Understanding Basic Commercial Insurance Policies

Just about any business can wind up suffering from accidental losses. The impact of these financial losses can often be absorbed by large businesses, but even one sufficiently large financial loss can wind up putting a small company out of business entirely. That’s why it’s so important for small business owners to find the best Business insurance Lakeland insurance companies offer to prevent them from suffering unnecessarily during financially tumultuous times.

What is Business Insurance?

There are a variety of different types of business insurance policies, each of which covers slightly different things. Most types of Business insurance Lakeland companies choose to purchase, including commercial property insurance, commercial liability insurance, workers compensation insurance, and commercial auto insurance, fall into a category known within the industry as commercial property/casualty insurance. Read on to find out more about each of these policy types.

Commercial Property Policies

Commercial property policies are designed to protect companies from financial loss when their physical assets, such as equipment and commercial buildings, are damaged or destroyed. Commercial property insurance covers a commercial business’s property, including furniture, office equipment, materials, and finished products. There are a wide variety of options when it comes to providing coverage, from named perils to “all risks” coverage, which is comprehensive enough to replace a property based on its cash value in the event of its destruction.

Business Income and Extra Expense Policies

These policies are often added to commercial property insurance policies. Instead of covering physical damage, they cover any loss of income and expenses in the event that the business must shut down due to physical damage. It will cover both net income and expenses in the event that business is interrupted due to a fire, flood, or another disaster.

Inland Marine Insurance

Most small business insurance Lakeland companies purchase only covers losses to property that is held at a fixed location. Movable property such as laptops, cameras, cargo, and construction equipment must be covered by an additional inland marine insurance policy. These come in many different forms, including contractors equipment policies, inland transit policies, and more.

Crime Insurance

Not all major financial losses are due to property destruction. Crime insurance covers those that are due to criminal acts, excluding those that are performed by employees. Those who wish to safeguard against loss due to employee theft can purchase employee theft coverage.

Commercial Liability Insurance

Liability insurance is designed to protect businesses from lawsuits filed by visitors to the property. Business owners must choose between general liability insurance, umbrella liability insurance, and errors and omissions liability insurance.

Other Coverages

Other insurance policies are available to cover employee benefits in the event of physical loss or even monetary losses due to the death or disability of key executives or employees. Those who want to find the best commercial insurance Lakeland insurance providers have to offer can get in contact with a dedicated commercial insurance agent today to find out more.

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