August 14, 2013

Types of Insurance for your Business

As a business owner, you are constantly exposed to a wide variety of operational risks and product or service-related liability issues. Fortunately, insurance companies offer a plethora of choices to cover virtually every conceivable risk that your business might face. The cost and the coverage available under these policies can vary greatly so you need to understand what your specific risks are before purchasing these commercial insurance policies.

Most business owners tend to purchase a General Liability Insurance policy to give them broad coverage against claims arising from workplace injuries, accidents or negligence. Typically, such policies cover the costs related to bodily injury or harm, medical expenses, property damage and costs stemming from judgments and settlement bonds against the business. Commercial property insurance is another type of coverage that many businesses purchase. This type of insurance coverage pays for damage to property as the result of a fire, flood, smoke or other causes. Most such policies define buildings, furniture, computers, storage equipment and even money, as “property” for the purpose of insurance coverage.

Professional liability insurance coverage or errors and omissions insurance is a useful policy to have if you are a service provider of any type. This type of coverage protects your business from all sorts of malpractice and negligence claims tied to the service you provide. Many states require businesses in certain professions, such as physicians and plumbers, to purchase such coverage as a condition of their being allowed to practice. Similarly, businesses that cannot afford any type of downtime can benefit from a Business owner’s package that provides insurance protection against business interruptions tied to a wide variety of reasons.

In addition to these policies, insurance companies offer a variety of other more specialized commercial insurance options as well including data breach insurance, directors and officers insurance and personal umbrella insurance. To find out more about the available commercial insurance options in Mesa, Arizona and surrounding communities contact the business insurance professionals at Brewer-Lloyd Insurance Group.