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Types of Commercial Insurance

Generally speaking, commercial insurance covers businesses, and the two main types are cover your property and liability. Property insurance, as the name suggests, provides coverage for any business property or inventory that is stolen, destroyed from a loss, or damaged; liability insurance covers any damages to someone else’s property, including bodily injuries.

Most businesses that purchase commercial coverage choose combination of property and liability to cover anything that may go wrong. Oftentimes, mistakes made on the job, or simple accidents, can simultaneously affect both the business’ property as well as a third party’s health. For that reason, it’s important to consult with a broker to find the best deal for you and your business.

Property Insurance

Property insurance covers losses and damages to personal property, like fire or flood damage to your office building. There are many different types of coverage, like a machinery policy to cover equipment breakdowns, a debris removal policy to cover the cost of cleaning up after a storm, and ordinance or law insurance to cover costs related to having to rebuild a building to code that may have been only partially destroyed by nature.

Crime insurance covers things like theft and robbery, and builder’s risk coverage takes care of any damage that might occur to buildings under construction. Bars and nightclubs often have a lot of glass and mirrors in the building, so they might have a type of glass policy that covers any glass breakage on the premises.

Liability Insurance

This type of commercial insurance covers injuries that you or your business might accidentally cause to happen to third parties. For instance, commercial vehicle insurance would cover any cars, trucks, or vans that you might use in your business. Errors and Omissions, or “E & O” insurance, covers any accidental mistakes that cause injury to others. An auto repair shop may have an auto repair policy to cover any mistakes that may happen in the garage that could cause damage to a customer’s vehicle.

There are several types of unique liability coverage. Bars and liquor stores should definitely purchase alcohol liability coverage if it’s not already required by the state. Administrative alcohol liability insurance involves breaking liquor laws – failing to check IDs, selling to a minor, or letting inebriated people keep drinking. Civil liabilities can involve lawsuits from the inebriated or those possibly victimized by the inebriated, and criminal liquor liabilities involve the unfortunate situations where someone receives alcohol from your bar and then injures or kills someone.

Two completely different types of commercial liability insurance include landscaping insurance and technology insurance. Landscaping and gardening companies should protect themselves against any injury from daily hazards in the landscaping business, like tools and equipment, pesticides, and more. Technology policies cover any of the potential liabilities that technology and IT professionals may face in a rapidly changing field.

Businesses Need To Be Insured

If you own a business, chances are you need to purchase some form of commercial insurance to protect yourself and your company. Contact a professional today to find out about the options available.

Commercial Insurance Providers For Businesses

When running a business you need to be prepared for dealing with unexpected losses and risks. Providing policies and services that are especially designed for businesses, commercial insurance also known as business insurance protect the business from unexpected losses caused due to property damage, vandalism, theft etc.

Commercial insurance providers cater particularly to the small and medium sized businesses.

The most common types of insurance provided by a commercial providers include property, liability insurance along with worker’s compensation benefits. Property insurance deals with remuneration for damage to real property.

So damage to machinery, the provider under the property insurance covers all theft, burglary, and robbery of money.

Liability insurance on the other hand provides businesses protection from losses caused by third parties. This includes auto insurance, insurance against malpractices and lawsuits.

For on job accidents, commercial providers offer worker’s compensation. In certain cases depending on the nature of your business an insurance company provider may provide specialized insurance products.

The businesses that a provider caters to are retail businesses, professional services, contractors, farm workers, day care centers, resorts, restaurant businesses etc.

When choosing a provider for a business, you need to keep certain things in mind. Firstly you need to meet up with as many insurance providers whether online or in person as you can to get the best possible quote.

Moreover extract information about additional services and discounts that the provider may be offering. Sometimes certain insurance agents and dealers come up with exciting bargain offers that can be the best for your business.

Now shortlist the three best insurance providers from this list and obtain detailed information about the policies that they have to offer. This helps you focus on the best firms in the business and compare their price, bargain offers and services offered.

Remember that it is not necessarily the company with the lowest price that offers the better deal. Some of these companies may not be covering liabilities that you might need. Based on these factors you are now ready to choose the best commercial insurance provider.

Getting Cheap Commercial Insurance

In order to get cheap commercial insurance, you have to know exactly what coverage you need and don’t need. You should also know how to get agents to offer competitive bids rather than attempting to do your comparison shopping online. Using the internet for price comparisons is often recommended, but while this is an effective strategy for retail products, it’s not the best practice for insurance quotes. Before getting into the specifics of lowering your premiums, let’s step back and define what exactly commercial insurance is.

Commercial insurance is a generic term that, depending on package you purchase, offers coverage options ranging from office buildings to the contents of delivery vehicles. Most small and medium size business will purchase a business owner’s policy, or BOP. A BOP typically contains coverage for the building itself, coverage for borrowed and rented vehicles, and business interruption and contents insurance.

Business interruption insurance is designed to cover any loss of income due to loss or damage of assets, while business contents insurance compensates for equipment and assets inside of an office, as opposed to the building itself. The latter two types of coverage are available as add ons, while property insurance is always the default.

Additionally, you can purchase some type of commercial vehicle insurance, such as fleet van insurance or pickup insurance. If the vehicles in your business are used for deliveries rather than just transporting employees in a service business, opt for cargo insurance. A regular commercial vehicle insurance policy will take care of the employees, and any liability to other motorists involved in an accident, but if the items that are being delivered to clients are lost, damaged or compromised you stand to lose future business with your clients.

Talking to several agents over the phone or in person is the most important tip for getting the lowest commercial insurance premium possible. Insurers expect prospective customers to do their pricing on the internet to be reluctant to ask for special discounts. For instance, if you talk to an insurance agent, you can ask if a discount is available if you go a certain amount of time without filing a claim, and you can ask what security measures qualify for discounts.

Most importantly, you can mention quotes you received from other agents, and ask if the one you’re currently talking to can make a better offer. Once they know that you’ve done your homework, and that you’re taking the issue seriously, they’ll be more inclined to offer you Cheap Commercial Insurance.