Why Small Business Needs Commercial Property Insurance

Commercial property insurance

Owning commercial property carries certain risks. Things like theft can wipe out your business. Natural disasters can also destroy your inventory. To minimize the risks and avoid losing a lot of money, you should buy commercial property insurance for your business. Read on to learn why your small business needs it. It could save you time and money in the long run. Regardless of whether you own a small or large business, you need to insure your property.

It is possible to purchase commercial property insurance as a stand-alone policy or as a separate policy for your business. To start, you should contact a commercial insurance carrier or broker and explain your needs. Your agent should know the approximate value of your business property, the industry in which you are in, and other information that will help them find the best insurance policy. After obtaining a policy, you should bind it by paying the premium. Your insurance will take effect immediately and will pay for losses that occur while it is in force.

General liability insurance

If you run a small business, you should consider getting general liability insurance. This type of insurance covers a variety of liabilities, such as property damage or bodily injury. It may also cover damages to advertising or copyright infringement claims. Some insurers also include digital data storage as a form of liability coverage. However, this type of coverage is typically added at an additional cost. Read the policy documents carefully and budget for the coverage you need.

The general liability insurance coverage you need for your small business depends on the nature of your company. Depending on the size and nature of your business, you may be able to customize your policy to meet your specific needs. In general, almost every business will need some form of liability insurance, which covers damages to a customer’s property or injury. Professionals may also need a professional liability policy, sometimes called errors and omissions insurance.

Employment practices liability insurance

If you run a small business, you need employment practices liability insurance (EPLI) to protect yourself from employment-related lawsuits. Employment-related lawsuits can drag on for years and can result in the loss of a small business’ entire stock portfolio. Although most states have employment laws, there are still exceptions to the rule, including microbusinesses, which are not required to carry this insurance. The best way to protect yourself is to learn about the different types of coverage and what is covered under each.

This type of coverage can be relatively inexpensive, with prices as low as $500 a year for companies with five or fewer employees. However, the cost will depend on your business’s location, with New York and California providing more protection to employees. Additional factors may include documentation about employee training and conduct, and the size of your deductible. Insureon’s online application process makes the process as simple as possible. You’ll be able to receive quotes from several top-rated U.S. carriers in as little as 24 hours.

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