Considering the different unique features of businesses, commercial insurance differs considerably from one business to another. Getting a basic commercial insurance policy is definitely a great idea. Nevertheless, having a few specialized add-ons on your coverage may be of great help.
The basic commercial insurance policies include property and liability insurance since these are the standard and crucial coverage for most businesses. There are various categories of commercial insurance policies and as a business person, understanding these three common types of commercial insurance can help safeguard your business.
1. Business owner’s policy
A business owner’s policy provides various types of commercial insurance and is believed to be very affordable. The cost of purchase for this coverage plan is usually lower than buying the coverage separately. Deciding whether the BOP is the right option for your business, however, depends on the nature of your business since professional liability insurance, workers compensation and auto insurance are not encompassed in a distinctive BOP policy.
2. Business property insurance
This insurance cover protects your business property from any damages. It is suitable for services and retail businesses. They are commonly intended to guard structures and office inventory or documents.
Since not all policies will properly cover all your property, purchasing additional property coverage is very important to cater for any unexpected risks. Add-ons such as builder’s risk insurance, machinery insurance, and crime insurance which commonly not included in a basic policy are to be considered for any business or corporation.
3. General liability insurance
In general, with a business emanates a lot of liabilities. All businesses however big or small they require some form of general liability. General liability covers a range of indemnities to third parties or their property. Getting enough liability coverage will be of great help to you and your business. In addition, purchasing add-ons than what the general liability policy offers including errors and omission coverage, commercial auto insurance, malpractice insurance, and cyber liability will help cover many more costs.
At Littleton, CO, Front Range Insurance Services, we offer commercial insurance services for all kinds of business. Our experienced and dedicated team is always ready to assist you. Visit us today for a swift process and insurance advice.