Choosing to invest in commercial insurance can protect your business’s assets and create peace of mind. However, as a business owner, it’s a good idea to gain clarity on exactly what commercial insurance covers. As with anything, the more you understand how this beneficial insurance works the easier it will be to take advantage of all the benefits of commercial insurance.
What are the Key Benefits of Commercial Insurance
Above all else, commercial insurance protects situations where you or your business may be held liable for damages or physical harm to a third party. Without this insurance, you are left having to protect your business’s assets without any safety shield. Commercial insurance provides a safety net for your business when it comes to liability. This insurance is also beneficial when it comes to protecting your business assets, even if you’re not being sued by a third party.
How Does Commercial Insurance Work?
Commercial insurance works by providing general liability insurance for third party liability claims. Also, it works by providing workers compensation to your employees should they become sick or injured on the job. It also safeguards your companies assets and protects you from unexpected natural catastrophes. The benefits are many. Plus, commercial insurance is often a legal requirement to operate and run a business. Commercial insurance also works by providing advertising liability, risk-sharing, and naturally limiting or minimizing financial losses. The Bob Korvas Agency Inc. of Niles, IL can help you to understand how and why commercial insurance is a wise investment.
What’s NOT Covered by Commercial Insurance?
Typically, commercial insurance will not cover any orders your company couldn’t fulfill as a result of damaged inventory. Business Interruption Insurance would cover this type of situation. Instead, the general liability portion of your commercial insurance would only cover your damaged inventory.
As a business owner, it behooves you to understand all the benefits that commercial insurance can provide. It’s also a good idea to become familiar with what commercial insurance doesn’t cover. Call Bob Korvas Agency Inc. We’re here to help.