Insurance Agency 101: What are 5 common types of commercial insurance coverage

As an insurance professional, it’s important to know how to protect your clients and their assets from a wide range of risks and liabilities. One way to do that is by selling commercial insurance, which is a type of insurance specifically designed for businesses. Here are five common types of commercial insurance, along with examples of how they can help protect your client:

1. Property insurance: Property insurance covers the physical assets of your business, such as your building, equipment, and inventory. For example, if a fire destroys your office or a storm damages your equipment, property insurance can help cover the cost of repairs or replacements.
2. Liability insurance: Liability insurance covers your legal responsibility for injuries or damages that occur on your property or as a result of your products or services. For example, if a customer slips and falls in your store, or if your product causes harm to someone, liability insurance can help cover the cost of legal fees and damages.
3. Business interruption insurance: Business interruption insurance covers the loss of income and expenses that occur when your business is unable to operate due to a covered event, such as a fire or natural disaster. For example, if a storm damages your office and forces you to close for a week, business interruption insurance can help cover the cost of lost income and expenses.
4. Commercial auto insurance: Commercial auto insurance covers the risks and liabilities associated with vehicles owned or used by your business. For example, if one of your delivery trucks is involved in an accident, commercial auto insurance can help cover the cost of damages and injuries.
5. Workers compensation insurance: Workers compensation insurance covers the medical expenses and lost wages of employees who are injured or become ill on the job. For example, if one of your employees is injured while lifting a box at work, workers compensation insurance can help cover the cost of medical treatment and lost wages.

In conclusion, commercial insurance is an important investment for any business. It can help protect your assets, your employees, and your bottom line from a wide range of risks and liabilities. By choosing the right types of commercial insurance for your business, you can ensure that your company is well-protected and can continue to grow and thrive.