Does Your Business Need Commercial Insurance?

As the name implies, commercial insurance protects businesses, including the owners and their employees. Since every business is different, there is not an across the board insurance policy for all small business owners.

For example, a frozen yogurt shop has different insurance needs than that of a car repair shop or a digital marketing company. That is why many small businesses select a business owner's policy (BOP), which combines general liability insurance, crime insurance, commercial property insurance, general and additional coverages in a convenient package.

A business owners policy might be right for your business if:

• The business is located outside of your home
• You employ fewer than 100 employees with less than $5 million in annual sales
• You own/lease property or equipment that needs protection
• You would like to protect investments in your business

Commercial property insurance protects your business from a small to major loss.
Examples include:

• If a fire that destroys your building and contents inside
• A burst water pipe that damages important documents
• A storm that damages exterior collateral, like your outdoor sign
• Regardless if you own your building, lease office space, or work from home, business property insurance can protect your business's real assets.

Commercial property insurance can protect the future of your business by protecting the following:

• Business building
• Outdoor signage
• Furniture and equipment
• Business inventory
• Business fencing and landscaping
• Damage to others' property

General liability insurance helps cover attorney's fees, medical expenses, and damages you are found legally responsible. General liability insurance can cover defense costs, regardless of fault, and offers protection for judgments, court costs, and more.

GLI (General Liability Insurance) can be easily customized with a variety of options to best suit your business. Because business needs vary so widely, our agents work with you to determine the right type of commercial liability insurance for the various stages of your business. Endorsements are available to meet the specific needs of your business.

Who needs general liability insurance?
General liability insurance coverage provides protection against:

• Lawsuits, settlements, and investigations
• Medical and injury damages and attorney fees
• Abuse coverage for liability

Incidents that are not covered by a standard general liability insurance policy:

• Auto-related coverage
• Employee injuries
• Intentional acts
• Crime-related losses

Crime-related losses are not usually covered by commercial property insurance. You may want to consider purchasing a commercial crime insurance endorsement for the following:

• Forgery or alteration coverage
• Employee dishonesty coverage
• Employee theft of money and securities coverage
• Burglary coverage
• Computer fraud

Commercial insurance definition
Simply put, commercial insurance is a single policy or multiple policies designed to protect business, the owners, and their employees. Most basic business insurance policies include coverage for property, commercial auto insurance, liability, crime and optional insurance coverage:

• Workers compensation
• Business interruption
• Equipment breakdown
• Cybersecurity
• Employee health benefits
• Dental - vision - disability - group life insurance
• Surety bonds for contractors

Commercial insurance FAQs
When determining the insurance coverage, your business needs, consider the following:

• Location
• Number of employees
• Years in business
• Gross annual revenue
• Whether your business rents or owns vehicles
• Whether your business rents, leases or owns the building(s) they operate from

Would you like information on commercial insurance in Lake Charles Louisiana for your business?  Call our office to discuss your unique bunsiness insurance needs (337) 656-2890.

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