How Commercial Insurance Can Safeguard Your Success

Your business is more than just an asset; it provides valuable products and services, all while creating jobs and providing you with income. 

Disaster can strike, but disasters are nothing to fear if you’re well prepared. With the right business insurance policy, you can protect your property, safeguard yourself against lawsuits, and even preserve your business income when operations need to cease because of a disaster. 

Here are three ways that commercial insurance policies can safeguard your success:

Protecting Your Property

Commercial insurance protects your property. There are several different types of commercial insurance designed to protect your property, including:

• Commercial property insurance protects the building you own or rent, the property within that building, and surrounding features—like fencing and garages.

• Commercial auto insurance protects commercial vehicles.

There are also specialized commercial insurance policies to protect high-value items like heavy machinery or tools of your trade. 

Property insurance safeguards your success by ensuring that you have the funds needed to repair or replace vital property when it’s damaged or lost to a hazard covered by your policy. Most commercial property insurance products are “all risks”; this means they cover all hazards that aren’t specifically excluded by the policy.

Additionally, most commercial property insurance policies can protect property even when it’s off-premises. A plumber who has their equipment damaged by a covered hazard when they’re on-site fixing a customer’s plumbing will typically still be covered by their commercial property insurance. 

Protecting You From Costly Legal Proceedings

Commercial general liability (CGL) insurance is one of the most important types of commercial insurance. CGL coverage can help protect you from injury and property damage claims. Whether a person is injured on your property or their property is damaged by your business activities, CGL insurance can help.

There are also specialized types of liability insurance. Cyber insurance, for example,  is designed to help protect you from legal claims arising from data leaks. Product liability insurance is perfect for any business that manufactures and sells products. 

Court cases are costly, and damages can be assessed at millions of dollars. These fees can bankrupt a business—but if you have a CGL policy—you’re protected. 

Protecting Your Business Income

When disaster strikes, from flooding to fires, it can become impossible to run your business. Most businesses don’t have enough reserve cash to replace months of operating income; even if insurance covers the cost to replace or repair the property, this loss of income can be deadly for a business.

Business interruption insurance is the solution to this problem. This type of insurance replaces lost income in the event a disaster that’s covered by your policy forces you to shut down your business.

Conclusion

Commercial property insurance, commercial liability insurance, and business interruption insurance can all help protect your business when disaster strikes. Choosing the right policy can help you safeguard your most valuable asset—your business.

The brokers at Nation West can help you choose the right commercial insurance policies for your business. For commercial insurance in Winnipeg, book an appointment with us today; we’ll offer free quotes on a number of different insurance policies tailored to your business needs.