Protecting your company is a top priority as a business owner. You’ve likely invested a lot of time and money into building your business, so it’s essential to insure it is covered in an emergency. That’s where commercial insurance comes in. Commercial insurance protects businesses from potential liabilities and losses, and various types of coverage are available. Some types of commercial insurance are required by law, while others are optional but still highly recommended. Here are four types of commercial insurance that every business owner should consider:
1. Property Insurance
If you own or lease commercial property, you’ll need to purchase property insurance to protect your assets in the event of damage or theft. This type of insurance will reimburse you for the cost of repairs or replacement up to your policy’s limit.
Contact THINK Insurance & Financial Services for a property insurance quote today.
2. Liability Insurance
Liability insurance protects your business if someone is injured on your property or you are sued for damages. This type of coverage can help cover the cost of medical bills, legal fees, and more.
3. Worker’s Compensation Insurance
If you have employees, you are required by law to carry worker’s compensation insurance. This type of insurance will help cover the cost of medical bills and lost wages if an employee is injured on the job.
4. Business Interruption Insurance
If your business is interrupted because of a covered event such as a fire or severe weather, business interruption insurance can help reimburse you for lost income and expenses incurred. This coverage is often overlooked but can be crucial for small businesses.
Purchasing commercial insurance is an essential part of being a business owner. To learn more, contact THINK Insurance & Financial Services. We can help you find the right coverage for your business.