Commercial insurance is important for business entrepreneurs irrespective of the size of their business. Apart from comprehensiveness, the Commercial Insurance Clovis gives must also have enough flexibility. You can have an overwhelming number of options when you consider insurance for your business. Before starting a business, the entrepreneur writes a business plan. The policy is to help protect the business owner from unseen, unwanted events such as theft, fire, property damage, and employee injuries.
Different Options of Commercial Insurance
When one buys insurance, everyone expects the best protection with competitive pricing. The Commercial Insurance Clovis gives covers all these:
● Professional liability insurance.
● Worker compensation insurance.
● Commercial property insurance.
● Business insurance.
● Commercial auto liability insurance.
● Commercial umbrella insurance.
● Product liability insurance.
A company might not need all the insurances listed above. One can check the features of each and select the insurance that suits their need.
Professional Liability Insurance
The most important Commercial Insurance Clovis gives is liability insurance. This protects your company when it causes damage to another individual or company. This protection also includes defective products and the damage to a person on your business premises. You remain protected from property damages and personal injury. A lawsuit against your company can lead to bankruptcy but the liability insurance will protect you from that.
Worker Compensation Insurance
The employees in the company need protection under state law. This is to provide compensation if they get injured while working for the company. But, there is a stipulation that this insurance is applicable only if you have a specific number of employees.
Commercial Property Insurance
Your bank will ask for this type of insurance when they hold your mortgage. Also, if you have rented commercial space from your landlord, then he might ask for this kind of insurance. The commercial property insurance protects the owner from damages to the property such as fire damage, weather damage, and theft.
Business Insurance
This covers various aspects of the business and depends on the size of the business. When you have a warehouse containing inflammable material, you must consider the insurance that covers fire damage. A Business Owners Policy (BOP) helps a business with more than 100 employees.
If your company uses vehicles, you might consider including commercial vehicle insurance also. When many customers visit your business premises, liability insurance is also a must.
Commercial Auto Liability Insurance
This Commercial Insurance Clovis covers the business that uses commercial vehicles. The insurance protects you from any kind of damage the vehicle suffers, accidents, fire, and theft. You can also have an extended cover for covering delays in transporting passengers and goods.
Commercial Umbrella Insurance
This is also called the Excess Liability insurance. If you work for a vendor, they might need this insurance from you. You might have insurance policy cover for many things but at times this might not be enough. In this case, the Commercial Umbrella insurance will cover it for you.
It is vital to keep your insurance up to date all the time. If you don’t, you will remain disadvantaged when you find out your policy has expired and you need the insurance cover.