As a businessperson, you probably already know just how tough it can be to run a business successfully, to raise it from the ground and stabilize it and make profits from it. And you also know just how hard it can be to find the best commercial insurance for your business. There are lots of different commercial insurances that are offered by a wide range of insurance broker Vancouver, agents, products, and any other services offering the same deal today. All these factors can make it very difficult to land on the perfect commercial insurance plan to cover your business.
It is a fact that every business owner faces significant amounts of risks on their livelihood on a daily basis. The potential of lawsuits, losses, and even lack of compliance are among the many risks that can befall a business. This article highlights and explains some types of commercial insurance and how they work to protect your business accordingly.
This insurance cover protects the buildings where you operate your business and all the personal contents that are inside them. Some premiums also offer additional coverage for loss of rent, inflation guard, business interruption, etc. Even if you are only renting the building where you are conducting your business, it is still advisable that you purchase property insurance as that of your landlord doesn’t cover any of your property but only the building itself.
This type of insurance protects your business in cases where lawsuits occur on your business. The general liability will cover all defense and settlement costs up to the limit of your insurance policy should your business suffer any lawsuits. General liability limits are split into aggregate limits, products, operations limits, and premises limits.
- Worker’s compensation
The law requires that every employee has a worker’s compensation for his/her contract. This insurance policy will cover all lost wage benefits to the employees and medical costs for every employee who gets injured or hurt while on the job. It also relieves the employer from any risks of an employee lawsuit should an accident occur, and this policy isn’t in effect in the business. The worker’s compensation insurance will pay for all and any medical fees and lost wages to any employee who gets hurt on the job. In other words, it reimburses any losses incurred.
Auto insurance works to provide cover for both the property damaged and automobile liability. This policy will protect your business from any lawsuit that stems from the company’s use of an automobile. The commercial insurance policy combines property insurance with liability insurance regarding your business’ use of the automobiles.
- Employee benefits
One of the main key factors that employers can always use to attract and even retain their good employees is by offering them balanced employee benefits packages. Benefits of medical, vision, dental, life and disability covers will have your employees staying. You can opt to look for an agent to guide you through the whole process of purchasing this commercial insurance policy if you do not know how to go about it or if it is your first time purchasing this policy.