Let’s Talk about Commercial Insurance Types

Commercial Insurance is essential when it comes to making sure your business is covered, but it can be complicated. Western Republic Insurance Services serving the Huntington Beach, CA area is available to discuss your commercial insurance options.

Commercial insurance has two main categories. These are property insurance and casualty insurance. Not all commercial insurance types may apply to you, but it is important to know what options are available.

Property Insurance

Property insurance is there to cover you if your property, such as your building or equipment, is destroyed or damaged by something that is on the insurer’s list of perils, like fire. The list of perils covered will be freely available when reading over the policy and should be reviewed carefully for any exclusions. Crime insurance falls under the category of property insurance and covers loss of property including stock as a result of theft. There are several further subcategories, such as business interruption insurance.

Casualty Insurance

Casualty insurance deals with liability, whether by omission or negligence by the business or a representative of the business. Common categories of casualty insurance include:

  • General Liability – usually a standard commercial liability policy and covers three areas – premises, and product liability, and completed operations liability.
  • Umbrella – this is coverage for excess liability that a standard policy will not cover or to cover gaps in the basic liability policy section.
  • Automobile – this coverage is similar to personal auto insurance depending on business operations.
  • Workmen’s Compensation – this is for the benefit of the employee if illness or injury is sustained in the workplace and is based on a no-fault system.

Don’t hesitate, contact Western Republic Insurance Services, serving the area of Huntington Beach, CA today, and make sure that your business is covered!