Is Commercial Insurance for You?

You choose a profession, go through years of college and grad school, graduate, and finally get the job that you’ve always wanted. It sounds fairly simple, right? Wrong. Any doctor, lawyer, daycare, or professional can lose everything in an instant if they aren’t properly insured.

Insurance isn’t something that many of us consider to be a necessity-until something goes wrong. This is why it’s a good idea to consider the worst case scenario before starting your career. It’s also a good idea to find an insurance agent who specializes in commercial insurance. They’ll understand many of the things that can go wrong, and can help you to plan accordingly.

There are some professions that require commercial insurance before you can be allowed to perform any service to the public. This is especially prudent when what you do can physically or mentally effect your clientele. Incidents like this can have a lasting effect and can require extended care. Without insurance, you can find yourself out of business, and even behind bars. Before you’ve even completed your education, it may be a good idea to begin looking into commercial insurance companies. This can give you an idea of what you need in order to be protected in the future. There are different types of commercial insurance to choose from. If you’re considering any of these professions, you’ll want to understand your options:

Commercial Property Insurance

This insurance will cover any property related to your business. This is a very generalized term for an insurance that requires quite a few modifications. General commercial property insurance will replace a building in the event of a fire, but for more specific coverage- you may need to purchase more policies. There are policies for machinery, water systems, and computers that will replace or repair these machines in the event of a breakdown. This can be absolutely essential to industrial compounds who require these machines to function. There is also a policy that covers the cleanup necessary after an incident that does significant damage.

Other policies under this type of insurance include the replacement of glass and windows, the coverage of rented property, and insurance that replaces property in the event of criminal activity. All of these can help to preserve and rebuild a business if something goes very wrong.

Commercial Liability Insurance

This is the insurance that you’ll need if you plan on going into the medical or mental health field. If you accidently cause someone or their property harm, liability insurance will pay the amount that they successfully sue you for. Liability insurance has several different applications and extended policies. Malpractice insurance is probably the most well-known, and covers doctors (and others in medical fields) in the event that they make a mistake. A mistake on the operating table carries more weight than a mistake on an assembly line, and malpractice insurance is required in most states.

Anyone who is required to fill out and submit professional paperwork will have Errors and Omissions liability insurance. This is good for tax professionals as well as insurance agents. A mistake on their end can have a devastating effect on their clientele, and this keeps them covered regardless of the damages. Police officers and public officials will also have a specialized type of liability insurance that protects them in the event of a public lawsuit.

Worker’s Compensation Insurance

This insurance is for both the employer and the employee. If something happens to an employee while at work- this insurance can cover the cost of injuries and damages. It can also prevent the employee from bringing certain lawsuits against their employers.

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