What Type of Business Losses Are Covered by Commercial Insurance

Business owners in the Richardson, TX area need to assess all the risks they face each day by renting building space and providing a product or service to the general public. Often, this means conferring with staff members of Allegiance Insurance Agency to choose the right commercial insurance coverage that protects the business from all potential losses. 

It’s important for small businesses to protect themselves. Thus, protecting yourself as an owner from financial demise. 

The Importance of Business Interruption Insurance

A standard commercial insurance policy covers all physical damage (office furniture in a fire or a storm-damaged workplace) and pays for the cost of rebuilding or replacing the property itself. But, comprehensive commercial insurance coverage will be needed for the inability to operate your business because of property damage. 

This specialized coverage is called business interruption insurance, which assists with keeping business owners in good financial standing during severe catastrophes. Despite the unexpected disruption, businesses are still required to pay all outstanding debts regardless of lost revenue. The coverage can assist with many of these costs, including rent, utility bills and operating your business from a temporary location. 

Adding Liability and Worker’s Compensation Coverage is Key

Most commercial insurance policies will have additional provisions that include liability coverage. It’s a comprehensive option that is a must for all businesses. Liability coverage will protect them from financial losses that are related to illness, possible medical expenses and personal damage caused by the businesses’ daily operations of products or services offered to consumers. 

Worker’s compensation is another ultra-important commercial insurance coverage for businesses that employ a large number of workers. The coverage pays for all benefits of an employee who has become ill or injured while on the job. In the event of their death, worker’s compensation will make sure the employee’s family receives their benefits as well. 

Small business owners should update their commercial insurance policies on an annual basis, so as to protect their finances. The commercial insurance agents of Allegiance Insurance Agency of Richardson, TX can fulfill all of your coverage needs. Contact them today as they can answer all of your questions. This will ensure your business will have the right commercial insurance coverage to protect your interests.