Commercial insurance is vital for businesses as a viable way to protect against inherent risks and liabilities. According to the Hanneken Insurance Agency Inc. in Little Falls, MN, the commercial insurance required for a business will vary and depend on the company’s type, size, and location, among other relevant business aspects.
Commercial Insurance Options for Businesses
These types of insurance offer business risk protection:
- General Liability Insurance –covers personal injury, bodily injury, and property damage claims, including medical expenses and lawsuits.
- Property Insurance –reimburses for losses (caused by fire, vandalism, natural disasters, theft) related to physical assets like furniture, inventory, equipment, or buildings.
- Commercial Auto Insurance –covers company vehicles against theft, accidents, or damage.
- Workers’ Compensation Insurance –offers coverage (for lost wages/medical fees) for business employees who are injured in the workplace. It also protects a business against workplace injury lawsuits.
- Errors and Omissions (E&O) Insurance – a.k.a. professional liability insurance protects professionals against negligence or inadequate performance claims, including legal fees and related settlements.
- Commercial Umbrella Insurance – adds coverage beyond the upper limits of existing policies.
- Cyber Liability –covers potential losses (including reputation management, legal fees, etc.) caused by cyber events – i.e., hacking or data breaches.
- Business Interruption –covers lost revenue and extra expenses due to a covered event that may disrupt routine business operations.
- Employment Practices Liability – protects against employment practices, such as discrimination, wrongful termination, or harassment.
- Environmental Liability – protects against environmental damage caused by business operations.
- Product Liability – protects manufacturers or sellers of faulty products that cause harm.
Contact a Leading Little Falls, MN Insurance Agency
For more information and help assessing your business risks and needs, contact the Hanneken Insurance Agency Inc. at 320-532-6592 or online.