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If you own a business, you need insurance to protect your company from devastating financial setbacks. Depending on the type of company you operate, you might need some or all of these forms of coverage.

Liability Insurance

A business owner’s policy includes general liability coverage. That will pay the bills if your company or someone associated with it causes injuries to another person or damages someone else’s property. 

Professional liability insurance, which is also referred to as errors and omissions insurance, can cover consequences that arise from an employee’s mistake. For example, if you run a business such as an accounting firm or a real estate brokerage, professional liability insurance can cover a claim related to negligence, inaccurate advice, or misrepresentation.

Commercial Property Insurance

This type of insurance will cover the building where your business is located, whether you own or rent the space. It will also cover your company’s tools and equipment, inventory, and other physical assets if they get damaged or destroyed by a covered peril, such as a storm, fire, or theft.

Commercial property insurance includes business interruption coverage. If you’re unable to operate your company due to a covered loss, business interruption insurance can replace lost income.

Workers’ Compensation Insurance

If your company has employees, you’ll most likely be required to have workers’ compensation insurance. If an employee gets hurt on the job or becomes ill due to work-related conditions, workers’ compensation coverage can pay the person’s medical bills and cover lost wages and other expenses.

Commercial Auto Insurance

If workers use company vehicles to perform their jobs, your business needs commercial auto insurance. It will cover the bills if an employee causes an accident that results in injuries or property damage to a third party. 

Commercial Umbrella Insurance

Sometimes a serious claim results in medical bills and other expenses that exceed an insurance policy’s coverage limit. In that case, commercial umbrella insurance can fill in the gap. 

Commercial umbrella insurance can extend the coverage limits on multiple insurance policies. With that broad, flexible protection, you won’t have to worry about an accident derailing or bankrupting your company.

Find the Right Insurance Coverage for Your Business

Insurance companies offer several forms of coverage for businesses. A member of the team at Petruzelo Insurance can discuss your company and the risks you face and help you choose a business insurance policy that fits your needs. We’ll get quotes from several top insurers and find you the coverage you need at affordable rates. Contact us today to learn more.