If you’re starting a new business, you may benefit from commercial insurance. Commercial insurance is a broad category of insurance that covers various aspects of business ownership and operations. The professionals at Town & Country Insurance, servicing Buford, GA, can help you determine whether you need commercial insurance, and if so, what type. Here’s what you need to know.

Understanding Commercial Insurance

Commercial insurance is a type of insurance that can cover your business, employees, and commercial property. As not all businesses have the same needs, commercial insurance can be divided into many types, including property insurance, general liability insurance, and others.

Who Requires Commercial Insurance?

Essentially, every business can benefit from at least some form of commercial insurance. For instance, liability insurance covers harm to others caused by your business, while property insurance covers damage to your business property, such as equipment and structures.

Do You Have Employees?

If your business has employees, you may be required to have workers’ compensation insurance. Your insurance agent can help you determine if you’re required to have workers’ compensation insurance.

There can be penalties for operating a business without workers’ compensation insurance, so it’s essential to stay compliant. Insurance agents are knowledgeable about the laws and are here to help.

Does Your Business Own Vehicles?

If your business owns vehicles, it’s essential for them to have insurance. Your commercial insurance agent can help you get the right type of auto insurance for your company vehicles.

If you need help deciding whether your business needs commercial insurance, the professionals at Town & Country Insurance, servicing Buford, GA, can assist. We work with a variety of insurance carriers, so our customers have choices. We can answer your questions and help you choose the right insurance products for your needs.

When constructing your commercial insurance policy, it’s important to understand the different types of policies and their impact on your business. Two types that often confuse business owners are product liability and excess liability.

Understanding Product Liability

If you’re a business that sells products, there may be instances when your products malfunction or don’t perform as intended. In some cases, depending on the product and material, this could cause property damage and make you liable. This is where product liability comes into play, providing financial coverage for replacing damaged property or bodily injury. This policy only pays out claims related to product defects.

What is Excess Liability?

Opting for excess liability coverage provides additional financial coverage in cases where you’ve been found liable. This policy isn’t limited to product defects but could also be used when services aren’t properly rendered and cause harm to a customer. Essentially, it extends the primary liability coverage found in the main commercial insurance policy. This policy acts as a secondary layer when the first policy is exhausted.

Which Policy Do I Need?

If you own a business that manufactures and sells products, including both policies in your commercial insurance coverage is crucial. They provide various levels of financial protection that ultimately safeguard the business’s assets and prevent you from making difficult decisions regarding your business and its future. These are investments for you as the owner, your employees who depend on the income, and your customers who rely on your products.

If you’re a business owner in the surrounding counties of Buford, GA, contact us today for more information. Our Town & Country Insurance agents are here to assist you with your personalized commercial insurance quote.