Written by Andy Gurczak

September 22, 2022

The Types of Insurance Businesses Need

The Types of Insurance Businesses Need

There are many types of insurance coverage options for businesses small and large-and everything in between. Business insurance protects your company from different risks that can come up during everyday operations. However, there are several types of business insurance businesses need.

For instance, many business owners start with a Business Owner’s Policy (BOP) for their small business insurance needs. It combines three essential coverages: general liability insurance, commercial property insurance, and business income insurance.

In addition, businesses can add other business insurance coverages to get more protection. For example, if your business provides a professional service to customers, get a professional liability policy.

That policy can help protect your business from claims that it made a mistake in the professional services given.

We also know this type of insurance as errors and omissions (E&O) insurance.

General liability insurance is also known as business or commercial liability insurance. This insurance protects your business from claims it caused bodily injury to a visitor or customer.

In addition, it covers claims of property damage to another person’s belongings.

Lastly, it covers claims of other personal injuries such as libel or slander.

Commercial property insurance protects your owned or rented building and the equipment you use to run your business. Consequently, you have coverage if a hurricane or fire damages your buildings, equipment, etc.

However, this insurance doesn’t cover damage from earthquakes or floods. You’ll have to get separate policies to cover flood and earthquake damages.

Other Types of Business Insurance

If you can’t run your business because of covered property damage, business interruption insurance can help replace your lost income. This is also called business income insurance.

You can use this coverage to help pay for fixed expenses, like rent, utility bills, property taxes, or payroll.

Commercial umbrella insurance increases coverage limits for some of your liability policies. Consequently, if a claim exceeds the limits on your policy, your umbrella insurance can help cover the difference.

Commercial umbrella insurance is not very expensive. Therefore, it is worth it to get that additional coverage to protect your business.

Many states require businesses to get workers’ compensation insurance. This insurance gives your employees benefits if they get hurt or sick from their job. These benefits can help pay their medical bills.

In addition, workers’ comp replaces most of their lost wages if injuries force them to miss work.

Lastly, data breach insurance protects your business after a data breach. As a result, if personally, identifiable information gets lost or stolen, this insurance provides coverage for costs the business incurs relating to the data breach.

Commercial auto insurance covers the business and its employees on the road if they drive company-owned vehicles for business. Therefore, it will cover property damage and bodily injury claims if one of your employees causes an accident.

If You Have Questions About the Types of Insurance Businesses Need, Call AllCity Adjusters

We are a family-owned claims company with five decades of combined adjusting experience. Consequently, if there’s one thing we understand, it’s that you need 100% of your claim value.

Insurance companies undervalue your claim 8 out of 10 times. They hire expensive claims adjusters to ensure they maintain a strong profit margin. Additionally, they have experienced actuaries that help their team of agents challenges your insurance claim’s validity and value.

Of course, having all or part of your roof torn off your home by a storm is a tumultuous event. Therefore, get an agency that gets you more during the claims process.

The first thing to remember is that we are experts on all types of commercial insurance policies. Moreover, we can review your business operations with you. Then, we can tell you what types of business insurance policies you need.

In fact, we’ll make sure you get the coverage you need to protect your business from natural disasters, fires, and other events.

And if a fire, hurricane, etc., damage your business, assess the damage to your property. Then we’ll help you prepare and file an accurate and complete claim with the insurance company.

In addition, we’ll collect and organize supporting documents, such as photos, repair estimates, and an inventory of damaged equipment to give to the insurance claims adjuster.

Importantly, we know how the claim process works. Therefore, we will get the necessary documents to the insurance carrier to resolve your commercial insurance claim settlement faster.

Then, we will contact your insurance company to negotiate a settlement for you. A settlement that will get you the money you deserve.

Don’t get fooled, get the company that gets you more. Call us today at 844.692.3587. Or you can visit our website to find an office near you.

free claim review

Best way to beat the insurance company is to hire AllCity Adjusting

At AllCity Adjusting we help residential and commercial clients alike get the claims support they need. Moreover, we have over 50 years of combined experience helping get our clients the max settlement time and time again. If your claim has been low balled or denied entirely we can help increase your maximum settlement. Call us today for a FREE consultation. Experience the AllCity difference.

public adjusting call support

Real Support When You Need It!

Related Articles

Maximizing Commercial Roofing Insurance Claims: A Comprehensive Guide

Maximizing Commercial Roofing Insurance Claims: A Comprehensive Guide

What's In This Article Maximizing Commercial Roofing Insurance Claims: A Comprehensive Guide Understanding the Importance of Commercial Roof Insurance Claims The Coverage and Claims Process Steps to Maximize Your Commercial Roof Insurance Claim Document the Damage...

Exploring the Role of Public Adjusters in Commercial Roofing Claims

Exploring the Role of Public Adjusters in Commercial Roofing Claims

What's In This Article Introduction The Complexity of Roofing Insurance Claims The Role of Public Adjusters Navigating the Claims Process Expert Damage Assessment Negotiating Fair Compensation Understanding the Claims Adjuster's Work Insurance Claims Adjuster vs....

Introduction to Roofing Insurance Claims

Introduction to Roofing Insurance Claims

What's In This Article Introduction to Roofing Insurance Claims Understanding Roof Damage and Insurance Policies Do: Understand Your Insurance Coverage Don't: Delay Reporting the Damage Do: Document the Damage Don't: Start Repairs Before Documenting Damage Do: Choose...

Understanding Insurance Dealing with Adjusters

Understanding Insurance Dealing with Adjusters

What's In This Article Understanding Insurance Dealing with Adjusters Why Are Roofing Insurance Claims Important? How to Deal with Insurance Adjusters What Damages Can You Claim? Understanding the Role of Insurance Adjusters Choosing a Reputable Roofing Contractor...

Debris Removal After a House Fire

Debris Removal After a House Fire

After a house fire, even a small one, the property owner will likely have to remove damaged or destroyed items. However, debris removal after a house fire can be complicated by the presence of hazardous material, like damaged propane tanks. Typically, insurance carriers will cover the cost of debris removal up to a point. However, how much coverage your homeowners’ insurance will provide depends on the insurance company and the policy terms.

Salvageable v. Non-Salvageable Property After a Fire

Salvageable v. Non-Salvageable Property After a Fire

If a fire has occurred at your home, your first concern, of course, is the safety of yourself and your family. However, depending on the extent of the fire damage, you will have to resolve the issue of salvageable v. non-salvageable property after a fire. Homeowners’ insurance protects your home itself (Dwelling Coverage) and its contents (Personal Property Coverage). High heat, smoke, and soot can cause extensive damage to your personal property, such as clothes, furniture, hardwood floors, and appliances. For instance, smoke damage causes fabrics, clothes, and soft goods to reek of the smell of smoke. Additionally, smoke and soot can discolor objects and reduce the life span of electronics and machinery. Consequently, you and your insurance company will have to determine which personal property is salvageable v. non-salvageable property after a fire.

Stay Up to Date With The Latest News & Updates

Don't Wait - Get More

Get a free 1 hour consultation on your next call. So call today and challenge the insurance company narrative on your policy claim. We can help you with all your public adjuster claims support. Let us help you get more.

public adjuster service areas background

Join Our Newsletter

Do you want to learn more about public adjusting. In this newsletter we create helpful tips and hints and you will receive notifications when we post new articles.

Follow Us

Follow us on the following social networks.

Call Us Now

AllCity Adjusting

All City Adjusting