Commercial insurance can be defined as insurance coverage that protects businesses against losses that might arise from the damage of property or injury to employees where the business is liable, among other issues. There are varying forms of commercial insurance and there is no one size fits all when it comes to a policy. Insurance chosen for a business will largely depend on the business needs.
Here is a list of some of the different types of commercial insurance available:
- Employer's liability insurance (workers compensation) - According to the law, every business should get employers liability insurance if they have one or more employee on staff. It does not matter if there is just one employee working on a part-time or casual basis. This covers claims made by your employee if they are injured in their line of work. However, family-owned businesses are exempt.
- Public liability insurance - This insurance coverage will cover any claims made by members of the public. It will cover claims where the claimant has suffered injury, death, or loss of property in connection to your business.
- Business buildings and contents insurance - You should protect your business premises and stock just like you would your home and belongings. This will cover the cost of repairing and rebuilding your business premises. It also insures business content such as stock and equipment. It is worth noting that if your inventory gets stolen or damaged, you can only claim the cost amount and not the sale price.
- Product liability insurance - This one is for producers, sellers, and distributors. It covers claims of personal injury or property damage resulting from products sold, supplied, or designed by your business. It covers any legal fees involved and compensation cost if you are sued. Unlike employee liability insurance, product liability insurance is not a legal requirement.
Every business is different and has different needs. To get the right coverage for your business, you need to visit Wiessner Inc in Minnesota to discuss your unique business needs. By contacting an agent, we can discuss your concerns and help you get started on a commercial insurance policy.