Some business owners may confuse the terms business insurance and commercial insurance. Although, they are the same thing. They both can be used interchangeably.
Commercial is usually added to auto or property insurance for your business. More than likely you’ve heard of commercial auto insurance or commercial property insurance. Which in simple terms are auto and property insurance for your business.
What is commercial / business insurance
Business insurance, often referred to as commercial insurance is an insurance product designed to protect your business from risk. Business insurance is in place to protect you, your employees and the structure of the business.
When it comes to business insurance there are several different types of commercial insurance coverage you can purchase. It’s not exactly a one policy fits all. This is one of the main reasons to contact Beacon Business Insurance. We have professional agents that can answer all of your questions. They will be able to evaluate your situation and provide you with the information you need to make an informed decision.
Different coverage types of commercial insurance
As a business owner you are more than likely aware of what you are legally required to have when it comes to insuring your business. Some categories of insurance may be required, while others may not. Below we go over a few of the more common types of commercial insurance.
Commercial General Liability Insurance
General liability insurance may be the most common type of business insurance. Most business owners that have a brick and motor business are required to carry general liability insurance. Although, each state has their own rules and guidelines you must follow, usually general liability is not optional.
What general liability insurance can help cover;
- Costs for property damage claims against your business
- Medical expenses if someone is injured at your company
- Administrative costs to handle covered claims
- Court costs, judgments, and settlements for covered claims
What general liability insurance does not cover;
- Damage to your business property or office
- Personal injury claims made by your employees
- Auto accidents caused by you or your employees while driving for work purposes
Workers compensation insurance
Workers comp is one of the more common types of business insurance. Workers compensation is in place to help cover work related illnesses and injuries. It will typically pay for medical treatment and the replacement of any lost wages while being injured or ill. The majority of states will require workers comp insurance if you have at least one employee.
If you’re an employer in California, you’re required under California Labor Code Section 3700 to provide workers compensation insurance. Our insurance agents can help you find workers compensation insurance from an insurance company that’s right for your business.
One other option for workers’ comp coverage is to get it through the State Compensation Insurance Fund (State Fund). The State Fund is designed to help provide fairly priced workers comp insurance.
Commercial property insurance
Commercial property insurance is an insurance designed to protect your businesses property. Commercial property insurance can help to protect your business from theft, vandalism, fires, explosions, storms, burst pipes, and physical damage to the property.
Commercial auto insurance
Commercial auto insurance is in place to provide protection for your vehicles used for business activities. If you have drivers and a fleet of vehicles, more than likely you will be required to carry commercial auto insurance for your business
Professional liability insurance
Professional liability insurance is often referred to as errors and omissions insurance. It is an insurance that protects your business from errors in the services your company provides. It can help to cover misrepresentation, negligence, and inaccurate advice.
Wrapping up; as you can see there are a few different options when it comes to getting a business / commercial insurance policy. This is where we can help! We have a team of expert business insurance agents standing by to help you get the business insurance you need for your company. Give us a call today at 916 273 8391.