When you have your own business, you know how important it is to find any way you can to alleviate expenses. However, you can look into inexpensive commercial insurance to help you lessen the costs of finding reliable insurance to protect your business. You can find a policy to protect your property and other structures you use in business, your vehicles and even your business reputation. There are many types of commercial insurance common to all business as well as those special to certain industries.
For instance, nearly all businesses will need some type of property insurance. This policy will cover damages and losses to your property in the event of accidents such as fires, burglary, equipment breakdown and natural disaster so that you can rebuild or replace. Debris removal insurance is similar in that it covers the cost of removing the debris after fire, flood, storm, terrorist attack or some other similar event.
If you are a professional with your own practice or working under another, you will want to look into errors and omissions insurance. This policy will protect you in case a client or customer claims your job performance or lack of job performance has resulted in negligence. An E O policy will cover the costs of your defense legal fees and any damages that may be awarded but usually does not cover punitive damages.
You also need to look into some form of auto insurance, especially if your business is heavily dependent upon usage of vehicles. You need to carefully examine your auto insurance policies to be sure not only all your vehicles are covered but also everyone who will be operating these vehicles. You should also be familiar with your states minimum requirements for insurance to be sure you are in compliance with state mandate.