What is Commercial Insurance

¿ What is commercial insurance ? to get straight to the point, a commercial insurance It is an insurance that provides protection to companies against the losses that it may suffer, as a consequence of having been damaged, either at the property level, injuries suffered by its personnel, as well as in matters of a legal nature or legal responsibilities.

Regardless of whether you have a small business, having a business insurance It is essential to safeguard the capital that has been invested in the acquisition of your property and in case you are sued for a commercial transaction or for a defective product that you have delivered by mistake, there are companies that offer small business insurance that can provide you liability protection.

Types of commercial insurance

In order to effectively choose a business insurance, you must be aware of what you need to protect in your company, in previous lines we mentioned the minimum that might need to be covered or protected in terms of small business insurance, but let’s look at the various types of business insurance…

Professional liability insurance

This type of business insurance protects companies that are providers of a professional service from those claims presented where it is declared that said services did not meet the level of professionalism expected and therefore produced monetary losses or are responsible for a than other bodily injury.

East Type of insurance For business it is essential for any company that is dedicated to offering consulting or professional advisory services, such as, for example:

• Accounting firms
• Legal advisory businesses (Lawyers)
• Notaries public, among others.

The business insurance price When we talk about professional civil liability, it can have variations that go from $ 400 to prices that can exceed $ 8,000 a year. This has to do above all with the sector where said insurance is going to be contracted, as well as the size of the company to which it is intended to insure.

Property insurance for businesses

The risks that a company may be the victim of a robbery or of accidents such as a fire, are eventualities that you would like to protect your company from and for this there are property insurance that can save you economic losses, since this type of insurance covers the costs for the following damaged or stolen business properties:

• Inventories
• Furniture
• Computers
• Accounts receivable and documents of utmost importance
• Business equipment and tools

Regarding the price of property insurance for businesses, once again it will depend on the size of the business to be covered, for example, on average businesses usually pay between 1,000 and 3 million dollars of coverage, we could assume that the business that paying $ 1,000 a year for property insurance is a medium-sized business, while the company that pays $ 3,000 for coverage is a large corporation.

Business liability insurance

It should be noted that commercial insurance They can also protect your company from damage or injury to third parties, in the event that a client has suffered a fracture as a result of a trip or fall within their commercial premises, as well as they can protect your business from the income that may be get to lose because of repairs in your business.

This type of liability insurance for companies usually has a cost that averages $ 741 annually, a significant percentage of small entrepreneurs have paid $ 400 to $ 600 for their policies.

Business owner policy

This insurance can be one of the most interesting when looking for an all-in-one insurance package, something like a broad coverage commercial insurance, since it not only includes protection against the main eventualities or risks to which a business may be exposed, but also its cost is usually lower than purchasing insurance for each coverage separately.

As an example, while the price of a business owner policy insurance may be in the range of $ 350 to $ 2,000 per year, the general liability and commercial property protection that are regularly included may be costing $ 500 to $ 3,000 if purchased individually.

Workers compensation insurance

This type of business insurance protects your company and employees by providing employees who are disabled as a result of physical damage, illness or disease, coverage through salary replacement, with benefits for medical treatments.

The main advantage of having labor insurance for business is to be able to cover yourself from being sued by an employee who has been a victim of bodily injury in a company, so that you must have one. insurance for workers in case you have employees in your business.

The cost of workers’ compensation insurance is calculated for every $ 100 of payroll, so that the larger the payroll, the price to pay the compensation for the employees who work for your company, the higher.

Commercial auto insurance

Does your company own cars that are used to provide car rental services? If that’s the case, then have a commercial auto insurance It is vital to cover your company in the event that it has been the culprit of having caused a collision that produced physical damage to a person’s body, how damaged the vehicle or property of a third party has been.

This is where civil liability protection for commercial cars comes in, although in the event that your vehicle is a victim of theft, collisions or other risks to which it is exposed, commercial auto insurance also includes property protection that covers what it may be worth. his car.

Commercial auto insurance prices are typically averaging $ 900 to $ 1,200.

Share it with your friends!