In-Depth: Exploring the Various Types of Commercial Insurance Available
In the business world, navigating the risks of the marketplace is an everyday reality. For companies in Edmond, Oklahoma, and beyond, commercial insurance isn't a luxury; it's a necessity. Varde Insurance Group presents an in-depth look at the various types of commercial insurance available, helping you protect your enterprise from unexpected setbacks.
1. General Liability Insurance:
This fundamental business policy provides defense against bodily injuries, property damage, advertising injury, and reputational harm claims. Whether a customer trips in your store or your advertising inadvertently slanders another business, general liability has you covered.
2. Professional Liability Insurance:
Also known as Errors and Omissions (E&O) insurance, this coverage protects professional service-providing businesses from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
3. Property Insurance:
Whether you own your building, lease your workspace, or work from home, property insurance is a must. It covers equipment, inventory, furniture, and fixtures in the event of fire, theft, or natural disasters. Note that mass-destruction events like floods and earthquakes are typically not covered.
4. Workers' Compensation Insurance:
Once the first employee has been hired, workers' compensation insurance should be in place to cover medical treatment, disability, and death benefits in the event an employee is injured or dies as a result of work with that business.
5. Business Interruption Insurance:
This type of insurance is especially applicable to companies requiring a physical location to do business, such as retail stores. It compensates businesses for lost income during periods when they cannot operate due to an insured peril like fire or natural disasters.
6. Commercial Auto Insurance:
If your business owns vehicles, commercial auto insurance protects your cars, trucks, and vans. You'll be covered for collisions, theft, and vandalism, just like with personal auto insurance, but for your business vehicles.
7. Data Breach Insurance:
In the digital age, sensitive data is vulnerable. This policy safeguards businesses against loss due to data breaches or cyber attacks, covering legal fees, notifying customers, and more.
In Conclusion:
The commercial landscape is laden with potential hazards, but the right insurance can provide peace of mind and stability. At Varde Insurance Group, we specialize in assessing your unique needs and matching you with the best commercial insurance types to safeguard your business's future.
Interested in exploring the best commercial insurance options for your business? Contact Varde Insurance Group for more insights and tailored solutions.
Contact Varde Insurance Group:
📞 (405) 757-1237
📧 service@vardeinsurance.com
📍 15808 N Pennsylvania Ave Suite A1, Edmond, OK 73013
