What is Commercial Insurance and Why Does Your Business Need it?
If you operate a small business, the security of your employees, assets, and business operations should be at the top of your mind. Commercial insurance can not only help improve your business but keep it safe from unexpected problems and liabilities. It’s essential that you consider investing in a commercial insurance policy.
The below will give you an overview of what commercial insurance is and why your business needs it.
What is Commercial Insurance?
In total, commercial insurance is insurance that can be used to help protect a company from financial loss and liability. This type of policy can often help business owners with issues such as lawsuits, injuries, or damages.
There are many types of commercial insurance and each of them can protect your business in various ways.
Each type of commercial insurance exists for different reasons and each comes with distinct advantages. Here are a few of the main benefits that you should know about.
1. Protect Yourself From Third Party Liability
One of the most important types is liability insurance. Liability insurance can help protect your business from accidents or problems that can negatively impact (ex. injure) a third party.
This type of insurance will cover personal injuries, lawsuits, and more.
2. Bounce Back From Property Damage
Damage to business property is also important if you own and operate a small business. Any damage that happens to your business property/building will be covered through this type of insurance. This damage can include that of a flood, leaking roof, fire, or other natural disasters.
Similarly, company vehicles can be covered from damage as well with commercial auto insurance.
3. Be Prepared For Employee Injuries
Business owners should always do their best to prevent job-related injuries. Accidents happen, however, and workers’ compensation can cover your employees.
Workers’ compensation insurance is essential and can protect you against employee injuries within your company. It can also protect your business from negligence lawsuits against you as a result of these injuries.
4. Lower Business Risk
This type of insurance can also simply help your business reduce financial risk. Property damage, employee injuries, and damage to third parties can all be costly for a business that doesn’t have insurance.
By getting commercial insurance you’ll be protected from these many problems, while also allowing your business to carry on without taking out additional investments and/or loans.
By moving past difficulties with some ease, you will also be able to continue to operate your business and not lose time and resources.
By now you should have a better idea of why this can be so valuable for your small business. You should definitely consider getting insurance if you want to ensure your business is as secure as possible and will be able to overcome potential issues.
Business owners should also take time to best understand the many regulations (federal, state, and local) that face their business, while also partnering with an outsourcing organization to gain professional expertise and access to quality solutions.
Ready to get commercial insurance for your business? Contact us today to learn more about what GIGA Solutions can do for you.