Your business is unique. No other company is exactly the same as yours, and no other company has exactly the same risks as the risks that your company might experience. That’s why you need to customize your business insurance rather than accepting standard coverage. For example, the location of your facilities might have risks that similar companies in a different location would not encounter; your particular products or services might have some unique features that require a particular type of insurance coverage; or your clients or customers might potentially expose you and your business to uncommon circumstances. These are all considerations when you purchase, reassess, or renew your business or commercial insurance. Operating a business has potential risks, and insurance provides a financial safety net.
Below are the primary types of business or commercial insurance coverage.
Commercial General Liability
Commercial general liability insurance protects against bodily injury, property damage, and lawsuit claims.
Commercial Property Insurance
Commercial property insurance protects your building, equipment, and stock/inventory.
Business Interruption Insurance
Business interruption insurance assists in recovering loss of income in the event of a business closure due to a claim.
Professional Liability Insurance
Professional liability insurance is also known as errors and omissions insurance. For service or consulting types of businesses, this insurance protects against claims due to negligence, errors, or mistakes.
Cyber Insurance
Cyber insurance covers data breaches and cyber attacks.
Pricing of Premiums
The price of your business/commercial insurance premium is determined by your type of business or industry, business revenues and income, location, premise characteristics, claims history, and types of coverage and deductibles selected.
Your insurance should reflect the exposures related to your specific business. Your Murrick Group business/commercial insurance agent can help you to tailor an insurance plan that provides coverage for your business’ specific needs. Please call us when you need to buy or renew your business/commercial insurance, or if you’d like us to assess your existing coverage to ensure you are covered for your potential risks.
Written by Rom Daantos
