The 5 Most Important Types of Business Property Insurance

Most Important Types of Business Property Insurance

At StormClaim.com, we are a team of accomplished public adjusters who represent home and business owners throughout after their property has suffered fire, hurricane, water, or other damages.

While homeowner’s and other personal property insurance may seem straightforward, if you own or manage a business, the different types of business insurance coverage may be more complicated.

Business insurance can cover everything from losses from accidents, mistakes, employee misconduct, lawsuits, and other liabilities so it is important to understand the different types that apply to your business.

Here are the five most common types of business insurance you should know about.

General Liability Insurance

General liability insurance protects businesses from injury or property damage claims caused by business operations. This may include when a visitor slips, trips, or falls because of a hazard on the property, or suffers property damage on the premises. This insurance covers the cost of your defense and any damages that are awarded.

Commercial Property Insurance

If your business owns or rents a property, commercial property insurance protects the owner and their property from losses due to fire, theft, and other covered incidents. Commercial property insurance is often combined with general liability insurance.

Professional Liability Insurance

Businesses that provide any form of professional services, including accountants, attorneys, and consultants, to name a few, should carry professional liability insurance. Professional liability insurance protects business owners against claims due to negligence, misrepresentation, or losses due to the services they provide.

Commercial Auto Insurance

Commercial auto insurance protects your business from the cost of damages or injuries that occur while you use a vehicle for business purposes. This is important for businesses that operate from their cars, trucks, or SUVs, including salespeople, food truck operators, construction-industry contractors, and other company-related vehicles.

This insurance will cover the cost of repairs or replacement for the vehicle, as well as any medical expenses and lost wages you or another party sustains in an accident.

Combined Business Owner’s Policy

In some cases, business owners may benefit from a property insurance policy that combines various business insurance coverage options, based on the company’s unique requirements.

This may include combining general liability, property damage, and business interruption insurance with workers’ compensation coverage (specific employer coverage requirements are based on the type of industry, number of employees, and entity organization), when applicable.

It is common for business owners to unknowingly under-insure or over-insure their companies, simply because they do not know what type of coverage their business needs. Under-insuring could render your business liable for huge costs in the event of an accident or claim. Over-insuring could mean you are paying too much for coverage that you do not need.

If you have questions about your coverage needs, ask your insurance representative direct questions about your specific business needs, so you are protected from the start.

If you have questions about filing a claim with your insurance company after an incident occurs, contact our skilled public adjusters at StormClaim.com to schedule a free consultation and learn how we can produce solutions for your unique recovery needs by calling (844) 967-8676.