There are many things to consider when starting your own business, but one crucial aspect that is sometimes overlooked is choosing the right insurance coverage. Commercial insurance protects your business from unforeseen damages and potential liability. Every business is different, so there is a variety of commercial insurance coverages to fit your needs.
Commercial General Liability
It doesn’t matter if you’re a plumber, flower shop owner, or accountant, because every business is at risk of liability claims. This insurance coverage usually focuses on third-party bodily injury or property damage. If a customer takes a bad fall breaking a wrist in your store or if your tree trimming business accidentally causes a branch to wreck a customer’s deck, then the policy can provide protection from potential lawsuits and costly legal fees.
Commercial Property Insurance
Your business property includes the building you run it in and also necessary items like merchandise or products, tools, computers, and desks. Commercial property insurance will cover your building, equipment, and other physical assets from unexpected dangers like natural disasters, fires, flooding, theft, and vandalism.
Business Interruption Coverage
The business plan is to always be operating, but sometimes natural disasters, fire, or flooding have other nefarious plans. If these unforeseen catastrophes force your business to close temporarily, then business interruption coverage will provide the necessary funds while you recover to handle rent, payroll, and other business expenses.
Commercial Auto Insurance
Private-passenger car insurance policies often won’t cover accidents or damages to vehicles used for business purposes like transporting merchandise, clients, tools, or equipment. Therefore it is a must to have commercial auto insurance if you use a vehicle for business purposes.
Cyber Coverage
A business must have an online presence to succeed. However, this means your company will be vulnerable to cyber-attacks and data breaches, especially since hackers are known for targeting small businesses. Cyber coverage is crucial to protect your business, especially if your transactions and sales are mostly online.
Agribusiness Insurance
Not every business owner works behind a desk all day and we need our hardworking farmers to keep food on our table. The agriculture industry has many risks and unexpected disasters can massively affect the business. Agribusiness insurance offers comprehensive coverage to protect against potential damage to farm buildings, livestock, machinery, equipment, and produce. It also covers loss of income due to unforeseen circumstances, natural disasters, and issues such as milk contamination.
Equipment Breakdown Coverage
There is a chance a standard Commercial Property Insurance Policy won’t cover unexpected and accidental damage from the breakdown of your equipment. Equipment Breakdown Insurance is vital to protect your business from sudden property damage, interruption to business, or harm done to your inventory from faulty mechanical, electrical, and pressure equipment that has been compromised and damaged from various issues, including power surges. The equipment can include everything from production machines, computers, telephone systems, air conditioners, electrical panels, refrigerators and other equipment necessary to run your company.
Crime Coverage
If your business deals with individuals in person regularly, including employees, then Crime Insurance is a valuable tool. Your business could be at risk of forgery, fraud, theft, and similar crimes from employees and third parties. The coverage will protect you when financial loss comes from these crimes. If your business is legally responsible for clients’ property or money then this policy will also aid you when a crime affects those assets.
Running a company is filled with many challenges, and commercial insurance policies can provide an essential safety net and peace of mind to cover those unforeseen disasters. Finding the best coverage can be overwhelming, but Grenville Mutual has the expertise and caring professionals to guide you. Reach out to one of our brokers or agents to discover how we can protect your business and provide the confidence your company is in safe hands.
