5 Kinds of Commercial Insurance

Many people dream of the day where they can start their own business, and be their own boss. As your business grows and revenue increases, your liability also increases. Do you have enough business insurance to protect your assets if you get sued?

Here’s a summary of some of the commercial insurance your business needs to survive any financial storm:

General Liability Insurance

If a customer sues your business as a result of injuries sustained on your property, general liability insurance steps in to help. It covers medical expenses, but it is also used to cover property damages and lawyer fees.

Commercial Auto Insurance

Generally, if your business uses company vehicles in any capacity, you need this insurance. Some examples of companies who need commercial insurance include restaurants with food delivery drivers, refrigeration truck driving, tow trucks, and utility trucks.

Business Property Insurance

This works somewhat similar to homeowner’s insurance, as it covers your property for natural disasters, fire, theft, and some water damage events.

Professional Liability Insurance

When someone makes a big mistake at your company resulting in a financial loss for the customer, your business could be held responsible for their financial damages. Some of the most common fields where professional liability insurance makes sense include:

Real estate
Legal
Accounting
Contracting
Technology
Customized Insurance Plans

There are many other types of insurance which make sense for different industries. Churches face liabilities unique to the ministry world. Jewelry stores need specialized underwriting due to the high value of their inventories. Marinas present their own set of unique challenges which should be covered under a specialized marina policy.

If you are just starting a new business, do not forget to setup commercial insurance which is customized to fit your unique business needs. Sanford Insurance works with all kinds of businesses around Richmond. To learn more, give us a call at 804-716-8940 today.