3 Types of Commercial Insurance Every Business Needs

Commercial Insurance Brooklyn

As a business owner, you are exposed to a number of risks from the very beginning of your career endeavor. In order to reduce the complications associated with these risks, it is imperative that you have the proper types of insurance coverages in place.

Experiencing one catastrophic situation or experiencing just one lawsuit could do enough damage to destroy your business. The good news is, there are many types of commercial insurance programs that will aid in protecting you, your employees and your business. In this guide, you will learn about 3 of these.

  1. Property Insurance

Regardless of whether you own, rent, or lease the property where you run your business, property insurance is an absolute must. This type of commercial insurance is designed to cover all of your equipment, the inventory, all of the furniture, the signage, and similar items in the event of a natural disaster, the development of a fire, and/or theft.

If you run your business in a region that is known to experience flooding, hurricanes, and/or earthquakes, you may require supplemental insurance as most standard commercial property insurance policies do not cover mass destruction situations.

  1. Worker’s Compensation

The next type of insurance that you will require is worker’s compensation coverage. This should be purchased prior to the hiring of the first employee. This insurance is designed to cover medical expenses, provide disability benefits, and even death benefits if an employee is injured while on your company property and/or performing the work that they have been hired to complete.

While it is true that many jobs are considered to be “low-risk”, you must still consider unexpected accidents and injuries that may occur. Examples include slips, falls, electrical shocks from malfunctioning equipment, and even the development of certain health conditions that may develop, over time, as a result of the work. An example may include carpal tunnel syndrome or heat-related illnesses.

  1. Product Liability

If you own and operate a business that creates and sells products to consumers, it is imperative that you obtain product liability commercial insurance. While it is true that you likely have a quality assurance program in place that checks the safety of all which you manufacture, complications may still arise. This could be due to shipping, damage, the failure of a part, and several other issues.

If your products cause damage or result in damage – be it bodily or pertaining to a product – you could face a lawsuit. This type of commercial insurance will protect you in this situation.

Get Your Commercial Insurance Coverage Now

We here at Modica Insurance offer a wide selection of commercial insurance in Brooklyn, New York. We will work closely with you to determine the specific types of coverage you require and we will ensure that you are offered the most competitive prices.

By contacting us today, you can save yourself, your employees, your merchandise and even your customers in numerous ways from any issues that may arise tomorrow: http://modicains.com/contact-us/

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