As a business owner, you know how important it is to protect your business and valued employees against potential losses. Whether you have a startup or a well-established company that’s been in business for a long time, business insurance will help you minimize risks associated with unforeseen property or liability claims. While insurance needs may vary based on variables like company size, industry, insurance budget, and how long you’ve been operating, it’s imperative to work with a qualified insurance broker to secure one or more business insurance policies to protect your financial assets.

At Doeren Mayhew Insurance Group, we provide critical guidance and advocacy as our clients navigate the complexities of choosing from an array of business insurance offerings. By offering customized risk management solutions to business owners, we ensure that your financial health is protected in the face of any number of business-related claims or lawsuits. Here, we provide a high-level guide to business insurance to help you better understand the differences between the two most common types of policies: commercial general liability insurance and commercial property insurance.

Commercial General Liability Insurance

If your business involves working with the public — that is, customers, vendors, and
contractors — commercial general liability insurance policies will provide coverage in the event of third party liability claims. This type of business insurance will cover your company’s legal responsibility in claims of bodily injury and related medical costs, as well as property damage that is directly related to on-site business operations.

For example, you will receive protection from legal liability arising from third party claims of slips and falls or accidents where your company conducts business, be it at an office or on a construction site. Average rates hover at around $400-$600 in annual premiums, but it’s important to speak to your trusted advisor for a more accurate estimate given your unique circumstances and needs. Exclusions typically include workers compensation and claims arising from mistakes, negligence, or omissions on the part of you, your business, or your employees.

Commercial Property Insurance

If your business requires expensive and valuable assets to run successfully, then commercial property insurance provides essential coverage for long-term protection. Common assets that are protected in business property insurance claims include buildings, as well as equipment, appliances, valuable paperwork and records, accounts payable, and company inventory.

Property damage or loss may come from different types of legally-defined perils, some of which are covered in standard commercial property insurance policies, including fire, theft, vandalism, and natural disasters. However, coverage for damages that result from earthquakes, floods, and other types of weather may need to be secured by increasing your property insurance coverage. Average rates hover around $500-$100 in annual payments, but be sure to contact a qualified, insurance professional to discuss your company’s needs.

At Doeren Mayhew Insurance Group, we design customized risk management plans for your business’ needs. It’s important to select the right type of coverage that will ensure long-term financial health for you, your business, and your employees. Contact us to learn more about your business insurance options today.

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