Are third liability claims covered by commercial insurance?

What is commercial insurance?

Suppose you are wondering what would be a suitable insurance cover for your business; well, commercial insurance is a policy that covers your business against financial liability arising from damage to business property or injuries on your employees. At Compass Insurance in Centennial, CO, additional coverage may be provided upon request to cover business interruption, equipment breakdown, or workers’ compensation.

What factors to consider when purchasing commercial insurance?

  • Whether the business owns or leases property

Where a business leases property, the risks involved are higher. You must disclose this to our Compass Insurance agents to ensure your property is analyzed for all possible risks and fully covered.

  • Gross annual revenue

Have in mind the impact of loss should the business have to stop operations for some time. This could be a result of property damage or employee injury. 

  • Location

Your business may be predisposed to certain risks based on its location. A business near manufacturing companies or construction sites faces the risk of fire or property damage.

Types of commercial insurance

  • Workers compensation

This will cover your employees against injuries, supports medical expenses, and wage compensation should an employee not be in a position to work.

  • Commercial auto insurance

This covers your autos against thefts, break-ins, or accidents.

  • Third-party liability insurance

This covers injuries caused by third parties while on your property. This may include lawsuits and claims against the business that may exceed regular policies and are difficult to predict.

Benefits of commercial insurance?

  • Business continuity

Commercial insurance will ensure business continuity through compensation, where business operations are interrupted.

  • Cushion from financial obligation

Destruction of the property could result in substantial financial liability. Having a commercial insurance policy cushions you against such financial liability.

Please speak to our Compass Insurance agents in Centennial, CO, who will customize a policy that will meet your needs or visit our website for more information.