As a business owner, one of the most essential steps you can take to minimize your investment risk is to buy adequate insurance coverage. However, there are many different commercial insurance policies available, making it difficult to know which ones you need. The best way to make sure your operations are properly protected is to learn about each type of policy before deciding what to add to your plan.

The professionals at Charles Adams Insurance Agency strive to make the insurance shopping process as easy as possible for every client. They have helped numerous Ashland, KY, businesses find the right coverage at the most affordable rates. Below, they discuss some of the most important forms of commercial insurance to know about when you run a company:

5 Commercial Insurance Options Every Business Owner Should Know About

1. Property

Property insurance is a must-have for any business operating out of a physical location. It covers damages made to the structure and the contents inside due to events such as fire, extreme weather, and vandalism. It will also help replace inventory, furniture, and equipment in case a break-in occurs.

2. General Liability

General liability coverage protects businesses against claims of negligence. If someone gets injured on a company’s property, they may point fingers at a hazardous environment and file a claim for compensation. A liability policy will pay for legal fees associated with the case and any judgments awarded to the injured party.

3. Workers’ Compensation

Workers’ compensation is one type of commercial insurance policy that is typically required for businesses to carry. It provides employees with benefits if they suffer a work-related injury or illness, covering their medical expenses and loss of income.

4. Business Interruption

Business interruption insurance is designed to help replace a company’s lost profits due to downtime after a disaster. If an incident takes place causing a business to cease its operations for any amount of time, this coverage will make up some of the forfeited income until the doors can be reopened.

5. Commercial Auto

If a company uses vehicles to conduct business in any capacity, it will need commercial auto coverage. These policies have higher limits than personal car insurance policies and will pay for bodily injuries or property damages others may sustain in an accident caused by a company vehicle.   

Insurance needs will vary from business to business, so it’s crucial to go over all of your options to ensure you put together a complete plan that matches your specific requirements. An experienced insurance agent will assist you with this process. Contact Charles Adams Insurance Agency by calling (606) 325-9709 to request an insurance quote, or visit the website to learn more.