If you are in the business industry, you need to determine which one of the two business insurance or commercial insurance is right for your particular line of business. As you probably know, commercial insurance is designed to protect you from a variety of different liabilities. This may include injury claims, property damage claims, product liability claims, and more. If you are a sole proprietor or an employee, you have a different set of risks.
Because you have a greater number of potential claims at your fingertips, you should learn all you can about insurance. You want to learn about how you are protected against a variety of different liabilities. You also want to learn about how the company you work for is protected against these same types of liabilities. In this article, we will discuss how you can learn more about this important issue.
One way to learn more about insurance policies that protect you against liability is to contact your state's department of business licensing and regulation. The department will help you determine what types of commercial policy coverage you may need, and will explain the differences between this type of coverage and your personal types of coverage. Your state commercial policy will outline the liability insurances that you are required to carry. For example, some states require you to have two to three million dollars worth of property coverage. While you may need slightly more than this amount, it may be enough to cover your business adequately.
The best way to learn the ins and outs of your commercial liability policy is to talk to an insurance expert who can assist you. You can contact an agent who works for a commercial insurer or you can contact a broker who specializes in working with insurers. Either way, you will be better informed about your choices and have the opportunity to compare rates before making any final decisions.
The next thing you should do is consider the different types of commercial policies that are available to you. These can include general liability insurance, property coverage, and limited home business insurance. General insurance coverage will protect you against damage that you cause to others. Property coverage will cover damages to properties that you own or that are leased by your company. Limited home business insurance only applies to companies that employ five or less employees.
If you want to learn the ins and outs of car insurance premiums, then you may want to speak to your auto insurance broker. He or she can tell you which companies offer the best rates, and which ones may be the most financially sound. You should always keep up with your premiums, so that you are never caught short on this important protection. If you want to learn more about car insurance coverage vs commercial insurance, call a local auto insurance company today.
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