Who Needs Commercial Insurance?

Business owners rely on their businesses to bring money in. Considering how important your business is to you, it’s equally important to protect it. That means carrying various business insurance policies. So what should you be looking for when you’re considering your policy options?

Coverage That Suits Your Needs

One of the very first things you should consider is what sort of coverage your business needs. What type of work does your business do? Does it have a lot of risk? How many employees do you have? Having different types of commercial insurance protects many aspects of your business. For a full list of commercial policies go here. Since your business is unique, Taylor-Moore Agency will help customize your insurance to your business needs. Think about risks common to your business and industry, this will help you figure out what sort of coverage you need for your business.

Do you Need a Commercial Auto Policy?

Deciding whether or not you need commercial auto insurance for your business may not be quite as cut and dry. Cars that are used for occasional business use may be fine with just personal auto insurance. However, if the car is used regularly for work (excluding commuting), it should be covered by a commercial auto insurance policy. This applies both to small business owners and those who are self-employed. If you drive for cash, transport items for work reasons, or put a lot of miles on the vehicle, you’ll probably need commercial auto insurance.

Coverage for commercial auto insurance is quite similar to personal auto insurance, at least in terms of what sorts of things are covered. A typical policy includes liability coverage, medical payments, uninsured motorist coverage, and comprehensive and collision coverage. Other things like towing and labor, rental reimbursement, and lease gap coverage may be included, but aren’t always. Business vehicles tend to need more protection than personal vehicles, so the coverage these policies offer tends to come with a higher liability limit.

Fun fact: commercial auto insurance may be considered a tax-deductible business expense; personal auto insurance is not.

It’s always best to know what sort of insurance you should carry, especially when it comes to your business. Make sure that your policies are affordable while providing coverage that suits your needs. That way you can rest assured that your business is as protected as you need it to be.