What is commercial insurance?
Many businesses have what is called commercial or business insurance. To understand why a company should have this, we first need to know what commercial insurance is. Commercial insurance is insurance that is specific to businesses and corporations. It covers business, employees, and ownership. Commercial insurance comes in many types to cover the various needs that companies may have.
Types of commercial insurance
- General liability insurance
- Property insurance
- Business interruption insurance
- Workers Compensation
- Commercial auto insurance
- Employment practices liability insurance
- Cyber insurance
- Management liability insurance
- Errors and omissions insurance
- Crime coverage
To find the right type of commercial insurance for your business in Spartanburg, SC, you can contact us at the Allsurance Group.
Why is commercial insurance important?
The number one reason commercial insurance is critical is it protects businesses from financial loss.
Things commercial insurance can protect against
- Property damage
- Injury of employees
Commercial insurance can also protect a company from going out of business. There are three main types or categories of commercial insurance. The first category is liability insurance. Liabilities can include things like a customer or employee getting hurt, something an employee does or fails to do, etc. The second category is property insurance, which can include things that happen to the property, such as natural disasters, vandalism, theft, etc. The third category is worker compensation, which includes anything that happens to employees on the job, such as health conditions or accidents that occur from the job. In Spartanburg, SC, worker’s compensation is required by law if there are four or more employees. Health plan insurance is required for companies with 50 employees or more.
Contact us at the Allsurance Group in Spartanburg, SC for any insurance-related questions.