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5 Types of Commercial Insurance for Your Business

We get it. 

You're excited about getting your business up and running, and insurance is the last thing you want to think about. It's boring and tedious, and you'd rather spend your time excelling at whatever it is you do. 

At Nauroth & Associates, we've made commercial insurance our business. To make things easier for you, here's a list of five of the best business commercial insurance policies for your small business. 


1. Business Interruption Insurance                                                                                           
One of the most important types of commercial insurance you can have is business interruption insurance.                                                                                                     

While it's necessary to prepare for whatever might come your way, sometimes it's impossible to anticipate the kinds of events that might affect your business. The COVID-19 global pandemic is a case in point. In such circumstances, business interruption insurance is a lifesaver. 


As the name suggests, this type of insurance will protect your business in case of an unexpected work hiatus. It's something no small business owner can afford to do without. 


2. Commercial General Liability

Owning a small business means taking on a certain amount of risk. 


Some of this you can prepare for, but some risks are more difficult to guard against. For instance, when someone enters your business property, you're at legal risk. Should something happen, such as an accident that leads to injury, you could be subjected to a liability lawsuit. 


Commercial general liability insurance will help protect your business against bodily injury and property damage claims. It's an extra policy to help you sleep a little more easily at night. 


3. Product Liability Insurance

If your business manufactures or sells physical products, product liability insurance is a must. 


This type of business commercial insurance provides protection in case of a faulty or defective product. If the product sold by your business should cause an injury, or be found defective in some way, you could find yourself on the receiving end of a costly lawsuit. 


If you don't have product liability insurance, such lawsuits could put you out of business. 


4. Professional Liability Insurance

On the other hand, perhaps your business doesn't sell any kind of product. Instead, it provides creative or professional services. 


In this case, you'll want to opt for professional liability insurance. This coverage will help to protect you against lawsuits that claim a financial loss, due usually to an error or omission of some sort in the service your business provides. 


5. Property Insurance

If your business is operated out of a physical, commercial building, you can't be without property insurance. 


The reasons for this are obvious, but they're worth restating. You never know when your business might be the victim of devastating wildfires, storm damage, vandalism and wanton damage, or any other kind of disaster, anticipated or otherwise. 


Commercial property insurance will cover the repair or replacement of business equipment, electronics, inventory, etc., in case of damage to your business. 


Find the Best Commercial Insurance for Your Business

When you're just starting out, you don't want to consider the rainy days ahead. But finding the right commercial insurance for your business has to be a priority.


So it's important to be prepared, and just hope you'll never need it. Contact us today at Nauroth & Associates Insurance Brokers Ltd., and let us help you find the right insurance coverage for your business.