Commercial insurance comes in various forms and covers a range of business issues. Not all types are relevant to every company. Certain types of commercial insurance are nearly universal among businesses with employees, while others vary depending on your firm’s legal structure or the industry you operate in. While this article provides general guidelines, you should discuss the issue with a trusted insurance agent, such as THINK Insurance & Financial Services, serving the Pomona, CA, market.
Matching Commercial Insurance and Industry
A wide range of businesses require specific commercial insurance coverage, including:
- General liability
- Commercial property
- Workers’ compensation: firms with employees
- Cyber liability: companies that use computers and other communication devices
Here is a partial list of other forms of commercial insurance primarily related to specific industries or professions:
- Professional liability/errors and omissions insurance: firms that provide professional services or advice
- Medical malpractice insurance: professionals in the medical field
- Product liability, machinery damage, and environmental hazard insurance: manufacturers
- Commercial vehicle insurance: those using motor vehicles
- Inland marine insurance: firms that transport or store goods
The list goes on, so a suitable strategy for many businesses is to review trade association websites, industry magazines, or other industry sources for information about insurance practices. You may also benefit from conversations with your suppliers and customers.
Supplier and customer contracts often include language related to your legal obligations, such as requiring you to carry an umbrella insurance policy, so review your contracts.
After consolidating the information from those sources, meet with a trusted insurance agent for their recommendations.
Working with THINK Insurance & Financial Services
THINK Insurance & Financial Services serves individual and business clients in the Pomona, CA area. Call (855) 484-4654 today to gain the protection needed for your business and personal assets.
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