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What Type of Commercial Insurance Should Your Business Have?

There is a long list of insurance types, especially in the business world. Some get very specific, and it can be difficult to determine what coverages you do and don’t need. It often depends on the business– a law firm has a very different insurance plan than a flower shop. To help you out, here’s a list of lesser-known commercial insurance policy types that your business might need.

Commercial Auto Insurance

Are you a delivery company? Whether your employees use company-owned vehicles or their personal cars, commercial auto insurance can help. These policies have higher liability coverages due to the financial risks involved in business and will protect your vehicles no matter what party caused the accident. For employee-owned vehicles used for your business, look at employers non-owned car policies.

Errors and Omissions Liability Insurance

Does your company advise clients or represent their interests? Errors and omissions liability policies will protect your business in the case of faulty advice or services. If a disgruntled client brings up a lawsuit for defamation, unintentional plagiarism, or financial losses they claim occurred due to your business, errors and omissions will cover your defense and damages costs.

Liquor Liability Insurance

If your business sells alcohol, liquor liability insurance is the way to go. This commercial policy type protects against any damages caused by inebriated customers. Those who’ve had too much to drink can become a danger to themselves or others, including your staff. Liquor liability insurance will take care of court defense costs in such situations, and it’s important to look for the specific charges your chosen policy will cover.

Special Event Insurance

Planning to throw a company mixer? Special event insurance is often a must, as liability coverage is usually required by venues. Ensure your planning process is unencumbered by worries over the risks of cancellations or postponements. Different policies cover certain possibilities, so make sure to check if yours has the coverage you need!

Surety Bonds

Do you own a construction company or take government contracts? Surety bonds have likely come up before. The contractor, or the “principal”, buys a surety bond from an insurer. If the contractor fails to complete the project in question, the insurer compensates the client and is paid back by the contractor. The surety bond reassures the client that they won’t have to worry about getting repaid by the contractor– the insurer takes on that responsibility. To learn more about surety bonds, visit our page here.

Ocean Marine Insurance

If your business is involved with overseas transportation of goods, ocean marine insurance is the policy type for you. A fire at sea can be devastating, but this commercial insurance will ensure you’re compensated for any losses. There’s a wide range of options to fit the myriad issues marine vessels can face, our team is here to guide you through the selection process.

Inland Marine Insurance

No, we’re not talking about floating supplies on rafts down a river. Inland marine insurance is much more flexible than its name suggests, covering your company’s property while it’s in any type of transit or sitting in a remote storage location. When you can’t be there to ensure your products and equipment are unharmed, inland marine insurance has your back.

Are You a Business Owner?

Our insurance experts assist with questions about insurance policies, billing, claims, or just getting started! Liberty Preferred Insurance Group is proud to offer comprehensive insurance solutions in Maryland, District of Columbia, Pennsylvania and Virginia. Fill out our quick online form here or give us a call at 410-552-0403 to get started.