It is very important for every business owner to protect his or her business against potential hazards and lawsuits with a commercial insurance policy from Dune Lakes Insurance in Inlet Beach, FL. However, many business people get confused when it comes to choosing the right type of commercial insurance that satisfies the specific needs of their businesses. Here are some of the crucial commercial insurance coverages you should consider when starting a business.

Workers’ Compensation

Employers are required to carry Workers’ Compensation to cover medical bills and death benefits for their employees in case they get injured or die while at their respective workstations. The policy will also protect your business against lawsuits. The Workers’ Compensation policy comes in handy when the employee needs to be paid for lost wages or other hospital bills until the employee is fully compensated for his or her losses.

Property

The policy protects the business premises and all the contents inside the building. Dune Lakes Insurance offers additional coverage for loss of rent. Therefore, it is a good idea to purchase the property policy regardless of whether you own the commercial building or you are renting. Without the policy, you may end up paying a lot of money-out-of-pocket or even close shop in case of pricey lawsuits. In fact, most startups without this policy close down even before they get off the ground.

Liability

As a business owner, you need general liability coverage to protect your business against liabilities. The policy will cover the full cost of defense and pay settlements up to the policy’s limit. The policy is divided into premises limit, aggregate limit, and products or operations limit. While the aggregate limit will pay for all your claims, the premises, and operations limits will cover individual claims that your business may encounter.

Auto

The policy protects your business vehicles. It can also cover personal vehicles used for running business errands. Therefore, you need to discuss your commercial insurance needs with your insurer to ensure that every vehicle used for business purposes is properly covered. The policy comes in handy when your business automobiles get damaged in the event of an accident.

Do you own a business in Inlet Beach, FL? Consider buying the right type of commercial insurance to ensure that your investment is fully protected. You can contact our knowledgeable commercial insurance specialists for more information on how to get started.