Different Types of Commercial Insurance Near Me
Commercial insurance is a broad term that covers many different types of coverage designed to protect businesses and their owners. It’s different from personal insurance plans, which tend to be more focused on the needs of individual consumers. Commercial insurance near me is important to ensure that your company’s assets are protected and you can continue operating after a disaster or other unfortunate event. It can also help offset costs and prevent lawsuits.
A property insurance policy protects a person’s personal or business properties from certain perils. This includes damage from fire, floods, theft and other unforeseen events.
Property insurance covers buildings and the contents of a home or business, including furniture, electronics, clothing, tools and equipment. It also provides liability coverage if someone is injured on your property.
Commercial property insurance is essential for businesses with offices, warehouses and manufacturing facilities, as well as properties located in flood-prone areas. It can also help cover lost income if your business is temporarily closed due to a covered loss.
There are several types of policies for property insurance, including replacement cost, actual cash value and extended replacement costs. You can buy more or less coverage depending on your risk profile and budget. Endorsements and additional coverages are also available. These add-ons may increase your premium, but can be beneficial when you need extra protection.
General Liability Insurance
General liability insurance protects you from a wide range of lawsuits that occur as a result of your business. It can cover bodily injury, property damage, copyright infringement, reputational harm and advertising injury claims.
Bodily injury and property damage are the most common general liability claims. But they can also include injuries to people who visit your place of business, like a customer who trips on loose flooring and breaks their hip.
Moreover, they can be caused by your employees or the products you sell. This is why it’s important to understand your policy and ensure that you have enough coverage for a claim.
Employment Practices Liability Insurance (EPLI)
EPLI, or Employment Practices Liability Insurance, is an insurance policy that protects businesses against lawsuits that stem from alleged violations of federal, state and local employment laws. These include claims of wrongful termination, discrimination and harassment, retaliation and wage and hour disputes.
These claims can impact organizations of all sizes and industries. They can disrupt operations, hurt employee morale and damage reputations — even before the suit goes to court.
EPLI can help businesses respond to claims with funds for legal fees ready to go, so the business can focus on dealing with the underlying issue. It can also provide access to legal resources and risk management strategies that help organizations better prepare for a lawsuit and reduce the financial damage.
Commercial Auto Insurance
Commercial auto insurance is a business-specific type of auto insurance that protects a business’s vehicles. This type of insurance usually includes liability coverage and can cover both business-owned or hired vehicles.
A small business owner, for example, may have a truck that they use to transport equipment and supplies. They might also hire drivers to drive their business vehicles for occasional trips to job sites and other work-related errands.
Depending on the policy, commercial auto insurance covers a variety of physical damage and liability issues, such as collision, comprehensive and bodily injury protection. Some policies even include medical payments coverage, which pays for accident-related medical expenses, regardless of fault.
Your premium for commercial auto insurance is based on the vehicle you own, its deductible, and other factors. Taking steps to prevent and reduce the likelihood of claims can lower your premium.
BIG – Brock Insurance Group, LLC
820 S Friendswood Dr #103, Friendswood, TX 77546