or better known as Business Insurance; as a business owner, do you know what your business needs to make sure your investments are protected? It has always been said that, "There is never enough", insurance regardless of the risk. The only thing you can do to make sure you are protected is to make sure you are aware of the different types of commercial insurance coverages available for your type of business exposure. Hopefully this information will help lead you in the right direction.
is so versatile in the fact that there are so many different types of commercial businesses with different exposures. Which in turn will have to be treated differently depending on the risk. Commercial insurance is not like personal or health insurance and this is why I love working with commercial insurance more than any other type of insurance. Of course, the best way to determine your specific insurance needs for your business is to talk to a local insurance professional in your area. But I hope to be able to help you with the basic needs so when you do talk to a professional you wont be at a disadvantage by not knowing a little about commercial insurance and what your business needs.
Basic commercial insurance coverage begins with liability, property, workers compensation, commercial automobile, and umbrella. Some form of liability insurance whether it is general liability, professional liability or premises liability to name a few is one of the most important types of commercial insurance coverages a business owner could have. Here again it depends on the type of business will determine what you may need. Then you also have property coverage which could mean several different forms of property coverage from building to business property such as office furniture, equipment, computer equipment, etc. This also could include inventory, stock or property of others.
Now, if you are going to have employees in your business you may need workers compensation coverage .Depending on statutory state laws and the state in which your business resides in will help determine if this coverage is necessary. However, even though it may not be necessary to operate your business, I would encourage any business owner with employees to consider this valuable coverage to protect your employees and your investment.
Let's talk about Commercial Automobile coverage for a minute. Commercial auto is somewhat different than personal auto coverage. It would be to your best interest to talk to your insurance professional in regards to your personal auto coverage and a commercial auto coverage to determine if you need a separate policy. That is all I can say on that topic because of the differences in the two coverages.
Ok, I have just scratched the surface as far as commercial insurance needs and coverages. The rest is up to your insurance agent (professional). I have been an insurance agent for 13+ years and specializing in commercial risk. The insurance companies that are out there and there are a lot of them have over the years created many commercial policies that are grouped with specific coverages to meet most business owners needs. These types of groupings are called "packages" and the carriers have added or enhanced these packages to fit most commercial risk at a reasonable price based on the risk.
So, if you have any questions please contact your local insurance professional. If you or your business resides in South Carolina you can contact me at vmeadows219@yahoo.com and I will help you in any way I can whether you have a question in regards to your current commercial insurance policy or if you want a quote for commercial coverage.
Thank you,
Vikki Meadows, CISR
Professional, SC
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