Several Commercial Insurance Concerns Addressed

Protecting your business from legal risks is imperative for every business owner and general manager. While commercial insurance policies are extremely valuable, they are also highly complicated, which may interfere with your ability to make a sound judgment about a policy. As a result, there are some fairly common concerns that business owners and managers might have when it comes to these policies.

Do You Need More Than Liability Coverage For Your Commercial Auto Insurance Policy?

Commercial auto insurance can be expensive, and it is common for business owners to try to trim costs on their insurance costs. Therefore, they may choose to only opt for a liability only policy. These policies will fail to cover your business in the event that your vehicle is damaged by an uninsured motorist, these policies also have relatively low medical coverage limits and they lack other features, such as roadside assistance. As a result, you may be better served by choosing to carry comprehensive insurance and a separate policy for medical expenses. While the premiums for this amount of coverage will be relatively high, they can potentially save your business if a serious auto accident were to occur.  

How Does Business Interruption Coverage Work?

Over the course of time, it is possible for any number of natural disasters or building problems to force your enterprise to temporarily close. These closures can be extremely disruptive, and they may lead to substantial losses. While new business owners will assume that there is no way to protect themselves against these hazards, this is not the case. There are insurance policies that are designed to compensate businesses for the losses that they incur during these periods of time. This type of coverage is offered under business interruption policies, and while there are limits to the amount of compensation you will be awarded during disruptions, this assistance can prove essential for small businesses attempting to survive these interruptions.  

Why Should Your Business's Property Be Regularly Appraised?

Every few years, you will want to have your business's property professionally appraised. These appraisals are necessary to know the amount of coverage you will want to have for your building.  In the event of a serious catastrophe, it may be necessary to completely rebuild the structure, and this can be far more expensive than what many small businesses can afford. When you have a policy that provides enough coverage to replace the building at market value, your business will find recovering from these incidents more manageable.

Get in touch with a local insurance company to get an insurance quote.