Common business insurance coverages

Whether you are a start-up or a seasoned business owner, considering commercial insurance cover is one of the wise decisions you can make for your business. The commercial coverage gives you the luxury to engage in your core business functions without thinking about the financial consequences of unpredictable circumstances. The commercial cover protects your business against risks such as;

  • Fire
  • Burglary 
  • Liability, and 
  • Workers injury

Suppose you are a business owner in search of commercial insurance. In that case, you should contact an experienced insurance agency such as the Denver insurance agency to offer you customized services that fit your business needs. 

The following are some common business insurance coverages that you can consider for your business.

  • Business Owner’s Policy (BOP): It’s one of the most common covers that combines business property, general liability, and business income coverage. Business liability insurance protects your business against claims such as bodily harm, property, and personal damage. Business property insurance protects business premises and property against fire, theft, and some natural disasters. Business income insurance protects businesses against disruptions that may eat into the business revenues.
  • Commercial auto insurance: Several states require that all business vehicles must acquire commercial auto insurance. Commercial auto insurance policy is related to personal car insurance in several ways. However, commercial auto insurance is designed specifically for cars used for a business. These vehicles include the ones that you buy for a company, and you own personal vehicles that you use for business. Commercial auto insurance coverage can offer both collision and liability coverages for their drivers and business vehicles. These coverages help you pay for medical costs and repairs for you and the other driver if an accident occurs.
  • Workers compensation insurance: According to some state laws, businesses must provide workers compensation insurance coverage to employees, whether full-time or part-time. It is insurance coverage that provides medical benefits and wage replacement to employees injured during employment in place of employee’s right to sue their employer for negligence. 
  • Professional liability: Even if you’re an expert in your business, mistakes happen. And if your customer or client feels that an error in your professional services leads to loss, they can hold you accountable. Professional liability coverage protects you and your company if you make an error while offering professional services such as auditing and accounting.
  • Cyber insurance: Provides cover to businesses in case of a data breach. It provides compensation for costs such as legal fees, settlement costs, data recovery costs, and investigative services. 
  • Pollution liability insurance; provides cover against claims from aggrieved parties due to property damage and bodily injury caused by harmful waste materials produced during business activities. This insurance policy protects you during the job and your completed activities.

How much does commercial insurance cost?

The cost of commercial cover varies from one business to the other. Factors that influence the premium rate of commercial insurance coverages include:

  • Number of employees
  • Location
  • Size of revenue
  • Your industry and level of risk associated with your operations
  • Coverage limits