DO YOU KNOW WHAT YOUR COMMERCIAL INSURANCE POLICY COVERS?
Do You Know What Your Commercial Insurance Policy Covers?
Most commercial insurance policies include coverages that are designed to protect businesses, owners, and employees. These insurance policies will most commonly include basic coverages such as property, liability, workers’ compensation, and other optional coverages such as commercial auto, equipment breakdown insurance, and crime insurance. Because every business is different, business owners have the option to choose which policies best suit their needs. A few common policies of commercial insurance include:
Property insurance pays for damages or losses to property. For example, it would cover fire damage to your business space. Additional coverages for property include equipment breakdown, debris removal, builder’s risk, business interruption, glass insurance, et cetera.
Commercial General Liability (CGL) provides coverage for customer injury, property damage, and lawsuits. Commercial liability can also help cover the costs of claims made related to reputational harm, advertising errors, medical payments, or damage to rented property.
Errors and Omissions Insurance
Errors and Omissions Insurance protects businesses in the event that they are found liable for negligence in relation to a professional service. It covers only inadvertent mistakes or failures and can not protect liability in the case of poor judgement or intentional acts. Businesses can choose from a variety of E&O insurance coverages, such as copyright, legal defense, and negligence.
Commercial Automobile Insurance covers all automobiles such as cars, trucks, and trailers your businesses uses. If an automobile is damaged, stolen, or if the driver injures a person or property, expenses will be covered.
Workers’ Compensation Insurance
Workers’ Compensation covers the costs of your employee’s injuries while on-the-clock. Commonly, worker’s compensation prohibits employees for filing negligence lawsuits against their employer.
at MMA Law Firm, we are highly experienced in the many issues insurance contracts present. If you are deciding which commercial insurance policy is best for you and your business, or if you believe you have not been correctly compensated by your insurer, contact us today for a free consultation with one of our attorneys.
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