Many business owners often wonder if they need commercial insurance (the answer is yes BTW) but aren’t sure what it is exactly or where they should start looking. Before you begin the search for a commercial insurance policy, having some general knowledge about commercial insurance will help you understand how much you may need and what you may need covered.
Understanding Commercial Insurance
Commercial insurance is essential for the survival of any business. It is a type of insurance policy that protects you, your employees, your equipment (if you have any) and if you own your building, it provides coverage for it as well. Even if you do not own your building, let’s say you have a retail store and customize the leased space for your shop. There is a commercial insurance coverage that would provide protection for that. Unfortunately, lots of people do not think they are responsible for those types of things and overlook the part of their lease where it says that they are responsible for additions and only find out at claim time that they have no coverage.
Commercial Insurance Coverages for Chicago Businesses
General Liability- This for protection against injuries to a third party or damage to their property caused by you or your employees. Take, for example, if a customer is hurt while at your place of business or an employee damages a customers property while on the job, general liability would kick in. Think slip and fall coverage.
Property Coverage- This type of coverage is for all the items that make up your business, like inventory, equipment, computers, etc. If you decide to renovate your leased space, this may cover the improvements, or if you own the building, it will include the structure.
Business Income Coverage– If a covered loss such as fire forces your business to suspend operations while repairs are made, business income can help you recoup some of those losses during your downtime. It’s essential to understand that this type of coverage does not cover “being slow.”
When you start the application process for commercial insurance, be sure to tell us all aspects of your operations. Commercial policies can have exclusions for specific activities; you do not want to find out at claim time that you are not adequately covered.
Many insurance companies write commercial insurance policies and will write them for just about every type of (legal) business. If you are looking for commercial insurance in the Chicago area, contact Insured ASAP today!
We are here for you!
We utilize the latest technology in the insurance industry to provide a quick and efficient application process. So if you’re strapped for time, allow us to help you obtain multiple insurance quotes asap. Insured ASAP is a full-service agency, but our focus is on helping small business owners obtain the best commercial insurance for their needs. Our small business clients are our top priority.
Contact us today for a fast and easy small business insurance quote!