What Commercial Insurance Is and Is NOT

A lot of new entrepreneurs are surprised to learn the variety of insurances that are available, depending on the needs of the company. There are a lot of questions to be sure to understand when looking into obtaining insurance. The professionals of Monterey Insurance Group Inc., serving the Huntington, MD area, can answer these and more.

What is Commercial/Business Insurance?

Essentially, it is a broad range of policies that are available to protect your business from financial loss should unfortunate situations arise. 

What Does it Cover?

Being a range of policies, it consists of one, or more, of the following depending on the business needs. This is far from all of the policies available, but are among the most common.

  • General Liability. This covers damages to others caused by your company.
  • Professional Liability / Malpractice. This covers professionals from damages caused due to negligent or wrongful acts, advice, or other services that led to a loss.
  • Product Liability. This covers faulty products should any cause damage or death.
  • Workers Compensation. This covers employees should they become unable to work due to a condition caused by the workplace. 

What Commercial Insurance is Not

Essentially, this depends on the elective coverages you take. General liability usually does not cover damages caused by most natural events. Similarly, it may not cover the property of any customer that is on your premises. It also does not automatically protect any personal property of the business owner that may be otherwise uninsured.

Commercial insurance needs are very specific to your business. Certain coverages may be overkill for a small business that operates from the home. However, other policies may be good to protect that home. Contact the professionals of the Monterey Insurance Group Inc., serving the Huntington, MD area, to learn what your needs are, and what you may also want