When starting and maintaining a business, there are many expenses that are non-negotiable whether you start online or have a physical brick and mortar. Included in this budget should be commercial insurance. There are a variety of commercial insurance companies, so it’s easy to get confused on which policies are the most necessary for a business owner.
TSL Insurance Group is your local commercial insurance agent, committed to providing the best but necessary policies. We can help you find options for commercial insurance policies, but each business owner will have individualized needs. If you’re still confused about which ones you should opt for, read on for the most common types of commercial insurance.
General liability insurance is typically one of the most popular insurance policies for businesses and rightfully so. It is needed to protect your business from events that you just can’t plan for. This will include bodily injuries, personal injuries, property damage and advertising injury. For bodily injuries, this will cover injuries that could happen to customers, employees, vendors or visitors on your business property. An example of this could be if an elder customer slips and falls and hurts themselves while in your store or office. Personal injury of course pertains to actions or negligence due to your employees. Property damage also covers damage that could be done by your employee. Advertising injury is different in the way that it covers you from slander. This will be very important in protecting your brand and its reputation.
Business Property Insurance
Next, another important policy covered by commercial insurance companies is Business Property insurance. As you can imagine, your property can be just as important as the business conducted inside. This is similar to a homeowner’s policy in the way that weather perils and theft is covered. But in addition, you can expect that an indirect loss will be covered as well. For example, if equipment is damaged outside your control, and for a covered reason, and this causes you to experience business loss, you could be entitled to have that covered due to your coverage.
This is a policy that seems common sense to purchase, but you would be surprised how many business owners forgo it, and come to regret that decision. In the heart of Acadiana, we have witnessed from the past few years how hard it can be to pinpoint which areas will flood. Homes and businesses that have never flooded before can find themselves in precarious situations. You’ll want to make sure to purchase this policy if you have a physical location.
Workers Compensation Coverage
As most commercial insurance companies will tell you, this is one policy you can’t skimp on. Not only is worker’s compensation coverage required by federal law, you’ll want to have this in your back pocket for any unintended incidents. This policy essentially covers any workplace accident that results in injury and/or loss of wages. This benefits both the business owner (lawsuits) and the employee.
Your Local Commercial Insurance Agent
As your trusted local insurance policy agent, TSL Insurance Group is committed to protecting your business for any and all situations that may come your way. While our hope is that you never need to worry about these aforementioned scenarios, if you do find yourself in one, the last thing you will have to worry about is if your policy will cover you. We work hard for each client and are proud to have served numerous businesses in Acadiana for the past several years. Give us a call for a free consultation, where we will do a complete audit on what needs your business may have. We look forward to putting together a comprehensive commercial insurance solution for you, so you can focus on the rest of your business.