If you own a small business, commercial insurance is a must to protect your assets. Commercial insurance coverage from CO Insurance Specialist in Wheat Ridge, CO, can protect you against unforeseen catastrophes such as fire, theft, vandalism and natural disasters that can hinder you from building a successful enterprise. Here are three ways commercial insurance can protect your small business.

Commercial Liability

Commercial general liability coverage protects you against accidents that may cause property damage or injuries to others while on your business property. This same coverage provides protection against lawsuits that may arise as a result of an accident, so you don’t suffer financial loss.

Business Property Insurance

You can’t keep disasters from happening to your business but you can be prepared to handle the fallout with business property insurance. This coverage protects your building, inventory, and equipment against the risk of theft, damage or loss due to fire, storms and other natural disasters. If you have a large inventory or own your place of business, business property coverage is a good way to protect your assets. This coverage enables you to get back on your feet quickly after disaster strikes so you don’t lose momentum in growing your enterprise.

Business Interruption

Business interruption coverage can be a lifesaver if you have to close your business temporarily due to an unforeseen event that causes extensive damage or loss. Business interruption helps cover the loss of income, employee wages, rent payments (if you rent your building) and even the cost of relocating your business temporarily while you are recovering from a disaster. Business interruption provides much-needed funds to keep your business alive during the interim period of repairs.    

For more information on commercial insurance and how it can benefit your small business, contact us at CO Insurance Specialist, Wheat Ridge, CO.

Commercial Insurance Vs. Umbrella Insurance

Commercial insurance is taken out to protect a business, business property or business automobiles or other tangible business items. In the state of Colorado commercial insurance products include: professional liability, business liability, property, lender required, commercial umbrella, and excess liability insurance,  

The main differences between the two insurances is that umbrella insurance comes into play where other insurances leave off while commercial insurance basically insures your business. In Colorado a business owner would procure commercial umbrella insurance to cover those  areas beyond commercial insurance.

Umbrella insurance is a very specific insurance and is usually for individuals who have assets above the ordinary. These individuals are at a higher risk for being sued due to their personal and business assets. That is not to say that persons of less wealth are not at risk to be personally sued it is just not as likely. When people and/or their business are sued typically their insurance commercial or business insurance will cover the liability that is incurred.  Umbrella insurance covers amounts that extend beyond the covered amounts.

Umbrella insurance can also cover liability if someone is sued as a result of an item that is usually covered by home owners insurance. Again, umbrella insurance covers areas of liability that exceed the amount protected by home owner policy limits. 

It is recommended that you contact an insurance agent at  CO Insurance Specialist in Wheat Ridge, CO in order to ascertain exactly what kind of insurance product will best meet your business needs. When you call feel free to ask about other insurance products as well as it is always best to one-stop shop when it comes to insurance. Call today at (720) 638-0850, we will be right here when you call.