No matter if you are running a small business or large corporation, as a business owner, you need to investigate commercial insurance coverages that your company might need. Commercial insurance from Ontario is a type of coverage for businesses and corporations that generally protects the business, employees, and ownership. On the simplest level, commercial insurance is designed to help businesses stay protected against risks that threaten the success and reputation of the business. Depending on the coverage, it can provide targeted protections to maintain the well-being and financial health of a business and employees working for the institution.
Unlike personal insurance, commercial coverage can provide protections for multiple stakeholders and employees. Additionally, business insurance tends to have significantly higher limits of coverage as there is usually more to insure. Commercial insurance companies and agents are trained to navigate the often complex risks and threats that businesses might face. It is best to consult with a professional before deciding on a plan.
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There is usually a one-size-fits-all model with many policies such as personal insurance, auto insurance, or homeowners insurance. However, various types of commercial insurance consider things like the type of business and the size of the workforce. Let’s take a closer look at the ins and outs of commercial insurance.
General Liability Insurance
Liability insurance is beneficial for all types of businesses, no matter how big or small. General liability coverage protects the business in the event that a customer or other third party suffers a bodily injury or property damage as a result of your business operations. This type of insurance provides coverage for any lawsuits or claims of liability that might be waged against your business. As a company that does business with the public, there will always be a certain liability risk. General liability insurance can cast a wide umbrella over your company and provide protection for various situations and incidents.
Auto and Property
If your company relies on tools and automobiles to conduct business, it might be a good idea to check out commercial auto insurance and commercial property insurance. No matter if you operate a fleet of vehicles or just one or two service trucks, you’ll probably need commercial auto insurance. This is similar to regular liability insurance, but it protects all of your business vehicles while they are on the road. Additionally, if your business has tools, electronic equipment, furniture, or other pieces of equipment, commercial property insurance can help protect those assets. Commercial auto and property insurance will protect all of the things that your company needs to conduct business.
Workers’ Compensation Insurance
Another common protection for most commercial operations is workers’ compensation coverage. This insurance is usually required by law and is especially prevalent in the construction, manufacturing, repairing, and engineering industries. This insurance protects your company against lawsuits in the event of work-related injury or accident. It also provides additional protection for your employees and can help assist with medical costs and missed time off of work.
The commercial insurance coverages discussed above highlight a few of the protections that small companies and large enterprises alike to protect business operations. Depending on the business and the nature of the operation, there may be more specific protections that should be investigated. Farmers, for instance, need protection for both their animals and machinery. Additionally, there is also cyber liability insurance that protects from data loss and hacker threats. You might also consider business interruption insurance to help with financial losses from a stoppage of operations.
The commercial industry consists of a host of businesses and enterprises, and each one comes with its own unique needs and protections. Through research and consultation with a professional, you can find the right commercial insurance coverages for your business.