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Definition of Commercial Business Insurance

Whether you are building a new business or are looking to purchase some additional types of commercial insurance, commercial business insurance is essential to the success of any business and is typically mandatory in most states. This type of insurance will help your company protect its assets, physical property and intellectual property. Some of the risks that you can protect your company from with this insurance include property damage, a loss of income, the filing of lawsuits and theft. There are a wide range of different coverage types that you can obtain when shopping for commercial business insurance, which can prove helpful when you're looking to select insurance that is specific to what your business does and how it operates.


Types of Commercial Business Insurance

While most forms of insurance have only two to three types to select from, commercial business insurance covers a wide range of different insurance categories that may be applicable to your business. The coverage types that you select largely depend on what industry your business works in, the number of employees you have and the overall size of your business. In most cases, businesses will obtain such insurance coverage types as property, liability and workers' compensation, the latter of which is only necessary if you have employees.

A liability policy is one that will allow you to protect your company against claims and lawsuits filed against your business that pertain to property damage or bodily injury. There are also several different types of liability policies for you to select from. Without this policy, you would be required to pay all legal fees yourself.

Property policies are designed to help you cover some of the physical aspects of your property in the event of damage, which extend from tools and documents to the actual building you work in.

Workers' compensation insurance is aimed at providing your employees with benefits in the event that they are injured or become ill on the job. The other types of commercial business insurance that you might want to consider include risk management insurance, errors and omissions insurance and ordinance interruption insurance.


If you have any questions about commercial business insurance or are looking to purchase a policy, call The Della Porta Group and we'll provide you with the assistance that you require.

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