If you own a business, then you need to have insurance. Of course, the type and amount of insurance you will need varies based on what field you are in and what is required by law. There are a number of different types of business insurance available, and it is important to know a little about each so you can be sure you have the coverage you need.
Property Insurance
This type of policy will protect your property from many different types of damage, destruction, and loss. This includes things such as theft and fire. The property included in the policy can include the buildings, equipment, contents of the office, stock, and more.
One of the things that you should keep in mind is that some types of events are not covered through these policies, including floods. You will need to have flood insurance to help protect you in those cases.
Commercial General Liability
What happens if someone is injured on your store or office’s premises? You need to have liability coverage to account for this possibility. It will help you to pay for injuries to the third party and still be able to maintain your business. This type of policy will cover the premises, as well as the operations and products you produce.
Professional Liability Insurance
Another term for this is errors and omissions insurance, and this helps to protect business against claims of negligence. There are many different types of professional liability insurance since there are so many different industries that need it. To learn what type you may need for your profession, you can speak with an insurance agent. Some of the professionals who will need to have this type of coverage include lawyers, doctors, engineers, architects, and consultants.
Marine Insurance
There are two types of marine insurance, though they cover many of the same elements – inland marine and ocean marine. The inland marine insurance provides coverage for machines and equipment that is being moved by inland water routes. Ocean marine coverage is for equipment transported on the ocean. These could include tour boats, charters, fishing boats, and boat dealers.
Commercial Auto Insurance
Insurance is needed for businesses that operate or work on automobiles on a commercial basis. Companies that have five or more commercial vehicles can usually get a fleet rate policy for coverage. Taxis will need to have commercial insurance, as will buses and auto dealers. Garages also need to have special policies to protect their customer’s vehicles while they are at the shop. Since there are so many different types of insurance for commercial automobiles, it is important to speak with an insurance company to be certain you are choosing the right type of coverage for all of your vehicles and needs.
Business Interruption
Even thought you might have property insurance to cover damages for your business, what happens when the business is not able to run because of the property loss? You can’t wait until you rebuild to have money coming in. The business interruption insurance can help with loss of income and business expenses that result from a loss by an insured peril (fire, theft, etc.).
Business owners who need to have coverage should contact an experienced insurance company to help with their needs. At MacLeod Lorway, we can speak with you about your business and help you find the right policies for your situation, whatever it might be.