With all the risks that come with running a business, it’s crucial for entrepreneurs to have adequate insurance coverage. There are several different kinds of commercial insurance policies available, and they’re each designed to provide financial security in specific situations. As a business owner, it’s important for you to know what your coverage options are so you can put together a plan that maximizes your protection against loss.

Here are some of the most common types of commercial insurance to consider:

• General Liability: General liability will cover any property damages your business may be responsible for or injuries that occur on your premises. In the event another party brings a lawsuit against your company, this will provide the funds for your legal fees and pay out any settlements you’re found to be responsible for.
• Commercial Property: If your business operates out of a physical location, commercial property insurance will be essential. It covers losses from natural disasters, vandalism, and theft. This will allow you to make repairs to the structure as needed and replace any damaged or stolen equipment and inventory. 
• Workers’ Compensation: Workers’ compensation is typically required if you have anyone working for you. It covers medical expenses should an employee get injured on the job, as well as their lost wages while they’re out recovering. It also provides benefits for those who become permanently disabled from a work-related incident.
• Commercial Auto: If you have any company vehicles, you must make sure your commercial insurance plan includes auto coverage. It offers the same kind of liability protection should you or an employee cause an accident, but it will also protect your business assets.
• Professional Liability: Professional liability, also known as errors and omissions insurance, will cover lawsuits brought against your business that claim mistakes made in your professional services resulted in property damages, bodily injury, or financial harm. This type of situation is not covered by general liability.

The first step you must take when shopping for commercial insurance is learning what your state requirements are. Then, it’s a good idea to work with an experienced insurance agent who can evaluate your business’s unique needs to help you determine which policies to purchase. Albers Insurance Agency is the first place Cincinnati, OH, entrepreneurs turn when looking for the best coverage at the most affordable price. Contact them at (513) 891-3304 to request a quote, or visit the insurance agency online for more information on their successful industry history.