Who Needs Commercial Insurance? May 15, 2017 | Capital Insurance As a business owner, you know that business involves a level of calculated risk. However, you also know that taking unnecessary risks doesn’t make much sense. Not having commercial insurance for your company definitely falls under “unnecessary risk”. Every business needs some form of commercial insurance. While levels of coverage will vary business to business, every company should carry some form of coverage to protect themselves, their property and their employees. Read on to learn more about different types of commercial insurance and why it’s so important. Protect Owners, Partners and Key Employees A loss of a key person can greatly impact a company. Certain types of commercial insurance can help to alleviate some of the stress associated with these difficult times. Life insurance – this is especially relevant for sole proprietorships, where the owner is personally liable for all business debt. Disability insurance – provides income if you are unable to work due to injury or illness. Partnership insurance – allows you to purchase a partner’s shares and continue to run the business in the event of a partner’s death. Key person insurance – protects you from the loss of a key employee(s). Protect Your Property Commercial insurance also protects your business’ physical location and everything inside. If your company’s building experiences fire or theft, you can rest easy knowing your commercial insurance policy will cover the cost of replacing whatever was damaged or stolen. Certain policies will also help to cover any expenses associated with getting your business back up and running and any loss of earnings in the meantime. If you’re renting your current location, don’t make the mistake of assuming that your landlord’s policy covers your contents; make sure you get a contents insurance policy added to your overall commercial insurance package. Liability Protection Many business owners like to think they’ll never find themselves in the midst of a legal matter, but the truth is – it happens. Legal issues can be incredibly expensive and stressful, but having the proper commercial insurance will ensure you stay covered in the event of a legal claim. There are a couple different types of liability insurance to consider: General liability – covers injuries to customers or employees on your premises. Product liability – provides protection in the event of a defective or harmful product. Professional liability insurance – provides protection against claims of negligence, malpractice, etc. At the very minimum, every business needs general liability insurance. Failure to do so could have catastrophic consequences. Get Your Free Commercial Insurance Quote If you’re unsure about what type of insurance you need for your business, give the team at Capital Insurance a call! Our expert brokers will help to build a commercial insurance plan that is suited to your unique business needs.