Not all businesses are the same, and neither are their insurance requirements. So, today, we at Holmes Insurance Services, serving Youngsville, NC are talking about the different types of commercial insurance available to you, the business owner.
Property insurance is for your property, including your buildings, inventory, and equipment, but usually excludes glass. It may also be structured to cover vandalism and theft.
Commercial Auto Insurance
This one is for your business vehicles and functions much like normal auto insurance, and there will be different sections, including liability, damage and theft.
Fire and Extended Coverage
This one protects you from physical loss due to fire. Extended coverage can either be named peril, meaning you are insured for all the perils you have specified in your policy, or all risk, which means you are insured for all risks, excluding those specifically excluded in the policy. Flood and earthquake insurance will need to be purchased separately.
This insurance type is for when your business is interrupted to such a point that it affects your income. But your expenses remain the same. It is usually linked to physical disruption.
Commercial General Liability
This type of insurance provides financial protection from liability. This may mean liability when someone is injured on your premises or hurt when using your products. Because liability is expensive, some liability sections include cover for defense costs.
Umbrella insurance is additional liability insurance sitting above your other insurance policies and is triggered when your other liability policies are exhausted.
Combination or Package Policies
These are most often used by smaller businesses and combine several types of insurance, including general liability, property insurance, and business interruption.
Speak to Holmes Insurance Services, serving Youngsville, NC, about your commercial insurance requirements today!