for covered losses that occur from real, or alleged injury (that results in a lawsuit filed against your company), up to the monetary limits of your policy. It may cover any bodily injury occurring on your business property or that arise from your business operations. This could include someone falling down and breaking a leg at work, or an appliance installation worker damaging something in a client’s home.
Your policy can also protect you against any libel, copyright infringement, or wrongful eviction. A commercial general liability insurance policy is something that every business should purchase.
Property Damage Insurance
Property damage insurance protects your business from losses when property is damaged or destroyed. Property is anything with real value such as real property, such a building, or personal property, such as a computer or piece of furniture.
Basic property damage insurance policies typically cover explosions, fire, lightning, windstorm, hail, smoke, aircraft or vehicle damage, vandalism, sprinkler leakage and sinkhole collapse. Additionally, coverage can be added for water damage; damage from the weight of snow, ice or sleet; breakage of glass; and falling objects.
Business Owners Policy
This type of business policy combines what is considered standard levels of property, liability and other types of coverage (known as endorsements), which can be added to customize the policy and meet the specific needs of a business. A business owners policy is usually recommended for businesses with fewer than 100 employees and under $5 million in sales.
