What should my commercial insurance policy cover?

Commercial insurance is a major investment decision for any business.  Deciding exactly what needs to be covered can take a while. If you’re thinking about buying a commercial insurance policy, make sure that your agent is aware if your business has any of the following items so that they can be included in your policy.

  1. Company cars. If you or your employees are using your personal vehicles for business more than you’re using them for other things, then your personal auto insurance policies might not cover them. A commercial auto insurance policy will make sure that your cars and trucks are covered in the event of an accident, theft, or natural disaster.
  2. Commercial equipment. Expensive machinery is difficult to replace. Your commercial policy should include any equipment that you could not easily replace from company funds.
  3. Inventory. If retail is a part of your business, then it’s important to make sure that your merchandise is protected from theft, damage, and other disasters.  Talk to your agent about setting a limit on this protection.  As your business grows, your inventory value will change, so be sure to update this number often.
  4. Buildings. Even if you’re renting, it’s necessary to have coverage that would provide funds for your to fix or rebuild your storefront, restaurant space, or storage areas.  Be sure to review your tenant agreement carefully to make sure that you insure any parts of your building that you are responsible for fixing.

If you’re thinking of purchasing or updating your commercial insurance, call the agents at Henderson Insurance Agency.  They have years of experience helping small business owners get commercial insurance policies that are right for them.