When you open a business in Braselton, GA, your financial advisor will tell you that you need commercial insurance. They probably won’t tell you how many commercial insurance types exist, such as commercial auto, glass insurance, business owner’s policies, boiler insurance, etc. You do not need every type, but you need to know the difference between the policy types.
Your financial advisor has it right. You do need commercial insurance to help ensure business continuity, and Harmony Insurance can help. The insurance protects your company against loss. The most common types of policy for each type of business differ. A dry cleaner would need inland marine insurance to protect their client’s property during transit and at the place of business. A solopreneur operating a home business needs a liability policy, especially if they hold meetings at their home. They do not need a business owner’s policy (BOP) since it covers the business’ property. Consider the following types of insurance for your business.
- Builder’s Risk Insurance/Construction Insurance: provides coverage while a commercial structure is built or remodeled.
- Business Interruption Insurance: every business needs this type of policy that pays for lost income when a named peril interrupts business and reimburses you for repair or replacement of real property incurring damage from the peril.
- Business Owner’s Policy (BOP): If you own a business with a structure or storefront, you should purchase a BOP that provides your liability and property policies in one policy at a lower premium than purchasing them separately.
- Commercial Auto: your commercial vehicle gets a full coverage policy covering every licensed driver driving your fleet vehicles.
- Crime Insurance: storefront businesses need this policy type that reimburses your business’ losses from property crimes.
- Debris Removal Insurance: every business with its own property needs this policy that reimburses you for debris removal after a named peril such as a fire or tornado.
- Directors and Officers Liability Insurance: corporations need this policy type that pays for the legal costs and settlements of lawsuits involving the board of directors and C-level officers.
- Boiler and Machinery Insurance/Equipment Breakdown Insurance: reimburses you for the repair of business equipment such as machinery, boilers, and other types of equipment, as well as the losses incurred during the business interruption.
- Errors and Omissions Insurance (E & O): lawyers, doctors, nurses, manufacturing firms, and publications need this policy type to protect themselves from malpractice lawsuits.
- Glass insurance: storefront owners and dance studios purchase this policy that reimburses them for replacing broken windows and plate glass caused by perils or vandalism.
- Liability Insurance: pays for injuries a third party incurs due to your negligence.
- Professional Liability: another type of malpractice insurance pays the court settlement when a business injures a third party due to a professional who did not provide the proper standard of care.
- Ordinance or Law insurance: reimburses the cost of demolishing and rebuilding a structure to building code standards when it incurs damage due to a named peril
- Property insurance: This covers real or personal property damage from a named peril.
- Tenant’s insurance: This reimburses you for repairs to a building when the lease owner’s employees damage the property owner’s building improvements.
- Workers’ compensation insurance, also called workers’ comp, reimburses an employee’s lost wages and medical care costs incurred by workplace illness or injury.
Contact Harmony Insurance of Braselton, GA to learn more about commercial insurance and which policies would be right for you.