Commercial Insurance for Your Business

By Andrew Stratton

When you own a business, you need to protect it with commercial insurance. There are several types of policies you should purchase in order to protect everyone involved and everything you own. You'll want to have coverage for your real estate property, equipment, vehicles and to protect your company against lawsuits. You'll also probably need to have a life policy on your own life, with your mortgage holder as the first beneficiary.

Real Estate Property

If you own the building where your business is located, you'll need commercial insurance to protect it. This includes coverage in case of a fire, flood, robbery, or other calamity. A policy such as this is similar to one on a home but has different terms. You'll need to obtain a plan that is designed for companies such as yours.

Equipment

As a business owner, you have valuable equipment that you'll want to cover with commercial insurance. This may include tools, machinery, furnishings, and more, depending on what your product or service is. If you own a factory, you'll have lots of machinery to protect. If you own a restaurant, you'll have ovens, utensils, tables, and chairs. If you own a day care center, you'll have desks, educational materials, playground equipment, cots, and more. Your equipment is valuable to your operation; insuring these assets is a wise decision.

Vehicles

If you have automobiles, vans, and trucks, you'll need to insure them, as well. You need to have specific policies to cover employees who drive for you, as well as covering the vehicles themselves. The amount of coverage will depend on several factors, and should be discussed with a knowledgeable representative from your commercial insurance company.

Liability

You'll want to protect your company against lawsuits, in order to do this you must have liability coverage. Injuries or accidental mishaps may happen to customers, employees, or the public, in general. Since you are the owner, the responsibility falls on you, so you must insure your company against these challenges. Having enough coverage is like wearing armor against all that can go wrong. Without this type of armor, your operation is left vulnerable.

You can purchase all types of commercial insurance for your organization through an agent or broker who deals with this type of coverage. It's helpful to have all of your policies with one representative so that he or she can advise you about protecting your entire operation. If you don't have an agent or broker, ask other owners in your industry who they use and whether they recommend their insurers. Once you have your policies set up, you can relax, knowing you're covered.

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