When it comes to commercial insurance, business owners want what matters most to be well protected, whether it's employees, commercial buildings, company vehicles, or business property. It's also just as important to protect against liability claims that can threaten the future of a business, since a single liability claim can deplete a company's entire net worth, or force the permanent closure of a thriving business. Today's Aegis blog post looks at the different types of liability coverage and explains which ones work best for different commercial insurance needs.

General Liability

Nearly all types of businesses need the protection and financial assistance that comes with having General Liability coverage. It works by protecting companies from liability claims that stem from slips and falls on a commercial property, as well as damage your company might cause to another property. These types of liability claims can be costly as they might involve medical expenses for the injured individual as well as damages or repairs.

Business Income Insurance

When companies are forced to close temporarily for a major disaster or due to theft, it can lead to compound losses for the business if there isn't proper insurance coverage in place. Business Income Insurance works by providing companies with financial assistance to replace lost revenue during the closure. This type of coverage is critical as it allows companies to still make lease or mortgage payments as well as cover taxes, utility bills, and payroll even when they are closed and not bringing in any revenue.

Commercial Property

Businesses of all sizes and types rely on business tools, equipment, furniture, and technology to operate their business, and when something happens to those assets, it can threaten the future of the company. Commercial Property policies work by covering property, merchandise, furnishings, tools, equipment, and technology in the event they are damaged, lost, or stolen.

Commercial Auto

If your company relies on commercial vehicles, fleet trucks, or service vans, then it's imperative to have quality Commercial Auto coverage in place. It works by covering financial costs resulting from auto accidents involving your company vehicle. For example, Commercial Auto coverage can help cover bodily injury or property damages caused by your commercial vehicle, as well as medical payments. In addition, it can also cover the damages caused by other covered events, such as theft, flood, fire, and vandalism.

Workers Compensation

Finally, companies can have an added form of financial protection and peace of mind by carrying Workers Compensation coverage. Required by some states, Workers Compensation works by covering the lost wages and medical expenses incurred by employees injured on the worksite or while performing a work-related task or process. Without Workers Compensation coverage, companies could be forced to pay for outstanding medical expenses and lost wages for injured workers out of their own pocket, which could add up substantially in a short amount of time.

Aegis Insurance & Financial Services is committed to helping our commercial clients get the quality, reliable Commercial Insurance coverage needed to meet their specific company and industry needs, all at competitive rates. For more information about our coverage options and services, contact Aegis at 713-850-7622 or fill out an online form to request a free quote!