Every company and client has their own unique risks and economic perils.
Asco Insurance takes pride in cultivating a program that addresses your unique company needs.
We will assess and quantify your company’s exposure to loss, and develop a specified insurance program to diminish risk.
Commercial Insurance Products
- Property Insurance
- General Liability Insurance
- Workers Compensation
- Professional Liability
- Commercial Auto Insurance
- Umbrella Insurance
- Inland Marine
If you own a business, you need insurance.
And most likely more than one kind of insurance to cover all the different scenarios and things that can happen in the course of doing business.
What’s more, there are multiple types of insurance for business owners based on their type of business, number of employees and the roles of their employees, and the equipment or tools they may handle as part of their jobs, and more.
Commercial Insurance is one of the most common types of insurance that you’ll require as a business owner.
The term “Commercial Insurance” covers things like workers compensation insurance, general liability, building insurance, and a number of other things that you as a business owner need to be covered for.
And Commercial Insurance is one of the most important kinds of insurance you should carry if you own a business or even a home, and here’s why…
What Is Commercial Insurance?
Commercial Insurance covers business owners against the loss of property, damage to property, and related liabilities; it includes vehicle insurance, workers compensation, liability insurance, property insurance, and other related types of insurance coverage.
You might need most, if not all of these coverages depending on your business, the work that your employees do, the equipment they use, and the building(s) your company operates in.
In regard to Commercial Insurance, most businesses need general liability, property insurance, and workers compensation at the very least, but depending on your industry and the type of business you’re running you may need other types of insurance (which are detailed further down the page).
Why Do You Need Commercial Insurance?
Liability insurance and Workers Compensation insurance will protect you and your business from potential financial losses if you are proven to be legally at fault or liable for injury to an employee or customer as well as any property damage.
Note to be considered legally liable for damages or injuries, you or your team must have actually been negligent – which can be defined as demonstrating a failure to use proper care in personal actions.
If that negligent behavior results in harm to another party, the negligent or offending party is then legally liable for damages.
Casualty insurance is meant to help cover these liabilities and protect your business.
As a business owner, you should be aware of “third party losses”.
The term third party losses is often used in the insurance industry to refer to liability losses and you’ll probably see it referenced when discussing business liability or casualty insurance.
You should understand that in this case the insured (you/the business) is the first party, the insurance company is the second party, and the third party is the person or persons to whom the damages are paid out.
Liability insurance is meant to protect each of these entities, but it might be most important for you as the business owner, since you likely have the most to lose.
Be sure to bring up this topic when you’re deciding on what type of insurance you need for your business – if the insurance company doesn’t bring it up for you first!
Nearly every business owner needs some type of casualty insurance, because chances are that if you produce something or have a place of business or both, someone may become injured as a result of their interactions with you or your products.
How Do I Choose The Right Type of Commercial Insurance?
You’ll want to work an insurance broker familiar with your type of business and supply all the information about your employees’ roles, the equipment they use (including company cars and computers, cell phones, and other equipment), and the type of industry that you’re in, since some industries or types of business require specific forms of insurance.
One of the most essential types of insurance for business owners is Workers Compensation coverage, which protects you and your company if one of your employees happens to be injured while on the job.
Liability insurance is another essential item for business owners, since it will protect you in case a customer or outside individual (someone who doesn’t work for your company) is injured or experiences losses as a result of their interaction with you or your employees.
Having liability insurance will help to protect you from financial losses that may occur as a result of accidents that happen in the course of doing business.
Without these types of business insurance, you may need to pay out of pocket for damages or injuries that occur to your employees or customers, along with defense and court costs.
You also won’t likely be able to recoup losses associated with interruptions to your company’s operations if they occur as a result of an accident, injury, or property damage that occurs in the course of doing business.
What Type Of Commercial Insurance Do You Need?
If you have any number of employees, then you need workers compensation insurance to protect yourself if an employee gets injured while on the job in order to cover any costs associated with the care they require for their injuries.
You also need liability insurance, in case someone (a customer, for instance) becomes injured as a result of their interactions with you or your property.
For example, if a customer gets injured in your place of business, or one of your employees gets into an accident while driving a company car and causes property damage or injury to someone else.
Casualty insurance – which includes liability insurance – will protect your business and help you not only compensate the victims, but also cover court costs and potential losses if the accident interrupts the course of your business operations.
There are also policies for cyber-fraud, employee theft, identity theft, and more, all of which may apply depending on the type of business that you have.
Consulting with an insurance broker that has experience insuring businesses in the segment you operate in is imperative in securing future financial health.
If you have a website or your business involves any kind of e-commerce, then you need to ensure that your insurance policies cover your website and issues or misuse thereof.
If you collect any sort of user data, coverage for hacking and identity theft (in regard to your customers data) should also be obtained.
Commercial Insurance and Why You Need It
You most likely want to cover any inventory, computers, tablets, smart phones, or other tools and electronic equipment that are required to run your business or that you have purchased for your business.
This type of property insurance is important because it will cover losses related to the main tools you require to do business.
As a business owner, you can’t afford not to have Property insurance.
You should also know that property insurance is often sold bundled together with commercial building insurance, which applies if you have a physical office, shop or store, factory, production center, or anything similar where you and your employees actually work and that customers may visit.
Commercial Building Insurance May Also Be Necessary
If you own or rent a space for your business, commercial building insurance is just as essential as the aforementioned types of commercial insurance and related types of liability insurance.
Commercial building is a type of property insurance that will help to protect you as the business owner from damage to your property due to a covered peril.
It’s important to have all the possibilities covered in order to protect yourself and your business.