Commercial insurance varies considerably from one business to another since businesses have unique features and insurance needs. A basic commercial insurance policy includes property and liability coverage since these two are the standard and essential policies for most organizations. Subject to what your business does, you may also need workers compensation insurance if you have employees and commercial auto insurance for your vehicles.
Below are four common types of commercial insurance
1. Property insurance
Business property insurance is suitable for service and retail businesses since it covers damages to your business property including structures, furniture, machinery, products, documents, warehouse, and other inventory items for your business. It is, however, advisable to purchase additional property coverage since not every policy will suitably cover all your business property.
2. Liability Insurance
Every business comes with various liabilities, and for this reason, all businesses need general liability insurance. General liability insurance covers a range of damages to the property and injuries to third parties. It can also include legal fees in the case of a negligence lawsuit. Due to its wide nature, you should contemplate getting an add-on policy if you need more coverage than what the general liability coverage offers. Additional coverage options may include malpractice insurance or professional liability insurance which caters for damages caused by failed professional standards, errors and omissions, which insures against unintentional mistakes that cause injuries to third parties, and cyber liability.
3. Commercial auto insurance
Any vehicles for work, including cars, delivery vans, and trucks, need automobile insurance. This coverage will reimburse you in case your vehicle is damaged or stolen or in case of injuries caused by the driver to another person or property.
4. Workers compensation insurance
This type of insurance covers your employees for any injuries caused on the job. It is vital to have this policy regardless because, as an employer, you can never have total control over your place of work and the activities of your employees.
At Sergeant Fifty-Five in Plano, TX, we highlight the importance of having all these types of commercial insurance coverage options for your business. For a quote on any of the above insurance policies, visit or call our offices.