Commercial Insurance
Businesses of all kinds must prepare for potential risks. Regardless of industry, perils such as customer lawsuits, employee injuries, property losses and vehicle damages can have devastating effects on operations. In light of these and other exposures, all Utah businesses should consider the importance of commercial insurance.
What Is Commercial Insurance?
Commercial insurance, also known as business insurance, refers to various coverages that can help financially protect a business from numerous risks. Typical options include the following:
- General liability insurance may help cover third-party claims of injury or damage caused by your operations. It may also cover legal expenses should the business be sued.
- Commercial property insurance may help financially protect business assets, such as equipment and inventory.
- Business interruption insurance may help cover ongoing expenses if your business must halt operations due to a covered peril.
- Commercial auto insurance can help cover business vehicles from both damage and liability.
- Workers’ compensation insurance may be mandatory for certain businesses. It can help pay for employee injuries and illnesses sustained on the job.
- Professional liability insurance may help cover lawsuits after claims of errors, omissions or negligence caused by your business’ professional services.
Many other forms of commercial insurance may be pertinent to your specific business, such as that tailored for construction, hospitality, retail and other sectors. Goal Insurance can help review your circumstances and recommend suitable coverage.
Why Does My Business Need Commercial Insurance?
In some cases, commercial insurance may be required by law. Workers’ compensation is generally required for most Utah businesses with employees. Commercial auto insurance is also usually required for operations that use vehicles.
Additionally, some lease agreements may stipulate certain levels of insurance, such as commercial property insurance and general liability insurance.
Beyond agreements and legal requirements, retaining commercial insurance is wise for all businesses. Business property damage and liability claims can quickly lead to financial ruin, especially for smaller outfits.
Where Can I Get Commercial Insurance?
Goal Insurance is here to get you the commercial insurance you need. Contact us today to discuss your options.