Commercial Insurance is something every business owner should find the time to invest in, not only for peace of mind but to protect what you have worked hard to create. Before you proceed with seeking insurance coverage for your commercial properties, there are some basics you need to understand. Read on to find out.
Why do I need it?
Imagine that within your business you have either a building or an office – or a number of both – and you do not have any Commercial Insurance; you are leaving your business susceptible to financial losses from any of the following:
- Potential lawsuits, the legal costs and potential damages incurred.
- Any theft from your units which cannot financially be recouped.
- Payment for reparation of damage to your units from staff, industry or other persons.
- Paying the liability costs should an employee be injured on your premises.
- Paying the liability costs for any interruptions to your business.
The underlying point to all of this is that without insurance cover you would be unable to afford the costs incurred by any of the potential listed situations, your losses would be too great and you would more than likely end up going out of business. Further to this, if you experience one or two of the above issues and then try to acquire cover you would be considered a ‘high-risk’ and the costs would be considerable.
What types are there?
There are different areas of Commercial Insurance that cover – in a broad sense – the areas outlined above, they include:
Property – which can pay for damages or losses on personal property should you have an incident with hazardous materials in one of your buildings or perhaps an unexpected electrical fault in one of your offices causing damage.
Liability – covers any you in case any employee or third party suffers an injury or illness caused in your building. It also ensures that any legal costs are covered should the person(s) decide to take action against you.
Compensation – Covers any potential financial pay-outs to be made to persons making a claim against you following any incident in one of your buildings.
There are other specialist areas of Commercial Insurance you can get to cover areas specific to your business or line of work.
You can learn more about business insurance types from this SBA.gov page.
Where can I find Commercial Insurance?
The market for insurance is very big but what is important is finding a company that is experienced, reliable and can offer confident advice to help and support you and your business – ukinsurancenet.com is one such place that can provide this service.
Takeaway
Remember, when you are buying an insurance coverage, set in your mind that it is something you DON’T want to claim at all costs. Obviously, you don’t want bad circumstances happen to your buildings or offices. But IF bad things happened, you are ready with your safety net.
The consequences or potential multitude of consequences from not having Commercial Insurance does not bear thinking about; get yourself the coverage that will give you adequate protection.
For more tips on commercial insurance, please consider to visit the following resources: