Protect Your Company's Assets With Commercial Insurance Policies When you own your own business, it's important to protect what you have. You company can decrease the risks you face while in operation with insurance policies. A key factor for your continued success will be finding the right commercial insurance. The kind of insurance your company needs can vary depending on your industry. Knowing just what kind of insurance you need and how much coverage is necessary to protect your business and your assets is important. The requirements you need as a building contractor may vary compared to those required for an advertising firm or a grocery store. Also, your location is yet another consideration in determining your coverage. The state where your company is located in may have laws that need minimum coverage for a number of types of commercial insurance so they can be licensed and to operate. When figuring out your coverage, take into account the value of what you are covering, and think about what it would cost to replace certain items. This can help you decide what policy will best ensure that you can get replacements. With all these considerations, itâ€™s vital that you speak with a licensed insurance broker that will help you make your determination. There's two categories that your insurance policies may be put into: life insurance and non-life insurance. Life insurance is typically a long-term investment, like pension products and annuities, along with life insurance policies. You will protect you company's assets and operations with nonlife insurance. Policies can further be broken down into standard insurance and excess insurance. The mainstream policies like workers comp and property insurance will be under the standard category. Excess insurance policies generally cover unique needs for a company, such as a vacant commercial building or a shooting range. These would be insurance policies that are not needed to operate, but allow more coverage and flexibility for the business. There is a range of coverage designed for commercial insurance, based on your needs. One kind is property insurance, which protects your physical property, like the building you own that your company operates in, the equipment it uses and also the merchandise or products it sells. Make sure you are aware of what type of loss is covered by your policy. It can protect in the case of a fire, vandalism or theft. It may also be used to cover any costs associated with the loss, such as a clean up crew after the event. If your company owns vehicles, there's a commercial policy that can protect against damages or collisions. This can include vehicles that transport employees and merchandise. This kind of insurance is different than property insurance, just as your homeowners insurance is separate from your personal auto insurance. If employees are using their own personal vehicles for company business, you may also get policies that cover non-owned vehicles. Another type of policy is liability insurance. This can include the general, product and professional liability insurance coverage. Say, for example, that your business is facing a lawsuit; itâ€™s important to have coverage, just in case. Liability insurance can safeguard your assets and any incidents on the premises if, for example, someone is injured or damages property. This could include any
The Sturdevant Agency
Protect Your Company's Assets With Commercial Insurance Policies litigation costs and any awards or settlements occurring due to the lawsuit. It'll likewise cover claims of slander, copyright infringements or advertising that's false or misleading. Your insurance policy may have a maximum benefit that sets the amount the insurance company will pay out for a claim. You will be able to help your company protect its assets and operations by finding the right kind of insurance. It is important to be sure that you have considered your options and have decided upon the policies that will best meet your needs. When you own your own business, it's important to protect what you have. You company can decrease the risks you face whi...
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The Sturdevant Agency
Published on Jun 16, 2014
When you own your own business, it's important to protect what you have. You company can decrease the risks you face whi...