Commercial insurance from Tackett Insurance, Inc. in Oxford, MS is the insurance that protects businesses by covering them against losses arising from the damage to property or injury to employees. Usually, it includes property, liability, and workers compensation. Often, this type of insurance varies significantly from business to business because of the disparity and uniqueness. You can get an additional specialized coverage depending on your business, but for a start, a basic commercial policy is a utility.
Below are the four most common types of commercial insurance:
Property insurance plans generally cover damages to your business property that include structures and inventory. However, it might not cover all your property. Which means that you’ll have to purchase an add-on property coverage to cater for other items not included in the basic policy like income coverage, boiler and machinery insurance, crime insurance, builders risk insurance, tenants insurance, and ordinance or law insurance.
This type of plan covers any detriments that the policyholder causes to third parties. A basic liability insurance plan only covers common risks like injury to customers on your premises, therefore, it is necessary to get a more specialized type of liability insurance to cater for other elements like errors and omission insurance to cater for unintended mistakes which cause injuries to third parties and malpractice insurance, also known as professional liability insurance.
Workers Compensation Insurance
This plan covers your employees if they are hurt in the line of duty. However much you may try to keep your workplace safe, it is difficult to have control over the state of your business completely. Therefore, purchasing a workers compensation policy will be beneficial to your employees since many state laws forbid employees from filing a negligence lawsuit against an employer for injuries connected to work.
Commercial auto insurance
Commercial automobile plans cover trucks, vans, cars, and buses used in your business. In case your driver injures a person or your vehicles are damaged or stolen, the coverage will reimburse you depending on the vehicle type. Premiums for this plan will depend on the risks related to the items you are moving and your business’ driving record.
The cost of commercial insurance policies always vary with the size and risk level of your business. For any legal guidance on what is good for your organization, don’t hesitate to talk to our agents at Tackett insurance, Inc. in Oxford, MS.