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.