Commercial insurance, also called business insurance, is for business owners, firms, and corporations. It’s a safety net to protect your business in case of any unfortunate incident. It’s usually intended to cover the company, its employees, and its owners. Commercial insurance has multiple types and can be customized because the needs of every organization change depending on the business type and its size.
Types of Commercial Insurance
Commercial Equipment Insurance/Auto Insurance
This form of insurance is highly beneficial for organizations that undertake everyday operations using tools or automobiles. Similarly, tools and other property such as desks, computers, and office surroundings can be protected by commercial equipment insurance.
Workers’ Compensation Insurance
This is a type of commercial insurance that is needed by law in most states, particularly for enterprises in the manufacturing, construction, repair, and engineering industries. Workers’ compensation insurance protects the employer from lawsuits and claims in the event of a job accident or injury. It also covers medical expenses for any employee who is hurt while on their shift.
Cyber Liability Insurance
Cyber liability insurance is a rapidly increasing type of commercial insurance that protects companies against cyber security hazards, like data breaches and system hacks. Because many organizations store a lot of personal data on their systems, being compromised can have long-term financial consequences.
Business Owners’ Policy Insurance
BOP insurance is a popular choice among business owners since bundling many policies together can save money. Property, crime, general liability, and other coverages may be included in different packages depending on the business.
Business Interruption Insurance
When it comes to commercial insurance, business interruption insurance is also a wise investment. This can assist in protecting your organization from interruptions and financial losses if your company is unable to operate due to an insured accident or unforeseen incident. Recently, we’ve seen how COVID has disrupted almost all businesses, which makes business interruption insurance even more significant.
Error and Omission Insurance
E&O insurance also referred to as professional liability insurance, covers your company from a liability lawsuit if you’re charged for missing a deadline, acting negligently, or making errors that cause financial loss.
If you’re a business owner in San Angelo and are looking to get commercial insurance for your business, San Angelo Insurance is the best place for you. We provide the best commercial insurance policies tailored to your business requirements. We’ve been serving the people of San Angelo for the past ten years and look forward to helping you as well. We also offer other types of insurance policies, such as home insurance, health insurance, automobile insurance, and more.
Get in touch with us now for more details.