|The types of commercial insurance can vary, but the most common are property, liability and workers’ compensation. For the most part:
- Property Insurance: Protects a business from damages to its property and coverage includes safeguard against basic perils such as fire, theft, explosion, or vandalism.
- Liability Insurance: Damages to third parties are covered by Commercial General Liability insurance. Claims of bodily injury or other physical injury and property damage along with advertising injury are covered through a General Liability policy.
- Workers’ Compensation Insurance: State law requires businesses to carry some type of workers’ compensation insurance. For any on-the-job injuries to employees workers’ compensation insurance can provide the necessary coverage.
- Business Owners Policy (BOP): Liability insurance is often packaged with property insurance in what is known as a Business Owners Policy (BOP). These types of policies are generally available to small and medium-size companies.
- Commercial Vehicle Insurance: Commercial Auto insurance protects a business from financial losses due to liability incurred while driving a vehicle owned, leased, hired or borrowed by the business.
Since not all commercial insurance policies cover the same risks, businesses need to carefully consider the coverage provided by each policy. At Haj Financial we can provide the necessary consulting to weigh the benefits of various policies. Through our extended network we can also assist specialty stores find commercial insurance for products such as childcare, pet care, and dram shops.