Commercial insurance is a type of insurance businesses can purchase to protect themselves from financial losses. There are four common types of commercial insurance: property, liability, automobile, and workers’ compensation. Each type of insurance protects the business differently. Let’s take a closer look at each one.
1. Property Insurance
Property insurance protects businesses from financial losses due to property damage. This can include the building itself and any equipment or inventory inside the building. Property insurance covers losses due to fires, storms, theft, and vandalism.
2. Liability Insurance
Liability insurance protects businesses from financial losses due to lawsuits. If a customer is injured on the business premises, or if the business’s products or services cause damage, the business may be sued. Liability insurance can help cover the cost of legal fees and any settlements that may be awarded.
3. Automobile Insurance
Automobile insurance protects businesses from financial losses due to accidents. If the company owns any vehicles, such as cars, trucks, or vans, they must be insured. Automobile insurance can help cover the cost of repairs and any medical bills that the injured parties may incur.
4. Workers’ Compensation Insurance
Workers’ compensation insurance protects businesses from financial losses due to employee injuries. This type of insurance can help cover the cost of medical bills and any lost wages that the employee may incur. Workers’ compensation insurance is required in most states.
Get Commercial Insurance in Spartanburg, SC
These are just a few of the most common types of commercial insurance. Businesses can purchase many other types of insurance, depending on their needs. The best way to determine what type of insurance is right for your business is to speak with an experienced insurance agent from Allsurance Group. We can help you assess your risks and choose the right coverage for your business. Give us a call today to get started.