When you own a company, you need commercial insurance to protect your property, assets, and employees. Also known as business insurance, it comes in several types to provide protection for different aspects of your operation. The guide below explores some of the most useful.

5 Types of Business Insurance

1. Property Liability

When you own or lease a commercial space for business purposes, property liability insurance covers damages from vandalism and theft, as well as smoke, fire, and storm damage. It protects both the structure and its contents, such as your inventory, equipment, and tools.

2. Workers’ Compensation

Employees who sustain injuries on the job that were not their fault—such as injuries from unmarked slippery flooring or a falling object—are protected under a workers’ compensation policy. It pays for their medical expenses and lost wages to help the employee recover comfortably. Having this protection in place also helps owners avoid liability lawsuits.

3. Professional Liability

Also referred to as errors and omissions insurance, professional liability coverage protects your business from service failures resulting in injuries and personal property damage. It also offers coverage against negligence. For example, it would pay for incidents such as your salon employee accidentally burning a client’s hair or if an accountant with your company made a bookkeeping error.

4. Product Liability

If you manufacture or sell products, you need product liability insurance to guard your business against faulty inventory claims that cause injuries and property damage. Suppose you produce a tool that is defective—this form of business insurance would offer financial protection.

5. Commercial Auto

Whether your business uses one or a fleet of vehicles, commercial auto insurance covers collisions due to your team or other drivers. It also covers property damage and bodily injuries caused by your commercial vehicles, as well as vehicle damage resulting from flooding, fires, vandalism, and theft. 
 

Discuss your business insurance needs with Kirk Insurance Agency for friendly, dependable services. Assisting the Texas panhandle since 1999, this carrier provides individuals and small business owners with customized policies from experienced agents. Learn more about their products online or call (806) 659-2794 today to get started.