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How to Choose the Right Commercial Insurance Coverage for Your Business

a close-up image of a desk with a document reading "Commercial insurance" and also the slight images of a calculator and reading glasses.

Insurance brokers see it often. A business is hit with a lawsuit or environmental disaster that they can't cover. They lose a fortune from money to customers or, in worst-case scenarios, go bankrupt.

Protecting your business is essential, and you can do that by having the right commercial insurance coverage. Assess your business insurance needs to discover policies tailored to your company.

These are the factors to consider when choosing an insurance plan:

Evaluate Business Risks

Consider the types of risks your business faces each day. What is the financial impact of each risk?

For example, construction companies risk injuries on the job site or damage to equipment. Identifying these risks allows you to look for commercial insurance coverage that helps protect your business.

Some of the most common types of business insurance are:

  • General liability insurance

  • Workers' compensation insurance

  • Property insurance

  • Professional liability insurance

Learning about each of them can also help you decide which policy is right for your business. You'll likely need more than one.

If you are a home-based business, it's important to know that homeowners' insurance won't cover your business. You'll need a special type of insurance to stay protected.

Identify Unique Insurance Requirements

If your industry has unique insurance requirements, it's important to identify them before choosing a commercial insurance policy. Some industries have regulations you must follow.

A transportation company, for instance, should have commercial auto insurance coverage for vehicles and drivers.

While all businesses should have at least workers' compensation, unemployment, and disability insurance, you might have to meet additional requirements to stay insurance compliant.

Keep your business compliant by researching insurance requirements. Failing to have the correct policies could result in legal fees, fines, and other expenses that could ruin your company's reputation.

Consider the Size of Your Business

Your total commercial insurance cost will depend on the size of your business. A small business will have different insurance needs than a business with a larger workforce.

If you have employees, your location may require you to have workers' compensation insurance to cover illnesses and injuries that occur on the job.

If you own more than one business location, you'll want to buy coverage that can cover each building and its contents. Having property insurance can protect each location from fires, storms, and other covered events.

Working with an experienced commercial insurance provider from Grandin Agencies Insurance can help you find the right policies to protect your business.

Choosing the Right Commercial Insurance Coverage for Your Needs

The right commercial insurance coverage for your business will help protect your assets, employees, and your reputation. You can enjoy business continuity with insurance even if a problem arises.

When you go through each of these factors, you'll be able to find a policy that works for your industry.

Grandin Agencies Insurance was formed in 1963 before becoming a family business in 1991. Our staff of insurance brokers in St. Albert are committed to helping customers make informed decisions about insurance products.

For more information on our services, fill out our form now.


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