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What Should I Look For In A Commercial Insurance Policy?

Commercial insurance policies typically come in two types. The first is a liability insurance policy. This type of policy will protect against financial losses caused by another party. 

The second main type of commercial insurance is coverage for property, liability, or both. This type of policy will protect against financial losses caused by things such as natural disasters or accidents. For questions, consult Pethel Insurance Group serving the greater Kannapolis, NC community. 

What to Look For in a Commercial Insurance Policy 

Commercial insurance is purchased by a company or business rather than an individual. A commercial policy typically covers what a standard homeowners’ or auto policy would cover, such as property damage or accidents. But it goes beyond to insure things such as your business, advertising, inventory, and stock. 

Commercial insurance is designed to protect businesses against the risk of financial loss due to a covered peril. The most common types of commercial insurance policies include liability insurance, which protects a company against the risk of being sued due to an injury or loss to third parties. Typically, the policies are: 

  • Unique in that they are not tied to a specific business, industry, product, or a single location. Therefore, there are a number of different types of commercial insurance available, and it is important to know the difference between them. 
  • Have a shorter duration, typically ranging from one to five years.
  • Have a higher deductible, which means you must pay a percentage of the claim before the insurance company is responsible for paying anything. 
  • Have a maximum claim limit.
  • Have a minimum amount of coverage that you must have, which means you can be left without enough coverage to cover the cost if something happens. 

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A commercial insurance policies come in different forms and you can purchase them directly from an insurance company or through a broker. First, you should ensure the policy comes from a reputable insurance company. 

Second, make sure the coverage you purchase is exactly what you need. For expert assistance in the Kannapolis, NC area, consult Pethel Insurance Group.

How commercial insurances saves small businesses

Owning a small business is challenging. Risks are around every corner and it may seem at times as if the world is out to get you and put you out of business.  20% of small businesses fail in their first year and by year 5 it is 50%. The odds really are against you, but having the right commercial insurance can certainly help mitigate some of the risks of doing business. In Kannapolis, NC,  Pethel Insurance Group is an independent insurance agency that can help customize a commercial policy to your business. 

Commercial property insurance

Property coverage in the commercial sense covers the building where you do business. But more than that, in the event you are a renter, it covers all your business machinery, tools, and equipment. If you use it to do business, you are covered. It can be your office equipment, inventory, raw materials, tools, etc. The coverage is tailored to the type of business that you do. If a peril strikes, you will be able to get back to business as usual quicker. 

Commercial liability insurance

Small businesses are very susceptible to being sued. Every year, 36-53% of small businesses have to deal with a lawsuit. A lawsuit if you don’t have commercial liability insurance, can be devastating and it could mean your business will not survive. Between customers, vendors, and disgruntled employees, there is an almost endless supply of possibilities. 

Commercial auto insurance

If your business owns a vehicle,  it should be covered by commercial auto insurance. It is wise to keep your business and personal finances separate. 

Business interruption insurance

When a covered hazard hits your business, you won’t have any money coming in. Business interruption insurance will provide the money you need to pay your bills and meet your payroll. It can definitely save your business. 

Contact Pethel Insurance Group in Kannapolis, NC to discuss your commercial insurance needs. 

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