Business Personal Property Insurance: Why You May Need It & How To Get The Best Coverage

By now, we are sure you know that business personal property insurance only provides limited coverage. To get a full coverage for your business, you should investigate other commercial insurance policies. Some of the most necessary ones are:

Commercial General Liability Insurance (CGLI)

Whether you own a coffee shop, sell clothes, or offer services like landscaping and contracting work; when it comes to the law of liability there’s no such thing as too much coverage. CGLI covers many basic risks business owners face in their run-of-the mill day jobs.

This includes accidents outside your place of work involving someone who was not an employee but also making sure property damage doesn’t put you out on the street penniless with nowhere else to turn for income.

Workers Compensation Insurance

In most states, you must have workers compensation insurance to make sure that your employees are protected in case of injury or illness. This type of coverage includes protection for medical bills from accidents at work and lost wages while they recover. It also provides liability protections so if someone gets injured on the job, it won’t affect how much money is coming into the company because their responsibility will be transferred onto an insurer if there’s a policy in place.

Commercial Auto Insurance

According to Investopedia, the average vehicle cost is $10,742. If you have one or more than one commercial vehicle for your business, you can imagine how expensive accidents could be.

Most personal auto insurance policies can’t cover you for injuries or damages if you drive a car used in the course of your business. Many people don’t know that driving their vehicle while on company time is risky since most personal auto insurance won’t cover an accident caused by such activities.

However, commercial auto insurance coverage is available and it protects drivers against liability claims from injury-causing accidents they cause. The policy also covers property damage arising out of accidents.

Note: There are many commercial insurance policies you can pick and choose from. Make sure you talk to your insurance provider about your commercial insurance needs.