What You Need to Know About Business Insurance

Business insurance is crucial in risk management. Protecting your business against unseen events while mitigating financial loss is why every business needs coverage. While business insurance is a term for several different coverages, they all protect your business to ensure operations proceed. Let's look into some common business insurance types that will cover your company.


Commercial

Commercial insurance is coverage for aspects of the business rather than individuals. Commercial auto insurance protects in the case of physical damage, theft, and bodily injury. Property insurance covers damages to property such as buildings, equipment, inventory, and other assets at risk of being damaged. An umbrella policy is necessary for the assets not covered by the other policies. This coverage acts as a safety net for any other losses incurred to keep your business protected.


Group

While commercial insurance covers property and other assets, group insurance policies protect you and your employees. Group life insurance covers employees in the event of a death, providing financial protection to the beneficiaries of the employee. This should be an essential part of an insurance package due to the protection of the employees and the business. Disability insurance provides regular payments to a member of the group in the event of a serious injury or illness. Group insurance policies like these ensure better company-wide retention and make positions within the company attractive to new applicants.


Liability

General liability coverage is a type of business insurance every company should have. This policy protects against any liability claims for property damage and bodily injury outside of operations. Professional liability insurance protects the costs of defending against a claim, damages, or a lawsuit. This coverage ensures financial security for your business, protecting against financial risks.


Other
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A business owner's package combines all of the basic business packages into one bundle. This coverage is ideal for any small or medium-sized business for its cost-effectiveness, customization, and risk management. While convenient, it will also provide you peace of mind while you grow your business. Worker's compensation is often a legal requirement for every business. This is essential for covering employees and creating a safer, more productive work environment.


Getting the necessary business insurance for your company is essential for staying protected against risks. According to IBISWorld, there are 410,176 insurance businesses as of 2023. However, not all of these companies are equal in the quality of service they offer. Rollo Insurance is dedicated to giving you the right coverage at the best possible price. Call us today or fill out the form on our website to get started with our insurance coverages.