Commercial insurance is like having insurance for your home and car. Commercial insurance provides insurance for your business which also needs protection. Now you may ask, why does a business need protection? Businesses are prone to risks, and this is covered by commercial insurance.
For example, if someone comes to your business and there is water or a loose step that would cause them to slip and fall, commercial insurance will cover these types of slip and falls and accidents. When someone is injured, the commercial insurance covers it under the commercial liability coverage. This type of coverage helps you with legal expenses and medical claims.
Now what if there was a fire in the business while you were not in the office? This type of coverage will cover the damage to the property, loss of property damage (for example, computers, chairs, desks, the list can go on). The commercial insurance also covers the business property and the unexpected disruptions. If your business had to shut down due to the renovation during the claim and while commercial insurance is helping them pay the repairs, think of the loss of revenue from the damage.
Therefore, commercial insurance also covers when the business has to shut down temporarily due to a covered event. Commercial insurance can help the costs of keeping things afloat during the shutdown of the business while the repairs are being made.
In the event there was a fire and there were funds (monies) kept at the business site, commercial insurance might also cover lost income, plus additional expenses for temporary setups or even the cost of running the business from a temporary location.
In simple terms, commercial insurance safeguards the business from unexpected events and helps business owners to continue to operate their businesses. Unexpected challenges can happen to any of us, like a flat tire when driving by, having the commercial insurance eases the burden on the owner and it lends a hand when things get rough.
Liability Insurance | Liability and Commercial Insurance Hinsdale, Illinois
Commercial insurance comes with many different types of insurances and its needs. Of the many recommenced commercial insurance is the liability insurance.
Liability insurance itself has many different types of insurances such as General Liability Insurance, Professional Liability Insurance with or without Errors and omissions insurance, product liability insurance, employers liability insurance, Directors and officers Liability Insurance and Umbrella Liability Insurance. These are a few common commercial liability insurances listed above. Each one of the liability insurance has a unique purpose of coverage.
Lets start with General Liability Insurance. This type of liability insurance covers a wide range of liabilities such as property damage, bodily injury, personal injury such as slander or libel.
Next, the professional liability insurance is designed for professions such as medical doctors or lawyers. It protects these professionals against any claims of negligence and Errors and Omissions when these professionals may miss any important data that was needed to be included.
The Product liability insurance is specifically designed for sellers of products such as manufacturers and distributors. If the product created at this manufacturing company was damaged and could have harmed someone, this will also impact the distribution company. Product liability covers these types of businesses. It covers their legal expense and also the damages results for the defective product that caused harm or injury.
The Employers Liability Insurance protects employers. It protects employers from legal liabilities that arise from employee injuries and illnesses while working. Employers Liability insurance is mostly included in as a part of Worker’s compensation insurance.
The Directors and Officers Liability Insurance, also known as D&O Liability Insurance covers and protects the personal assets of directors of a company. D&O Liability Insurance also covers legal expenses and damages when a Director is personally sued for alleged wrongdoing or wrongful acts in managing the company.
Finally, Umbrella Liability Insurance is similar to its name and provides additional coverage on top of all the underlying liability policies. This liability insurance covers against large and unexpected claims that could exceed the covered limits of the primary insurance.
Liability Insurance policies, like any other insurance will come with a deductible that will be the responsibility of the policyholder. The deductible is to be paid prior to the remainder of the insurance can be applied. Since there are many types of insurances, having someone who is knowledgeable in this area is important and you may reach out to Karsten Financial serving the Hinsdale area in Illinois by contacting our website at karstenfinancial.com