5 Types of Commercial Insurance: Which Does Your Business Need?

By: SmartFinancial
 
 
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COSTA MESA, Calif. - Nov. 18, 2019 - PRLog -- Commercial Auto Insurance:

Does a plumber who uses a car to reach clients need commercial vehicle insurance? Yes. Does a furniture store need commercial vehicle insurance for its fleet of delivery vans? Yes. How about a semi or a dump truck? Yes, and you could argue that the marketing professional who works as a consultant and drives to various clients needs commercial car insurance too. Each business is different. Sometimes, executives of a company use a company car for their commute to and from work (while driving their Benzes, Teslas and Porsches on weekends).

What Is Commercial Auto Insurance? Commercial auto insurance is liability and physical damage protection, much like regular auto insurance, but for the express use of work-related activities. Covered cars are often insured separately because they are exposed to more risk than a regular car, SUV or truck used for personal purposes.

General Liability:

When you have a business, you're liable for property damage, bodily injury and personal injuries relating to your business. You are protected if claims are filed for incidents that involve your business operations, products or services or if they involve advertising and/or personal injury. Even a person who trips on your handbag in your office can file a claim against your company, so it's good to know you can rest easy and that your legal bills are covered in every instance. But imagine if your company makes frozen yogurt, which caused some customers to fall ill? With general liability, lawsuits and any type of restitution would be covered,

Worker's Compensation:

Worker's compensation insurance pays for an employee's medical expenses and rehabilitation costs. It also pays a part of the wages lost due to injury. Some policies offer a death benefit for employees killed on the job. Workers' compensation is required by most business owners. Often sole proprietors, freelancers and contractors do not elect to have workers' comp, but it would benefit them too, with a partial salary if they became unable to work. The way workers compensation works is this: If you are injured or fall ill due to a work related activity, you must first visit an approved health care professional (not just any doctor of your own choosing). You then start a claim process with the help of the employer, who should provide the right forms and important contact information. If the business's insurance provider approves the claim, you'll begin receiving benefits, which include medical expenses coverage and ⅔ of lost wages while they are unable to work. An injured employee

For the other types of commercial insurance and to read this article in full, visit here (https://smartfinancial.com/Types-of-Commercial-Insurance-...).To start a quote process for multiple rate offers, visit here (https://smartfinancial.com/commercial-insurance).

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