Commercial insurance is a type of insurance coverage for corporations and businesses. These policies cover the company, its employees, and its ownership. Commercial insurance is not a one size fits all business because there are many commercial industries with various insurance needs. For instance, large corporations need different policies than small, locally owned businesses.
At Cole Harrison, we’ve been providing insurance in Maine since 1882. Protecting your business is essential; that’s why there are various commercial insurance types. To help you understand what’s available, we’ll discuss a few of the most popular types here:
General Liability
With General Liability Insurance, you can cover the potential medical costs or associated legal fees in the event a customer is injured at your place of business due to something your employees did or did not do. These policies also often include coverage like copyright infringement and libel.
Property Insurance
This policy covers the actual building and contents of the building as well as any resulting impact on your business income. This insurance protects against natural disasters, thefts, fire, or vandalism.
Business Interruption Insurance
This has become increasingly important in the last few years. Business Interruption Insurance helps protect your business in a natural disaster like a major storm, a hacking incident, or other issues that can interrupt the business flow. It can replace the money you would have made to temporarily provide the funds you need to operate in an alternative location.
Workers Compensation
Worker’s Compensation fees can be significant for small business owners. This insurance protects the business from fees associated with injuries incurred at work that can include punitive damages, pain and suffering lawsuits, and medical bills.
Commercial Auto Insurance
If driving or an auto fleet is part of your business, commercial auto insurance can ensure that your workers and equipment are protected financially and medically. In addition, these policies help to keep employees at work and vehicles on the job.
Employment Practices Liability
This is essential insurance in our current world. The reality is that businesses face employee-related claims just like they face property or liability claims. This insurance can create a safeguard for your business if a past, present, or future employee claims they have been treated unfairly or inappropriately, even when the acts were done unknowingly. In addition, this policy can cover legal defense fees and settlement costs or damages.
Cyber Insurance
No matter the size of your business, it’s considered a best practice to have a cyber liability insurance policy to protect your company from losses incurred in the event of a data breach. Customer data, credit card numbers, and personal information can end up in the wrong hands due to data hacks, and this insurance can protect you from legal fees, which can be extensive. A recent report stated that the average claim settlement for cyber insurance was $4.88 million in 2019.
Where Do I Start? What Do I Need?
Of course, running a business comes with its fair share of associated risks. We want to make sure you are protected from the curveballs that life can throw at you. Many types of commercial insurance are available, and well-trained agents can help you understand which ones will benefit you most. At Cole Harrison, we want you to rest assured that we’ve got you covered. Our agents care about the businesses we work with. We will take the time to get to know you and your business then help you understand your policies. We want you to feel confident in your coverage and know you can call us when you need us. So contact us today to meet with an agent!
