The Importance of Understanding the Types of Commercial Insurance
Brought To You By Stonewall Insurance Agency:
Commercial insurance is one of the most important investments you can make when starting a new company. Good commercial insurance will protect your company from severe financial loss and can be the difference between going under and staying afloat in the case of damages or a lawsuit.
The three main types of commercial insurance are liability insurance, property insurance and workers’ compensation insurance. Liability insurance protects you from damages that your company inflicts on any third parties. Property insurance covers damages to property within your place of business, such as fire or flood damage. Workers’ compensation insurance protects you in case employees are injured on the job.
It’s best to work with an insurance agent who has extensive experience in commercial coverage. The agent will discuss specific losses that are common within your industry and present a proposal for coverage options based on your business.
If a claim arises, contact your insurance agent immediately so that it can be investigated as soon as possible. Commercial claims are more complex than individual claims, so fast assessment is crucial, especially in high-cost liability claims.
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