Commercial Insurance

Commercial Insurance & Why It’s Vital for Your Business

Commercial insurance is a policy in place to protect your company’s assets. Being a business owner comes with its own sets of risks. For example, your building and equipment could be damaged in a natural or man-made disaster, such as a storm or a fire. There is also an inherent liability risk when you sell products or services or invite customers onto the premises of your company. Even employees can add risk to your business. 

Your commercial insurance policy should consider what type of business you run and protect you from potential risks associated with those activities. Insurance can cover your physical assets, including the building, vehicles, equipment, and inventory. It can protect your wealth by taking over the liability risk on your behalf. This shields your investments in case of a lawsuit against you.

Why Do You Need Commercial Insurance?

Commercial insurance is there to protect your assets in the company. After all, only a few businesses have the cash funds available to rebuild after a fire. You probably also don’t have money lying around in case someone sues you, whether they’re in the right or not. Finally, you’re legally required to carry worker’s compensation insurance, in case one of your employees gets hurt at work.

It’s best to talk with an insurance specialist in Michigan who understands the laws of the state. With our help, you’ll have the coverage needed to protect your assets. Insurance protection is the foundation for building wealth. Without it, you can lose it all in the blink of an eye, because it only takes one disaster to cause financial ruin.

What Does Commercial or Business Insurance Cover?

Here are some things you can cover with business insurance:

  • Your real property, including land and buildings
  • Physical assets, including machinery, equipment, furniture, inventory, and vehicles
  • Your fence and landscaping
  • Professional or public liability
  • Bodily or personal injury and property damage

If anything happens to your company’s building, such as fire or theft, insurance can cover the damage. A burst water piper that destroys your flooring and important documents is another covered incident. You can even file a claim if a storm damaged the outdoor signage on your property. Your policy also covers acts of theft or vandalism, whether it’s done by employees, customers, or unknown strangers.

FAQs about Commercial Insurance

If you’re running a business, you most likely need a commercial insurance policy. It can be as simple as a liability policy, but often there’s more involved. Call us to discuss your specific needs. In the meantime, here are some commonly asked questions and our answers to get you started.

What Are Examples of Commercial Insurance?
Examples of commercial insurance include property insurance, worker’s compensation insurance, a liability policy, business auto insurance, and professional liability insurance. What type of coverage you need depends on the type of business you own. For example, an accountant without employees won’t need worker’s compensation insurance, but they will need a professional liability policy.

What Are the Benefits of Commercial Insurance?
The major benefit of having commercial insurance is to protect your company’s assets. When something bad happens, you don’t lose everything you’ve worked so hard for. Even if your entire building becomes uninhabitable because of a fire, your commercial insurance will help you get back on your feet. It can even pay for temporary quarters for your company while you find a new location.

When Do I Need Business Insurance?
You should get business insurance before you talk to your first customer or client. It may seem counterintuitive to spend money before you have earned any. However, if you get sued without an insurance policy in place, you may have put your personal assets at risk. We don’t want you to lose your home or retirement account because you didn’t need to get business insurance.

Let Us Serve Your Business Needs

Let Us Serve Your Business Needs

We take pride in getting to know our clients and tailoring our insurance solutions to their specific needs. Your business is in the best of hands with us. Call us today and let us walk you through the process. Remember, you can’t get insurance after the fact, which is why it’s so important not to delay.