Commercial business insurance protects you from any unforeseen circumstances that could affect your company. It can generically refer to three types of commercial insurance, which includes property insurance for your equipment and office premises, workers’ compensation to cover your employees’ medical costs if they get hurt while at work, and commercial general liability insurance for damage to a third party.

On the other hand, generic commercial business insurance can also just mean commercial general liability coverage. So if you’re buying a commercial insurance policy, it’s ALWAYS best to clarify exactly what types of insurance coverage are included.

When Do You Need Commercial General Liability Insurance?

The short answer is…most likely…yes…it’s almost always a good idea. Regardless of what kind of business you’re running, commercial general liability insurance covers court costs, settlement costs, and medical damages if you’re sued by a third party.

  • A commercial general liability insurance policy can help cover your business for cases like these:
  • If a customer is injured on your property or has their property damaged by you or your employee
  • If your products hurt someone or damaged their property;
  • If someone sues you for damages or medical costs;
  • If you use a client’s photo in your advertising and they sue you for copyright infringement.

Commercial Property Insurance is important if you have an office with computers and office furniture. If you’re an independent contractor without anyone working for you, you likely don’t need workers’ compensation.

How to Choose a Commercial Business Insurance Policy

Commercial insurance coverage for small business is never the same for every business because each one is unique. Here are some things to keep in mind to make sure that you buy commercial insurance coverage that is best for your business.

Find out what you need. You likely need workers’ compensation coverage if you are a contractor with employees. You may need to buy a business policy with business personal property insurance if you’re a professional photographer and have lots of expensive equipment.

Know what your policy covers. It’s not always clear what is included in a commercial liability policy, so it’s important to review it carefully (ideally with your knowledgeable insurance agent!!) and asks questions if something isn’t clear. Never be afraid to ask questions!

Compare policies. It’s best to get multiple commercial insurance quote proposals so that you can compare the coverages and premiums as well as what is not included. You should do this with a licensed insurance professional. Think about whether you prefer to have a large deductible so that you can pay a smaller premium or the other way around. It makes a big difference at claims time, but remember, coverage is truly the most important consideration, not price.
What good does it do to save money by taking a bare-bones coverage policy only to find out that the coverage you needed all along isn’t included in the policy!

Whatever policy you choose, review your insurance at least once a year to confirm that it still meets your needs and operations. You might need to increase your level of coverage or add another type of coverage protection.

What to Look for in a Commercial Business Insurance Provider

When you purchase a Commercial insurance policy, it’s best to go to an insurance provider who has years of experience in dealing with entrepreneurs and business owners like yourself, or one who specializes in working with small businesses.
Finally, one of the most important parts to getting commercial business insurance is having all of your business insurance policies with the same company and if possible, with the same agent. This helps reduce coverage gaps and also helps speed up the claims process as insurers will look at all policies in force to see where coverage will come from in case of a claim.

Wondering if your business is properly insured?

You shouldn’t have to guess – Call our office today at (330) 337-9557 to protect you and your business!