The Different Types of Commercial Insurance

Many small business owners do not know about the different types of insurance they are required to have, they ought to have and how they can obtain insurance from different carriers. The following are some different types of commercial insurance.

• Government Insurance: Worker's compensation insurance, unemployment insurance, and now healthcare are all required by government policy, regardless of industry. These insurance policies are all provided through government agencies. Even though they are regulated, and mandated, many private insurance companies offer more affordable insurance programs for your business when you create a bundled insurance program. You are required to carry worker's comp, unemployment and healthcare, but each of these are affected by your size, revenue, industry and other categorizations. Rather than navigate the bureaucratic labyrinth yourself, talk to an independent insurance agent to discover what is required of your business. 

• Bonds: Surety bonds are an insurance product that many commercial and non-profit entities are required to have by law or by contract. While they are similar to an insurance policy, one of the main aspects of a commercial bond is that it has surety, or capital, backing it; this means that it’s guaranteed that your business has the capital to pay if a claim arises. Make certain that your surety bond is with a company who will work with you, because if your insurance company pays out, they are obligated by contract to collect that debt from you. 

• Liability Insurance: Auto insurance, general liability, special liability and umbrella insurance all are designed to protect your business against liability risks. Liability insurance is generally offered by most insurance companies and is the core of any quality commercial insurance package. 

Protect your business. Call DJW Insurance Agency at (800) 820-0004 for more information on business insurance.