Commercial Insurance ~ Types and Benefits Adapted from Information by Blackadar Insurance Agency You have personal insurance to protect your home and vehicle from loss or damage; you should take the same steps to protect your business with commercial insurance. Commercial insurance helps protect your business from financial risk. As a business owner, it’s important to choose the right type of commercial insurance for your company. Let’s go over the different types of commercial insurance and what they cover. General Liability Insurance - offers a range of coverages including: a If someone is injured on your property due to negligence a Damage to property caused by you or by an employee a Advertising injury (including defamation) If you are sued for any of the above reasons, your general liability policy may even cover legal and court fees, as well as settlements, depending on the specifics of your policy. Workers Compensation Insurance - covers medical expenses and lost wages for employees who are injured on the job. Property Insurance - will pay to replace possessions such as computer equipment, office equipment, etc. should a covered event occur. If you own the building, property insurance can cover repairs or replacement of the building. Some policies even offer business interruption coverage which covers lost profits and expenses while the building is being repaired or replaced. Cyber Liability Insurance - helps protect your business when a cyber breach impacts the company or its clients. Depending on your policy, this insurance is used to help offset costs associated with breaches and recovery. Errors and Omissions Insurance - shields the company from being sued in the event your business makes a mistake. It’s important to remember, a commercial insurance policy has many of the same features as a personal insurance policy, including: Deductible - The deductible is the amount the insured must pay before insurance kicks in to cover the rest of the claim. However, not all commercial insurance policies have deductibles. Policy limits - A policy limit is the most amount your insurance policy will pay for a claim when a covered event happens. Coverages and exclusions - This is a list of coverage conditions and types of coverage your policy offers, while the list of exclusions are the conditions the policy does not cover. The cost of commercial insurance depends on several elements, including which types of insurance your business needs, coverage limits, whether your business filed insurance claims in the past, along with other factors. Take the time to find a good insurance agent - one who is sensitive to your needs, quick to answer questions, and is a good listener. Insurance agents can personalize coverage to meet your company’s needs and help determine what can be done to limit the cost of your policy. WWDR photo. WTR Looking for Answers? You’ve come to the RIGHT PLACE ~ WWDR! 27 MAY 2025 WorldWide Drilling Resource®
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