Getting A Handle On Commercial Lines Insurance
Most people have a general idea of what property and casualty insurance are, and Commercial Lines insurance actually falls within this type of insurance. When a business rather than an individual is being insured, it is considered Commercial Lines insurance.
Types of Commercial Insurance Include:
- Multiple Peril – this is general coverage for all types of possible risk such as automobile accidents, employee theft, injury, crime, machinery failure, and so forth.
- Workers compensation – this type of coverage is designed to take care of workers that may have been injured while on the job. It usually provides for such things as medical care, lost wages, and rehabilitation. At the same time it can protect the business from lawsuits by the employee in relation to such injuries.
- Auto Insurance – when a business leases or owns a number of vehicles they usually require business coverage for both the vehicles and drivers.
- Flood and Fire – while fire insurance is usually included within a general liability policy; flood insurance must usually be purchased separately. If the business property is in a high risk area for flooding, this type of insurance is essential
- Errors and omissions – this protects professionals from claims relating to mistakes made in the course of business.
Many other Commercial Lines insurance policies are specific to the business, such as crop insurance, medical malpractice coverage, marine insurance, and so forth. It is important to work with an agent that understands the needs of your particular business so that you can get all necessary coverage.