Commercial Insurance Overview: An Introduction to Business Insurance Coverage

If you’ve recently started a new business, it’s time to look for a commercial insurance quote. New business owners tend to be optimistic and therefore don’t consider the risks associated with running a business that could potentially lead to a lawsuit. What if someone gets hurt on your property? What if someone tries to accuse you of defamation, copyright infringement, or the like? What if an employee accidentally damages a customer’s property? These are just a few examples of why you need quality business insurance.

These policies come in many forms and offer different types of coverage. You may want to buy one that is tailored for your industry. Of course, if you’re just running a small business from home, you won’t get the same commercial insurance quote as someone who runs a construction company.

General professional liability insurance covers a business in the event that a customer is injured on property associated with a business. It can also pay for the owner’s legal defense if he/she is faced with a lawsuit because a product or service causes damage. Virtually every business needs this type of insurance.

If vehicles are involved in any way with your business, you should add commercial auto insurance to your policy. What if one of your employees is injured or injures someone else in an accident? What about damage to the vehicle itself?

What else should you pay attention to when making a quote for commercial insurance?

Another thing to look for in a commercial insurance quote, depending on your type of business, is professional indemnity insurance. This includes factors such as claims of errors and omissions that may occur while doing business. It’s no secret that people complain about just about everything these days. You never know when you might need to hire a lawyer to defend you against the dumbest things.

Here is a brief overview of some of the factors involved in getting the right commercial insurance quote:

• Type of company and industry you are involved in

• Whether you provide a service or product, and what kind

• Location of the business, including its physical address and whether or not it is run from your home

• Whether you own or rent the business space

• Number of employees

• Whether your company is a sole proprietorship, partnership, partnership, etc.

• If your company uses written contracts

• Estimated labor costs for the coming year

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• Estimated gross sales in the coming year

There are also other important considerations. The best place to learn about your options and get a custom commercial insurance quote is Hiscox Business Insurance. It is a legit company that offers a wide range of options for all types of businesses.