When the subject of insurance comes to the fore, many business owners in Barrie would often jump straight away to the topic of commercial insurance quotes. However, there are far more important aspects of a business coverage than finding out how much it costs.
Before asking for commercial insurance quotes from http://www.dgbevan.com/barrie, you must first need to know the different types of insurance policies. Most of the time, as business owner, you should avail more than just one coverage to safeguard your finances. Below are the different kinds of commercial insurance you should look into.
- Property Insurance
This is one of the main types of insurance policies. Property insurance protects your business from damages and losses to your business property. One of the aspects this insurance covers is loss and damage from fire. Under the property insurance policy, there are additional coverage you might also want to know about as a business owner.
- Debris Removal Insurance
In case of fire or flooding in your place of work, the debris removal insurance provides financing for eliminating the rubble and garbage. Going back to the fire example, if your office or business place has been razed to the ground, the common property insurance policies will only pay for the rebuilding of your workplace but not clearing out the lot of the debris left by the calamity. This is when this commercial insurance coverage comes in handy.
- Business Interruption Insurance
This covers income loss resulting from property damages. In some instances, rebuilding your company after a fire or flood would require to stop all operations for the time being. Since your business is at a standstill, you won’t be able to earn any profits. This is why business interruption insurance is crucial. Even if you have to halt operations while reconstruction is going on, you can still earn net profits and be able to pay your workers’ salaries, taxes and other expenses.
- Crime Insurance
In case, your office or place of work becomes a victim of theft or burglary of money and important possessions, this insurance makes sure to cover the loss due to the crimes committed.
- Liability Insurance
This is the second major type of commercial insurance you must have if you own a business. This policy provides you with financial assistance if in case you need to pay a third party individual for injuries he or she may have obtained within the vicinity of your establishment. Also, if ever someone sues your company, liability insurance policies often cover the legal expenses. Other sub-policies that may be added to this commercial insurance include:
- Malpractice Insurance
This is also known as professional liability insurance. Such policy covers payment for medical bills and other expenses resulting from a negligent service provided by your business. Usually, businesses like real estate, hospitals and clinics are in need of this policy.
- Automobile Insurance
This is especially handy if automobiles are used for your business. If in case the vehicle gets stolen or damaged, the auto insurance will reimburse the amount you used to buy the car. Also, if the driver of your auto ends up injuring someone while on official business, this insurance covers the expenses.
- Employee Compensation Insurance
If an employee in your company was hurt as a result of the job he or she is doing at work, the compensation insurance will cover the expenses. As an employer, you also get to enjoy the peace of mind that your employee would not file a lawsuit against you regarding the injury sustained. Most employee compensation insurance policies include this clause in the contract.
Once you have reviewed all the types of coverage you can avail for your business in Barrie, you are ready to inquire for commercial insurance quotes. This will be based on the policies you want to be included in your business coverage.