What insurance coverage should I carry on my place of business?

Managing risk and mitigating losses are two very important aspects of running a business… maintaining adequate insurance coverage can help with both of these. There are usually several areas of coverage a business or commercial policy can provide for a business owner:

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General Liability:

–      This can provide coverage for injuries to clients visiting your business premise or even the general public should someone slip and fall for example while on your property. Property damage caused by the business is another coverage found under the general liability portion of your commercial policy. General liability coverage is heavily recommended for any type of business regardless of size of the company or number of employees. This coverage may even be required depending on the type of business you own.

Commercial Property Insurance:

–      Business property insurance protects valuable assets owned and used by the business which would otherwise be very costly to replace on your own. This coverage would include such things as manufacturing equipment, computers, product inventory, the building the business is run out of, and sometimes even cash. Several options are available today through a commercial insurance policy.

Business Interruption Coverage:

–      This coverage is normally included with a commercial package policy and would cover some operating costs while operation of the business is down if the damages arise from a covered loss. This can help a business survive and avoid shutting down completely while repairs are being made to get the business up and running.

Commercial Auto coverage:

–      This coverage is a very important part of an operating business if there are vehicles used in the daily operation of the business and/or if the vehicles are driven by employees of the business. Personal auto policies do not extend coverage for vehicles used solely for the business or for hired employees driving said vehicles. It is extremely important to understand the difference between personal auto coverage and commercial auto coverage and the necessity to purchase commercial auto insurance for a business owner.

 

Businesses are highly recommended to carry at minimum $1 million in liability coverage on both the General liability and Commercial auto coverages on a business policy. For larger businesses, or for operations who frequently send employees on the road, higher limits of liability should be heavily considered. Several options are available for these limits of coverage. Discussion with your agent is the best way to choose the liability limits that are right for you.Contact Greene County Insurance today at (937) 374-0066 for more information.