As a business owner, how much do you know about commercial insurance?
Whether you’re shopping around for a policy to cover a brand new business, or you’re a business veteran looking to brush up on the logistics of commercial insurance provided by Armor Insurance Group or any other agency, here are some little-known facts about business insurance you should be aware of.
1. Liability Insurance Doesn’t Cover Employees
Are you interested in buying commercial liability insurance in order to cover your employees?
This is a misguided idea; liability insurance covers third-party injuries and damage. This includes any customers or business associates that visit your company on an infrequent basis. Liability coverage is important, but it is designed to cover any costs related to lawsuits or medical damages that result from an incident at your place of business.
If you’re looking for coverage that protects your employees, invest in worker’s compensation instead.
2. All Cars Used For Business Need Commercial Coverage
Do you ever use your personal car to do business work in the field?
If so, you may think that your personal auto insurance will adequately protect your vehicle in case of an accident. However, that’s not the case. If you’re using your car to benefit your business, it needs commercial auto coverage. Whether you’re driving in Virginia Beach, VA or beyond, your personal auto insurance provider will refuse to cover any costs associated with an accident that occurs while your car is used for business.
3. Commercial Coverage Varies By Industry
Did you know that not all commercial insurance is created equal?
As a business owner, you might think that investing in a general liability policy will all aspects of your business. That’s not the case. The type of coverage you need depends on your industry.
For instance, if you have a medical practice, you need malpractice insurance. If you are a writer, you may need author’s insurance Each type of commercial insurance is designed to protect you in specific situations.
The coverage amounts vary as do the purpose of the policies. If you aren’t sure what kind of commercial coverage would suit you best, ask around within your industry. Your colleagues should have no problem disclosing what types of insurance they deem necessary.
Ready to Invest In Your Commercial Coverage?
If you don’t feel comfortable asking about commercial insurance within your industry, visit our friendly agents at Armor Insurance Group in Virginia Beach, VA. We are happy to discuss your options with you and give you a quote for your custom coverage today.