Types of Commercial Insurance
New business owners, looking to get Houston commercial insurance
, often think all they need is liability insurance for accidents that may happen in their place of business. However, there are other types of insurance that will cover a slew of other issues that may arise. Below are a few types of commercial insurance that all business owners should consider carrying.
Owners that run businesses where they are the main day-to-day operator may want to consider overhead insurance when thinking about their personal business insurance. Overhead insurance will cover things like salaries, rent, utilities, taxes, etc. in the event that the owner becomes too sick or injured to run the daily operations. This type of insurance will allow a business owner to recuperate with the peace of mind that their business will not completely fall apart.
Business Interruption Insurance
Business interruption insurance is potentially the most important nationwide commercial insurance product offered to business owners. This type of insurance will help a company cover lost profits in case something causes their business to be closed for an extended period of time due to something like a fire, a flood, or a major weather event. Business interruption coverage allows a business to take the time that they need to get back up and running without worrying about the daily loss of profits.
Worker’s Comp Insurance
Many small business owners think that worker’s comp insurance is only for people who have employees. However, even businesses that are owned and operated by one person should carry worker’s comp insurance. Worker’s comp insurance will help a business owner keep their personal finances safe if they should become injured while performing their job functions.
Commercial Auto Insurance
Business owners forget that if they use their car in any way, shape or form (other than running the occasional errand) they need to have their vehicle covered with commercial auto insurance. A good Houston commercial insurance service
will tell a business owner that if they use their personal vehicle to move stock or even take appointments, they need to have commercial auto insurance coverage. If they don’t have this type of insurance and have an accident while performing the duties of their business their personal auto insurance company can deny their claim.
Finally, the last type of insurance that all businesses should have is liability insurance. Commercial liability insurance
will cover the business owner if someone becomes injured while at your place of business. This will cover everything from slips and falls to bumps on the head that they got from a low hanging lamp or ceiling fan. This is a must have for all business owners.
Every business is different, which is why it is always smart for a business owner to consult with a Houston commercial insurance agent to make sure they get the coverage they need. There is nothing worse in the world of business than having your cash flow limited because they didn't have the proper insurance. Many good businesses have been ruined because of not having the correct coverage.