What is commercial insurance | Greenpoint Business Insurance

Greenpoint Insurance Advisors
All Rights Reserved?Do Not Copy
June 25, 2011

A lot of business owners ask the question ?what is commercial insurance?? There are different types of policies and coverages, but commercial insurance boils down to insuring a business that can be a sole proprietorship, partnership, limited liability or corporation.? It doesn?t matter if it?s a business for profit or non-profit?it?s still commercial insurance.

Commercial insurance typically breakdowns into the following types of coverages for the business:

General Liability

Insurance for protecting the business should they become involved in a lawsuit.? This is typically the case when someone believes the business caused them damage or harm.? This coverage is providing a legal shield for liability and legal defense provided by the insurance company to the business owner.

Tip: Find out if your insurance is claims made or occurrence based.? There?s a big difference between how the insurance? company will recognize your claim.

Business Property

Provides insurance protection for the business owner if something should happen to their business property.? Think of furniture, equipment, computers, valuable documents, and other things of value to the company.

Tip: keep records of all of your purchases.? The insurance company wants to see proof.

Business Income and Exra Expense

What this commercial insurance coverage does is provides a form of ?disability insurance? if something went wrong.? Think of the business expenses you will have to continue to pay even if your business is shut down after a fire.

Tip: think about how much money you would need on a monthly basis to continue operating?

Workers Compensation Insurance

Typically required by law, this insurance is protecting you and your employees should someone get injured while on the job.? This is not about pain and suffering, but bodily injury.

Tip: rates are based on employee job classification and type of industry.? Prior claims can have a dramatic impact on your rate aka experience modification.? Be sure to work with an agency familiar with workers compensation.

Commercial Automobile Insurance

Insurance for vehicles involved and used in the business.? Used for delivery, transportation, or general purpose, these vehicles will need a commercial auto insurance policy.

Tip: make sure the vehicles are properly registered in the name of the business.

Insurance policy forms and contracts

So, what is commercial insurance?? It?s the insurance policy and specific coverages within the policy.? Most people never take the time to read their insurance policy.? Big mistake!? The policy is a contract and agreement with your commercial business and the insurance company.? Most insurance policies will give coverage and then take it away in another section of the policy.

Tip: What is commercial insurance?? Read your insurance policy to find out and work with a knowledgeable insurance agent.

?

To learn or obtain a quote for insurance:? What is commercial insurance? or call 303-841-8999

?

?

Copyright 2011, Greenpoint Insurance Advisors, LLC

?

?

Source: http://www.gpbusinessinsurance.com/what-is-commercial-insurance/

fubar full metal jacket tommy lee worlds fair earth day yuri gagarin crank