As a small or medium sized business owner, having the right insurance policies in place is especially important. While it may seem like an investment up front, it could save you a lot of time, money, and even lead to greater success in your business in the long run.
There are several different options when it comes to business insurance. It is likely your business doesn’t need every kind of insurance that the world has to offer. This is why it can be valuable to work with an insurance agent like our business insurance agents in Springfield, ohio.
An insurance agent will be able to partner with you in identifying what types of commercial insurance your business needs and will benefit from.
Let’s take a look at some of the most common insurance policies small and medium sized businesses can benefit from depending on their industry.
1. Commercial General Liability
General liability insurance will cover your business for two main forms of liability, bodily injury or property damage.
Bodily injury liability coverage will have you covered should someone get injured on your property or as a result of your business operations. Property damage coverage will have you covered should your business operations cause damage to someone’s property. This often can also be related to product liability depending on your business.
.This is one of the most common and necessary forms of commercial insurance that all business owners should acquire and can benefit from.
2. Product Liability
If your business creates and or sells a product rather than providing a service, you could benefit from product liability insurance. This insurance will come into play should your product be traced back as the cause of an issue, reaction, injury,or accident. Product liability insurance can help cover legal and medical bills that may be entangled with a product liability lawsuit.
3. Commercial Property Insurance
There are many different types of Commercial Property Insurance. At Link-Hellmuth Insurance we will customize your Commercial Insurance Policy to fit exactly what you and your business needs. Different types of Commercial Property Insurance are:
- Building and Contents
- Business & Office Equipment
- Your Inventory
- Any Inside of Outside Signs
- Business Furniture
- Fence of Security System
- Landscaping at Your Business
Commercial Property is what you’re putting money into for your business, it’s an investment, it’s your future, protect it!
4. Commercial Auto Insurance
If you are operating your business out of your vehicle, delivering products, conducting a service from your vehicle, driving from one jobsite to another, or if other employees are using your vehicle, then you should have Commercial Auto Insurance, instead of your standard Personal Auto Insurance.
The coverages in a Commercial Auto Insurance policy are similar to that in your Personal Auto Insurance policy. If you choose, you can have Full Coverage Comprehensive & Collision Coverage on your trucks to protect them in the event they are ever damaged in any way, including Full Coverage on any attached business equipment on your truck.
5. Business Interruption Insurance
Business interruption insurance is designed to help you stay in business after a major loss. This could be due to events that are beyond your control such as wildfires, hurricanes, and many other unexpected events. This insurance can help business owners continue to pay bills, make payroll, and cover unexpected losses. It is important to know what your business may be at risk for to know if this type of insurance could be beneficial to you.
What Type of Business Insurance Do You Need?
Our Insurance agents are experienced in helping small and medium sized business owners establish their risk factors and decide which types of commercial business Insurance is the best fit for their needs. Contact us today to get started on protecting your business!