The “commercial insurance” essentially refers to an insurance that protects companies and professionals from any unforeseen event that could financially affect the business / professionals. It is always a good idea to have some type of coverage for your business, even if you work from home. A general liability policy is recommended as a minimum, as it covers business in cases like a customer getting injured on property, someone trying to sue you for medical costs, if your products cause injury, copyright infringement, etc.
Some contractors offer general liability insurance as a standalone coverage through some insurance companies, although it is often combined with property insurance in BOP or business owner policies.
Here are some tips for choosing business insurance:
• The best insurance for your business will not be the same for all businesses, because each business is unique. It’s best to go to a company that offers customized solutions, so you don’t have to worry about paying for coverage you don’t even need.
• Know the laws in your area. The location of your business influences the amount of money you will have to pay. The risks are higher in some areas. What is the minimum requirement for businesses in your city and state? How big is your commercial property?
More tips for finding good business insurance
• One thing to look for is a company that offers ways to lower the cost of business insurance to ensure you get a competitive price. Some providers offer discounts for home-based businesses. You could also be rewarded if you employ good risk management, such as keeping business property clean and hazard-free.
• Be aware of the terms “named hazards” and “open hazards”. Open risk coverage refers to protection against almost all potential losses, except losses specifically excluded in the commercial insurance policy. The designated perils policy, on the other hand, only provides coverage for losses that are specifically INCLUDED in the policy, such as theft, wind, fire, vandalism, etc.
• If you are looking for an insurance broker, make sure that person knows your industry. The more they understand your specific needs and requirements, the better they can help you get the best coverage possible at a reasonable price. Also, check a broker’s geographic operations and licenses. Do they align with the regions or states in which your company operates?
A good place to start your search for a good business insurance policy is Hiscox Business Insurance Group. Hiscox Inc is financially strong and offers affordable and personalized coverage in all 50 states.