Commercial Business Insurance: Protect Your Small Business

Smiling businesswoman using laptop at work You can protect your business from significant losses with commercial business insurance, and in some cases, it’s required by law.

During the normal course of business, things can go wrong. However, commercial business insurance can protect your small business from having to absorb a big financial loss.

There are several types of coverage for small businesses. It’s important to determine the insurance policies that you need.

For instance, commercial insurance is especially vital for small businesses. In many cases, it can protect your personal assets from liability.

To learn how to protect your small business, keep reading.

Commercial Business Insurance Explained

Business insurance protects millions of businesses across the United States from potential losses. By doing so, it helps to keep the economy running smoothly.

Many business owners invest in insurance to protect their interests. For example, business insurance policies account for nearly half of all casualty insurance coverage in the nation.

It’s especially important for small businesses to consider their insurance needs carefully. Small business owners typically face increased personal exposure in the event of a loss.

If you don’t think you can assess your risk effectively, there’s no need for concern. A licensed, experienced insurance broker will gladly help you assess your needs.

Commercial business insurance might include coverage for your property. You may also need coverage if you produce consumable products.

Business insurance covers potential losses that you typically couldn’t afford to pay out-of-pocket. Accordingly, insurance allows businesses to operate safely.

Insurance protects your business during the course of normal operation. There are several types of coverage that may suit your needs.

To choose the right small business insurance, you’ll need to evaluate your potential risks. These risks vary depending on your industry. They might also vary based on where you conduct business.

What Does Commercial Business Insurance Cover?

There are several types of commercial insurance that you can select to protect your business.

As an example, business interruption insurance can protect you in the event of a natural disaster. You’d receive reimbursement based on your business income prior to an incident.

Alternatively, commercial liability insurance protects you from litigation. General liability insurance protects you and your company from damages caused when customers use your goods or services. Without this kind of coverage, a lawsuit could bankrupt your company.

If you work in consulting, you may want to consider an errors and omissions insurance policy. For example, a client may seek damages if you fail to provide them with information that protects their interests.

Imagine that you’re an accountant and you overlook informing a client about new tax law. Errors and omissions insurance protects you in the event a client sues you because of the oversight.

Federal laws mandate that you must have insurance if you employ a certain number of workers. Worker’s compensation covers important expenses such as hospital bills.

The law regarding this matter differs in various states. Typically, however, you must provide worker’s compensation coverage if you employ three to five workers.

The laws regarding worker’s comp also dictate how you’re to manage payments if an employee can’t work after a work-related injury. As your business grows, you may also consider investing in employee health insurance.

Assessing Your Needs

As a business owner, it’s important to protect your company and employees from losses. The right insurance is a vital part of strategic risk management.

Typically, many small businesses start with general liability insurance. This basic coverage provides protection from the costs and risks associated with litigation.

Today, businesses large and small face the risk of cyberattacks. Accordingly, you can also purchase cyber liability insurance.

This kind of insurance protects you if hackers steal sensitive customer information. Cyber insurance covers the cost of restoring your computer network and other related expenses.

Like most things today, you can access business insurance through an online search. However, a local licensed insurance broker can help you choose the best commercial insurance for small businesses.

Without insurance, you could face spending a lot of money out-of-pocket. This point becomes more important as your business grows.

For example, you may eventually take on investors. In this instance, it’s not wise to gamble by leaving your company exposed to risks.

Choosing the Right Insurance

You don’t have to become an expert in commercial insurance to protect your business. The best way to find the right insurance is to work with a knowledgeable insurance agency.

An expert insurance broker can help to protect your business from its biggest threats. More importantly, they can ensure that you remain protected as your business grows and changes.

When partnering with a broker, there’s no need to concern yourself about whether your business is protected continually. A broker will help you meet your ongoing insurance needs.

We’re Here to Protect Your Business

Now you know more about commercial business insurance. All you need is an insurance broker who’s invested in your success.

At McMahon Insurance Agency, we’re dedicated to providing exceptional customer service. We have access to more than 30 top-rated underwriters and can help you find the best value on the market.

You can count on McMahon Insurance Agency to get you the results that you need fast. Please feel free to contact one of our insurance experts at (609) 339-0060 or connect with us online.

We’ll help you protect the interests of your business, your employees—and your future.