Commercial

What You Need to Know about Commercial & Business Insurance
As a business owner, you should carefully evaluate your insurance coverage to protect your company’s assets. You don’t want your hard work to be for nothing if an accident occurs or someone sues your business. It’s unrealistic not to expect a minor disaster to occur at some point. It’s much better to be prepared.
Our insurance professionals are intimately familiar with business and commercial insurance products. Depending on your needs, you may need several policies to protect your assets and meet the legal requirements. You want to ensure your commercial property, company vehicles, machinery, and inventory. With potential lawsuits, one of the most important parts of your insurance policy is the liability portion.

The Importance of Liability Coverage for Your Business
If your company owns commercial property or a fleet of vehicles, you probably have an insurance policy in place because of lender requirements. But liability coverage is even more important. As a business owner, you could face legal claims or lawsuits. The costs of mounting a legal defense could seriously interfere with the day-to-day operations of your business and even lead to bankruptcy.
Commercial liability insurance can cover a variety of potential claims. Here are some examples:
- A slip-and-fall accident at your place of business
- Accidental property damage
- Damage or bodily injury because of employee negligence
- Mistakes that cause financial harm to your client
There are several things that can go wrong in the daily operation of your business, many of which you have little control over. With commercial liability policy coverage, even a major incident won’t destroy your business financially.

Types of Business Insurance
There is no such thing as a comprehensive business insurance policy, because every company has different insurance needs. A roofer needs a different type of insurance than an accountant. One may accidentally drop a shingle on a parked car while the other may make a mistake that results in a costly financial audit. Insurance can protect from claims in both cases, but the policy will be different.
Here are some examples of insurance policies you may need:
- Commercial property insurance
- Commercial vehicle insurance
- Workers’ compensation insurance
- Business liability insurance
- Errors and omissions’ insurance
Some insurance policies are legally required. For example, if you have employees, you must carry workers’ compensation insurance. State laws also require a commercial vehicle insurance policy that meets the minimum requirements. And sometimes, you may need to provide proof of liability coverage to secure a contract with another company or government agency.
FAQs about Business Insurance

Am I Legally Required to Carry Business Insurance?
Maybe. It depends on your situation. Certain professions must have insurance to be licensed in their state. If you have employees, you must have workers’ compensation insurance for them. And any vehicle you drive on public roads must also be insured. As for your other insurance needs, you may not legally be required to have a liability policy, but it would be smart. Think of your business insurance as the foundation on which you can build your assets. Without the foundation, you could lose everything in an instant.

What Happens If I Don’t Have Business Insurance?
If you don’t have insurance and something happens, you will be responsible for the costs. For instance, if someone files a legal claim against your business, you pay for attorney and court fees out of pocket. If the court determines you must pay fines, your business will have to come up with the money for that, too. Even a small claim could bankrupt a business with insufficient cash savings.

What Type of Insurance Should My Business Have?
There’s no simple answer, because every business is different. Most businesses should have a basic liability policy in place, especially if they invite customers or clients to their place of business. Beyond that, it depends on the business you’re running. To get more information about the insurance coverage your business needs, make an appointment with one of our insurance advisors.

Let Us Help You Protect Your Company Assets
Our team of insurance professionals can help you sort through your commercial insurance needs. We take the time to get to know you and your company and find the policy that’s right for you. Contact us today to set up an appointment.