What Are the 4 Most Common Types of Commercial Insurance?

Commercial insurance covers businesses against losses associated with liability lawsuits and damage to property, among other risk factors. Business owners in the University Place, WA area have relied on MTC Insurance Agency Group to connect them with the best commercial insurance for years.

What Is Commercial Insurance?

This cover monetarily protects your enterprise from liabilities such as lawsuits, worker or client injuries, theft or damage to property, and other unforeseen circumstances.

The Four Most Common Types of Commercial Insurance

  • Commercial general liability insurance. This is usually the initial kind of insurance businesses purchase as it encompasses the most common hazards, such as damage to property, physical injury, and medical expenses. When you are liable for third-party harm or property damage both on and off the premises, you should have commercial general liability coverage.
  • Property insurance. Property acquisition often comes with equipment investment too. This may be in the form of tools, furniture, computers, and other items. Commercial property insurance covers items such as those as well as inventory. Property insurance is quite essential as it provides monetary compensation to legal occupants of premises with its content when covered circumstances occur.
  • Business interruption insurance. When your business operations are interrupted by natural disasters, theft, or property damage, you will likely lose revenue. Business interruption insurance covers your enterprise’s past property insurance. Additionally, it encompasses scenarios that may hinder your earning ability. This cover is especially useful as it seeks to return your enterprise to the financial position it was in had no loss occurred.
  • Cyber liability insurance. This protects both you and your clients in the event of an online attack or malfunction. Keep in mind that this depends on the scope of your policy. It extends a mix of coverage options to aid in the protection of a company from compromising data and other cyber security vulnerabilities.

Give Us A Call

To find out more about commercial insurance and which policies suit you, contact MTC Insurance Agency Group in University Place, WA, and get your enterprise protected today.