Types of Commercial Insurance

Historic Asheville, NC offers many exciting things to do and see. If you own one of its businesses or plan to start a new business, you have a few extra steps to go through, such as obtaining permissions from the historical society if you want to locate your business in a historic building or location. It would be best if you also had business insurance, also referred to as commercial insurance.

More than ten commercial insurance versions exist, including E&O for manufacturers and commercial auto for fleet vehicles. That makes it tough to decide which policy to buy. With business insurance, there is not a one-size-fits-all policy. You must obtain proper insurance to reduce the financial risk of your business. You should obtain a free consultation from Asheville Insurance Center to determine which type of commercial insurance your business requires.

Even those running a home business need special commercial insurance such as a commercial auto policy to protect their vehicle while doing business. Let’s take a commercial auto policy as an example. You would probably not guess that three types exist – a full coverage general policy, public hire livery insurance, private hire livery insurance. The general policy a business owner needs for the auto they drive to meets, worksites, etc. Livery insurance applies to drivers of passenger carrying vehicles. A taxi or cab driver needs public hire livery insurance, while a limousine driver requires private hire livery insurance. The wrong policy does not cover loss or reduce the risk associated with doing business. Only by meeting with your insurance agent and conferring with them can you determine which of the following policy types your business needs:

  • Tenant’s policy
  • Law or ordinance
  • Officers’ and directors’ liability policy
  • Professional liability, also called malpractice.
  • Inland marine
  • Glass
  • Errors and omissions (E & O)
  • Debris removal
  • Crime
  • Commercial auto
  • Construction, also called builder’s risk.
  • Business interruption
  • Business owner’s policy (BOP) combines the four most necessary policy types.
  • Boiler and machinery are also called equipment breakdown.

Call or stop by Asheville Insurance Center today. We serve the Asheville, NC metro with the insurance it needs to do business with reduced risk. Let us help you find what you need.

Why Commercial Insurance Is Necessary

Every business in Asheville, NC needs commercial insurance to protect itself from lawsuits, random accidents, and more. You never know what is going to happen. There are different insurance policies to consider, depending on your business risks, with an agent at Asheville Insurance Center.

Accidents Can Always Happen: You can never guarantee that no one will slip on your walkway or trip over a cable inside the business. Accidents are always a possibility in Asheville, NC. If someone gets hurt, you may not have enough money on hand to pay for medical bills. With the right insurance, you can see your customers as customers and not just accidents waiting to happen.

Disaster Strikes When You Don’t Expect It: You may think a disaster will never happen to you but disasters will strike when you least expect it.  Are you prepared to open up one morning to see your business door smashed or an unexpected fire? These disasters can cost thousands of dollars in expenses and aren’t costs that are usually covered.

One Incident Can Ruin the Business: All it takes is one irate customer to ruin a business. Over 100 million lawsuits are filed every year in the U.S. If the case goes to court, liability cases could cost a lot of money and small businesses don’t usually have that kind of money.

Others May Not Have Insurance: What if someone else causes damage to your business? Ideally, the other person would pay for it with his or her own insurance or out of pocket, but we don’t live in this ideal world. If someone without insurance rams into your business with their car then you still have to foot the expensive repair bill.

Expect the Unexpected: Commercial insurance allows you to expect the unexpected so you can focus on what you do best: running your business.

Contact Asheville Insurance Center to get a quote on commercial insurance.