How to Choose the Right Commercial Insurance for Your Small Business

Cape Wide Insurance Agency Inc. is your partner when it comes to insuring your small business. Given their size, small businesses must ensure they have adequate protection from common risks. Failing to do so could easily lead to financial turmoil after a significant claim. That’s why it’s critical to understand which insurance options are right for your unique operations.

What Is Commercial Insurance?

Commercial insurance, or business insurance, generally describes various coverages that can help pay for business expenses after damage or loss related to your operations.

What Insurance Does My Small Business Need?

Business insurance needs can vary widely among organizations. Generally, the following are coverage options most small businesses can consider:

• General liability insurance can help pay for injuries or damage affecting third parties for which your business is responsible.

• Commercial property insurance can help pay for damage to your physical assets, including buildings, equipment and inventory.

• Business income insurance can help pay for ongoing expenses, such as payroll and rent, if your operations are halted by a covered event.

• A business owners policy (BOP) combines general liability, commercial property and business income insurance into a single package, making it ideal for qualifying small businesses.

• Commercial auto insurance can help pay for claims related to business vehicles and is generally required by law.

• Inland marine insurance can help pay for losses involving equipment or tools while they’re being transported or stored offsite.

• Commercial umbrella insurance can help cover liability claims that exceed the limits of other underlying policies.

Depending on your industry, you may benefit from other types of commercial insurance as well. For instance, a tavern may need liquor liability insurance. If your business has employees, workers’ compensation insurance is often required by law.

Cape Wide Insurance Agency Inc. can help assess your needs and recommend suitable small business insurance. Contact us today to start the conversation with no obligation.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.