Accidents of all kinds can occur at your workplace. Injuries, collisions, fires, and damages can happen to an employee or property that you are managing. This is why it is important for every business big or small to have some form of commercial insurance.
To know if your business qualifies for commercial insurance, talk to an Arizona commercial insurance agency specialist today. You may have further questions regarding commercial insurance. So here are some answers to some of the most common questions that most people look for when inquiring about insurance.
1. What is commercial insurance?
The phrase “commercial insurance” relates to all the types of coverage available for repair and replacement of lost, stolen, damaged, or destroyed assets. Medical costs from injuries sustained by workers working on duty can also receive insurance from any injuries. With commercial insurance, a business owner can insure his or her property and commercial vehicles. Commercial insurance can additionally insure against any legal accusations against the insured business from liability or workers’ compensation claims. Commercial insurance is also capable of providing health insurance for each employee, along with vision and dental care expenses for the individual and his or her family.
2. Why is commercial insurance important to have?
Insurance is simply meant to ensure that you stay in business. If something were to happen to you, your employees, your property, or your products, you would like to be assured that there is a plan in place to keep everything you manage protected. Without insurance, you are putting your company at a huge risk. Choosing the right plan from an Arizona commercial insurance agency should give you and your staff a peace of mind in case anything were to happen that would cause a loss in finances, resources, or productivity.
3. What types of commercial insurance are there?
Property and casualty insurance covers the physical location of your business and its assets, and all will be insured in the events of fire, earthquakes, flood, and theft.
Commercial vehicle insurance covers your business from damages, theft, or loss of the company.
Health insurance gives you and your employees’ health care benefits.
Liability insurance insures your business in the event that someone sues you for an act of negligence, caused by an injury that happens on your property.
Product liability insurance insures your business in the event that a product you sell or manufacture causes bodily harm to another person.
Commercial interruption insurance covers your business in the event that it ceases operations for a lengthy period of time, an example would be a natural disaster.
Life and disability insurance insures the passing of an employee.
Workers’ compensation insurance is essential for every company because it provides coverage for employees that are injured while on duty.
4. Are there insurance plans that cover multiple types of insurance?
Absolutely. For small and medium-sized businesses, a business owner can buy a business owner’s policy that mainly includes property, liability, and commercial interruption insurance. Business owners that run their businesses from home can also get what is called a home office policy, which is a combination of home and commercial insurance. It costs less to buy insurance in a bundle, rather than paying separate form each one.