If you own a small business, especially a retail store or restaurant, insurance isn't just a formality. It's your company's financial safety net if disaster strikes.
But not all policies cover the same risks. Two of the most important types of Commercial Insurance coverage for business owners are Commercial Property Insurance and General Liability Insurance.
Although they sound similar, they protect you in very different ways. Learn how each one can help your business and how Aegis Insurance & Financial Services can help you secure these important policies.
What Is Commercial Property Insurance?
Commercial Property coverage protects the physical assets of your business, which are the things your business owns.
That can include:
• Your building (if you own it)
• Equipment and machinery
• Inventory and stock
• Furniture and fixtures
• Signs and glass
• Computers and point-of-sale systems
If your business suffers damage from fire, storm, theft, vandalism, or other covered event, this insurance helps repair or replace what's been destroyed or lost.
What Is General Liability Insurance?
A General Liability policy protects your business from claims made by other people, if your business is responsible for their injury or property damage. These lawsuits are typically filed by customers, visitors, or vendors on your property, and can significantly impact your company's financial situation if you're not properly covered.
These claims often stem from:
• Slip-and-fall accidents
• Foodborne illness claims
• Damaged customer property
• Legal defense costs and settlements
Why You Likely Need Both Policies
If you own a business, you probably also own property to run that business, and you probably have customers or visitors on your property. For these reasons, both types of coverage are essential.
In addition, many commercial property landlords require that tenant businesses carry both types of coverage, so you will need both in order to secure a commercial lease.
Think of it this way:
• Property insurance protects your stuff.
• Liability insurance protects you from other people's claims.
A fire can quickly wipe out your building and inventory (property damage), while a customer injury could trigger a lawsuit (liability). Without one or the other, you're exposed to serious financial risk.
Protect Your Business from Both Sides
Whether you run a busy restaurant or a boutique clothing shop, it only takes one fire, theft, or lawsuit to derail your business. Having both Commercial Property and General Liability coverage helps you stay protected from the full range of risks.
Are you unsure what your current policy covers, or what it leaves out?
Call Aegis Insurance & Financial Services today at 713-850-7622 to speak with a Commercial Agent or schedule a consultation. Let us help you build the right coverage for your business, so you're not left exposed when it matters most.