What Types of Commercial Insurance Does Your Business Need?

There are different types of commercial insurance that your business needs in Gurnee, IL. Depending on the risks of your business, you may find that you need different types of insurance for various situations. An agent at Statewide Insurance Solutions can help put together a policy for you and your needs.

  • Professional Liability Insurance: This type of insurance can also be called errors and omissions insurance and will cover negligence claims that come from a failure to perform or mistakes. There isn’t a one-size-fits-all policy, and industry concerns will be addressed in a customized policy.
  • Commercial Property Insurance: This insurance will not only cover the building the business operates in, but it also covers equipment, inventory, furniture, and signage due to a storm, theft, or fire. Earthquakes and floods are usually not covered under these policies.
  • Workers Compensation Insurance: This type of insurance is required in Gurnee, IL and throughout the state for businesses that have at least one employee. This insurance covers any medical treatment, disability, or death benefits that need to be paid if an employee gets injured at work. Even if the work is low risk, employees may suffer an injury like carpal tunnel.
  • Product Liability Insurance: If a business is manufacturing products, then product liability insurance will protect a business in the case that one of the products causes any damages and the company is sued.
  • Business Interruption Insurance: Businesses may need to close if there is a catastrophic event or a disaster. During the time of the closure, a business will suffer from lost income. With this type of insurance, it can cover that time period to avoid financial loss.
  • Commercial Vehicle: Personal auto insurance won’t cover commercial vehicles, so it’s important to get these covered.

Home-based businesses also need business insurance, and you need additional coverage to cover any inventory or equipment. Contact Statewide Insurance Solutions to get a quote on commercial insurance.