Explanation of Commercial Insurance Coverage

Business owners should carefully consider their commercial insurance needs, which offer a range of vital protection related to the business. From vehicles to property and the employees within the business, owners can safeguard their investment and lessen the risk of a scenario affecting its growth and presence. The following areas represent some of the primary commercial insurance needs that any business should approach.

Commercial Auto Insurance

A vehicle that is used within the context of business must have its own policy; a personal car insurance policy is not enough, as it won’t cover items that relate to business. If your business uses vehicles to perform routine or even occasional operations, a commercial auto policy is a must.

Commercial General Liability Insurance (CGL)

Bodily injury, property damage, personal injury, and advertising injury are covered with a CGL policy. A convenient catch-all type of policy, many businesses can use it as a starting point for their insurance needs – in terms of liability.

Commercial Property Insurance

A commercial property insurance policy could be thought of as a commercial version of a homeowners policy. You will find similar covered items, such as fire, theft, and natural disasters that pertain to the business property. If your business has some type of physical location, it would require a property insurance policy.

Workers Compensation

Workers that are hurt on the job can rely on workers compensation for lost income and medical expenses. This coverage is commonly required by employers, and it often extends to temporary employees as well.

Business Owner Package (BOP)

Small business owners can take care of many needs in a BOP policy – it often includes vehicle, property damage, business income, property, and bodily injury, as well as other types of basic insurance needs.  Business owners can compare quotes online using an independent agency. This is a valuable option that can save time and money, where owners can receive quotes from several top-tier insurance at once.

Explanation of Life Insurance Coverage

Purchasing life insurance is one of the most important financial moves you can make. The coverage from this type of policy protects your family from financially worrisome situations if you are not there to provide for their needs. When you work with an independent agent, you can get the protection your family needs for less.

What Type of Policy Is Right for You?

One of the most important decisions you need to make is what type of insurance is right for your situation. The biggest factor to consider is time.

• With universal life, whole life insurance and variable universal life the individual is covered for their entire lifetime. This type of policy allows you to borrow from it over your life, too. It can even be a part of your estate plan.

• Term life insurance is in place for a set amount of time. This type of policy is less expensive, but provides your family with financial protection when it is most at risk, such as when you have a mortgage to pay and dependents relying on your income.

There are other options to take into consideration. Child life insurance policies provide financial aid to cover medical costs for the death of a child. Other options include accident death, critical illness, long-term care policies, final expense coverage, and disability insurance. Any can be a good investment for you.

Finding the Right Policy

To ensure you get the right type of policy as well as the most affordable option, discuss your needs with an independent agent. You can get a comparative quote for policies available to you right away. You are not getting a quote from just one insurance provider, though. Rather, you'll receive a quote from numerous local providers through your agent so you can compare your options. That way, you get the best policy for your needs and your budget.