Every business, regardless of its size, is about managing risk, and smaller businesses are particularly vulnerable if something goes wrong either at their premises or with their daily routines. Our agents at DJ Kauffman Agency in Hutchinson, KS, will highlight a few key points to remember when purchasing commercial insurance.
A Round-up of Various Types of Business Insurance
The type of coverage you need and possibly more than one policy depends on your industry and the services you provide. Here are the most common policy types:
- Business Owners: A combination of commercial property and general liability insurance.
- General Liability: A policy covering liability lawsuits resulting from property damage, third-party injuries, and defamation or copyright infringement.
- Commercial Property: Insurance that can be included with a business policy. It covers stolen, lost, or damaged business property.
- Business Interruption: This may also be included in a business or commercial property policy. It offers protection if your business has to shut temporarily due to a covered peril.
- Professional Liability: Also known as errors and omissions insurance, it covers lawsuits resulting from negligence, mistakes, and oversights in your work.
- Commercial Auto: Covers property damage, medical expenses, and legal costs if your business vehicle is involved in an accident.
- Workers Compensation: This covers lost wages and medical expenses due to work-related illnesses or injuries.
Understanding the Legally Required Insurance
Certain types of insurance may be legally required for your small business, depending on several factors. State laws, lenders, and the clients you serve may necessitate a certain level of coverage. Landlords of your commercial space may demand general liability policies to minimize third-party lawsuits and property damage.
Securing Your Company with Suitable Coverage
If your small business is in need of insurance, don’t hesitate to get in touch with DJ Kauffman Agency in Hutchinson, KS. Our team will provide the advice you need, and we can provide an estimate for the coverage you require.
