What is commercial insurance? Its a way to protect your company, preserve your peace of mind, and comply with a variety of regulations. There are many different types of business insurance that a company can get, each with their own specialized purpose.
Liability insurance is designed to protect against lawsuits, which any business can be vulnerable to. Errors and omissions insurance or professional liability protects companies from lawsuits that arise from services they may have provided, while cyber liability protects against costs stemming from cyber-attacks or hacking. Directors and officers liability helps executives and corporate leaders stay protected, and umbrella liability covers many other areas.
Other basic kinds of insurance include commercial property, which protects physical property from damage and theft, as well as business auto, which protects cars and other vehicles. Crime and fidelity keeps the business safe from theft and vandalism, while surety bonds help ensure that work gets done even if disaster strikes.
Finally, its important for companies to protect their employees, which is why workers compensation is absolutely critical. This helps pay employee medical bills and lost wages in case of a workplace accident. Group health benefits might also be a good idea.
In many cases, insurance isnt just a good idea; its mandated by law. Instead of wondering What is commercial insurance?, start looking for plans that can protect you, your employees, and your company.