New business owners often hear of the importance of commercial insurance without getting an explanation as to what a policy covers. What exactly is commercial insurance, and why do business owners in Greeley, CO need such plans? Read on to get a quick overview. Talk to a representative from Maanen Insurance Group for further details.
What is commercial insurance?
In short, commercial insurance is assurance coverage for businesses that protect companies against losses related to theft, property damage, and instances of liability. The purpose of a commercial indemnity policy is to keep you in business in the unfortunate instance of the unexpected occurring.
What are the most common types of commercial insurance policies?
Business insurance is more complicated than some may think. There are several spheres in the industry and the various ways in which a policyholder can tailor a plan to fit their needs. The most common forms of commercial insurance are:
- Property Insurance
- Liability Insurance
- Workers’ Compensation Insurance
About property insurance
A property assurance plan pays for losses incurred due to accidents that damage the structure in which you do business. Many policies pay for both real property as well as personal assets when things such as fire or flooding occur.
Some business owners in Greeley, CO operate under the false notion of property insurance covering natural disasters. Such instances of unexpected tragedy require additional coverage outside the standard plan.
Liability and workers’ compensation plans
Liability insurance and workers’ compensation assurance are not one and the same. You should not believe the myth that workers’ compensation, which pays for on-the-job injuries to employees, is not necessary so long as you have a liability insurance plan that covers injuries caused by you to a third party.
Liability assurance is best used in instances where a customer hurts himself due to your negligence. The policy will not work when the injured party is an employee.
It is against the law to have employees without workers’ compensation insurance. Contact Maanen Insurance Group today to learn more about commercial insurance and ensure that you are fully covered.