Why Your Business Needs Commercial Insurance

When it comes to small business liabilities, commercial insurance covers all of your needs. Because, as Murphy’s Law states, whatever can go wrong, will go wrong; which is why commercial insurance is a must. Good commercial insurance will protect your company from severe financial loss and can be the difference between going under and staying afloat in the case of damages or a lawsuit.

Benefits Commercial insurance is crucial for small businesses. It protects you from commonly experienced losses such as property damage, theft, liability, and employee injury.

Types of Insurance – The three main types of commercial insurance are liability insurance, property insurance and workers’ compensation insurance. Liability insurance protects you from damages that your company inflicts on any third parties. Property insurance covers damages to property within your place of business, such as fire or flood damage. Workers’ compensation insurance protects you in case employees are injured on the job.

Risk – You must consider how much risk you and your employees’ face on a daily basis when deciding the appropriate level of coverage. For example, do you have a fleet of vehicles that travel? Or, do your employees work around heavy equipment daily? In these cases a higher premium would be beneficial to your company. It’s best to work with an insurance company in Lakeland, FL who has extensive experience in commercial coverage to help you decide what level of coverage is best for your business needs.