Paul Fisher Insurance Services LLC

Generally speaking, commercial insurance covers businesses, and the two main types are property insurance and liability insurance. 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 insurance have a combination of property and liability insurance 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 an insurance 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 property insurance, like machinery insurance to cover equipment breakdowns, debris removal insurance 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 insurance covers 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 insurance 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 auto repair insurance 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 insurance. Bars and liquor stores should definitely purchase alcohol liability insurance 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 purchase landscaping insurance to protect against any injury from any daily hazards in the landscaping business, like tools and equipment, pesticides, and more. Technology insurance covers 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 an insurance professional today to find out about the business insurance options available for you.

via Types Of Commercial Insurance – Insurance – Commercial.