If you own a business, commercial insurance may be just as important to your company’s future as the products or services you deliver to your clients.

As a company grows, the likelihood of unforeseen circumstances occurring that could disrupt daily operations becomes more apparent.For the same reasons you carry car insurance on your vehicle, you should opt into commercial insurance to protect you from work-related injuries, on-the-job accidents, or damage caused by third parties.

Commercial Insurance

Not all commercial insurance is the same, and not every business will need the same kind of coverage. Commercial insurance is an umbrella term for an assortment of coverage plans that can be sold as individual or group policy plans. They are designed specifically for commercial enterprise with the goal of protecting financial losses in the event of unforeseen circumstances including, but not limited to, property damage, liability, and workers’ compensation.

Here are a few different types of commercial insurance you may want to consider for your business and financial future:

Property Insurance

Property insurance is similar to homeowner’s insurance—it’s there to safeguard real or personal property in the event of a fire or vandalism to your office space, warehouse, or other place of business. Additionally, different types or property insurance are available for specific business needs. These may include:

• Boiler and Machinery Insurance
• Debris Removal Insurance
• Builder’s Risk Insurance
• Glass Insurance
• Tenant’s Insurance
• Crime Insurance

Ask your insurance agency about which types of property insurance would be a good fit for your commercial insurance plan.

Liability Insurance

Liability insurance covers injuries or property damage caused to third parties. This type of commercial insurance would protect you and your business in the event that a client was injured at your place of business, an employee damaged a client’s personal property, or your company was sued by a third party. Liability insurance also includes specialized sub-categories including:

• Errors and Omission Insurance
• Malpractice Insurance
• Auto insurance

Again, depending on the nature of your business, discussing the details with an insurance agent is the best way to purchase individual or group commercial insurance policies to protect your business.

Workers’ Compensation Insurance

Accidents happen, and when they happen in your office, warehouse or workspace, they can present cumbersome financial burdens for you and the company. Workers’ compensation insurance, in most cases, prohibits the employee from charging you or you company for work-related injuries.

Most states have laws requiring businesses to carry some form of workers’ comp. However, disregarding the law or choosing to bypass this type of commercial insurance can prove devastating for both you and your employees should they get injured and become unable to work.

Commercial insurance includes coverage on a wide variety of specialized plans designed to keep you and your financial losses to a minimum.

Talk with an insurance agency to learn more about purchasing individual or group plans that fit your insurance goals and budget.