The Facts About Commercial Insurance
Commercial insurances offer a range of important protection related to the business. As business owners consider how to safeguard their investment and minimize risks, they look for an affordable insurance option that provides coverage on commercial vehicles, property, and employees.
At Affordable Insurance Solutions, Chris Monge is an insurance agent with the experience to be sure your business and all its assets are protected.
Every business is unique but here are some of the main commercial insurance needs:
Commercial Auto Insurance
Commercial Auto Insurance covers damages related to accidents that involve business vehicles. This can include damage to property, medical payments, and even legal expenses. Vandalism, vehicle theft, and damages and losses related to business vehicles can also be covered under a commercial auto insurance policy. Liability insurance is typically included to provide legal costs if the accident occurs while an employee is driving the business vehicle.
Vehicles that are used for business purposes are required to have their own coverage. Business vehicles are not covered under personal car insurance polices when they are being used for anything business-related. When using vehicles for routine or occasional business operations, a commercial auto policy is necessary.
Commercial General Liability Insurance (CGL)
A Commercial General Liability Insurance (CGL) is a catch-all policy that covers bodily injury, personal injury, property damage, and advertising injury. Businesses often use it as a starting point for their liability insurance needs.
Commercial Property Insurance
Commercial Property Insurance is vital for business owners. It is basically a commercial version of a homeowners policy but with better, more complete coverage. This is especially important when a business is home-based. Commercial Property Insurance keeps businesses and their physical property protected from fire, theft, and natural disasters. When needed, this type of insurance pays for replacing or repairing buildings, tools, equipment, furniture, and anything else owned by your business. Any businesses with a physical location will require property insurance policy.
Workers compensation, often called "workers comp", is a liability insurance that is often required under state law. Wages and medical costs can be expensive for employees that are hurt on the job. Workers compensation can provide lost income and medical expenses. Its meant to protect employees and business owners from financial ruin when an accident happens. Claims can cost tens of thousands of dollars and most businesses are not designed to cover the costs without this type of liability insurance.
Business Owner Package (BOP)
A Business Owner Package, also known as a BOP is a packaged insurance policy that often includes vehicle, property damage, business income, property, and bodily injury, as well as other types of basic insurance needs. By bundling a variety of insurance coverage needs, businesses can save time and money while protecting themselves from potential property and liability risks.
Many insurance companies offer BOP to provide the most important commercial policies all in one package.