Commercial Insurance – No Business Should go Without
If you own a business, you should have commercial insurance.
Simple as that, and don’t let anyone tell you different.Big companies know this for a fact. The insurance they have is one of the reasons they have become big in the first place. It has protected them from damage – either inflicted upon the company by entities from the outside, or accidentally inflicted upon clients of the company or end-users of the company’s products – by the company itself. Anyone who has been in a business long enough will have made mistakes – mistakes that could become bad for business – even fatal. By the same token, anyone with a history of succes in any line of business, will have made enemies to some degree. Lawyers and lawfirms may be called in from time to time to handle legal disputes and such, but only under great expense. The first line of defense in any business, big or small, should be commercial business insurance then.
A well-configured commercial insurance policy will act as a shield between your companys core business and the outside world, in the sense that smaller incidents, which would normally be allowed to disrupt the daily management and development of your business, can be dealt with out-of-house and in a way that will cause the least possible disturbance of your work. The amount of time and energy your business saves in the process is worth the insurance premium alone.
Before requesting a commercial insurance quote, you obviously need to know your needs in detail. Insurance can amount to a lot of money, so it pays to know exactly what you want insured – and what you don’t. Most likely, you’ll want property insurance, liability insurance and workers’ compensation – if you have people on your payroll that is.
Commercial liability insurance
This is probably the single most important type of insurance to have. If you sell/manufacture a product or sell services of any kind, there is always the risk that you, your product or services could cause harm to clients and customers. If they demand a refund or decide to sue you, a commercial liability insurance pays the costs for you. There are several different versions of this type of insurance available, depending on the type of business to be insured.
A doctor would require a malpractice insurance to protect her from litigation if she makes serious mistakes when treating her patients. Anyone with the need for a company car would require commercial auto insurance to cover everything from stolen or damaged vehicles, to damage inflicted on third parties by the driver of the vehicle.
Workers compensation insurance
If one of your employees are injured on the job, they could well be entitled to compensation from you.
A worker’s compensation insurance then in turn covers your expenses in that situation. This type of insurance is required by law in most places, which makes sense to both you and your employees. In return for guaranteeing the worker his compensation, it also often prohibits him from filing a negligence case against you for his injuries. Both parties benefit that way. This type of insurance is useful in any business, But what you need and how much you have to pay for it, will depend on your specific line of work. If you are in manufacturing for instance, you probably have a number of machines and a number of human operators. A commercial insurance company will take a deep interest in the level of safety for the operators, when they work the machines, and so should you. The safer your manufacturing
environment is deemed by the insurance agent, the lower your rates will be. In other words, it might be a good idea to review the safety of your operation, and rectify any problems if necessary – before asking for commercial insurance quotes.
Malpractice insurance
Doctors, nurses and others working in the healthcare sector usually need a malpractice insurance. This protects them if former patients file malpractice cases. It typically covers damage worth several millions, but the coverage and premium will vary a lot, due to variations in legislation between states or nations. Medical schools also must have this type of insurance, and so must dentists, optometrists and others.
Commercial motor insurance
If you business owns any sort of motorized vehicle, it obviously needs to be insured. If you drive a truck for a living, you want a quote on a commercial truck insurance. If you drive a tractor, it will have to be insured too. The premium paid for commercial auto insurance varies with a lot of factors. Size is one – a van insurance quote will be considerably lower than that of a truck, but then there are different classes of vans, so a small van will cost less to insure than a large van. How the vehicle is used, and what for, will also have a large impact. If it is driven a lot, parked in high risk neighbourhoods and used to transport heavy materials, then the quote will reflect that. The age of the vehicle is also important, as is its history of repairs, defects, etc. Your personal history as a driver certainly matters too. If you have a history as a drunk driver, or the insurance company knows you have crashed several cars due to bad driving skills or high speeds, then you will have a hard time getting a good quote anywhere.
These are a handful of some of the more common commercial business insurance types that are relevant for business owners. What you need, very much depends on what you do – and only commercial insurance companies can ultimately tell you. However, any insurance company will always have their own agenda, which is we at commercialinsuranceadvice.com will try to provide you with as much independent info as we possibly can.
Stay tuned for more on commercial insurance…
Filed Under Commercial Insurance | 27 Comments
Tagged With Commercial Insurance, commercial insurance quotes, commercial liability insurance, commercial motor insurance, commercial truck insurance
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