While commercial insurance isn’t typically legally required, many business owners opt for it to protect themselves and their assets. Business insurance can help cover the cost of losses due to various natural disasters, theft, and more. But does it only cover structural damage, or does it also cover damaged inventory?

Types of Commercial Insurance

Commercial insurance usually refers to basic liability insurance. This insurance protects your assets if someone is injured on the property, unless it’s a workers’ compensation claim. Liability doesn’t cover many other things. However, business owners should consider several different types of commercial insurance to ensure they’re adequately covered.

• Workers’ Compensation: Most states usually legally require Workers’ Compensation. This type of insurance handles workers’ compensation claims and pays for the costs of injured employees.
• Commercial Property Coverage: Commercial property coverage will cover inventory if it’s not covered under your current insurance policy. Always consult an agent about the insurance you need to cover damaged inventory.
• Natural Disasters: Many businesses in Chandler, AZ, need specific disaster coverage to cover damaged inventory from natural disasters, such as floods, tornadoes, hurricanes, and wildfires. This coverage is in addition to property coverage. San Marcos Insurance Group can help you determine which natural disaster coverage you need.

Specific Exclusions

Many insurance companies exclude specific events. For example, it’s common for a policy to exclude damage due to flooding. Instead, business owners must get flood insurance to cover their inventory. Always ask an agent at San Marcos Insurance Group about exclusions in your policy to ensure you’re adequately covered.

The various types of commercial insurance available can make things confusing. Your inventory may be covered if it’s damaged by an electrical fire, but not by a hurricane. Our agents will discuss your concerns with you to make sure you have the necessary insurance. We’re currently serving the Chandler, AZ area.

As a business owner in Chandler, AZ, you face numerous risks, depending on your industry. Even small operations can encounter property damage and liability issues during normal operations. An unexpected accident or lawsuit can be financially devastating for your business. Commercial insurance policies from San Marcos Insurance Group can help keep your business running.

One Policy Doesn’t Cover Everything

At the very least, you need a general liability policy. Most business owners opt for a business owner’s policy that combines several insurance lines to insure your company fully. These customized packages allow you to choose insurance lines that make the most sense. For example, most BOPs combine general liability and may include business property insurance if you own the building that houses your operations. BOPs are cost-effective but may not provide you with all the protection you need. Many entrepreneurs start with a BOP and then add specific coverage as their company grows.

Common Commercial Insurance Add-Ons

Cyber insurance is one of the most popular add-ons, particularly if your company retains sensitive client information. Many business owners customize their policies to include umbrella insurance, providing an extra security layer if your company is sued. Businesses with employees should also have worker’s compensation insurance to cover workers who sustain injuries as part of their work duties. Errors and omissions insurance can benefit professionals who provide advice.

The commercial insurance lines you need will depend on the following factors:

• Industry type
• Number of employees
• Years in operation
• Location
• Payroll
• Risk exposure

Choosing commercial insurance is a highly individualized proposition. Contact San Marcos Insurance Group, serving Chandler, AZ, for an appointment to select the right lines for your business.

The concerns and responsibilities of business owners can be as diverse, different, and unique as the companies they own. That is also one of the reasons why being a business owner typically requires wearing more than a few hats. From being a public relations speaker to an inventory manager or a sales representative to a customer service specialist, there are many areas successful business owners must cover. And when it comes to protecting their companies, many Chandler, AZ business owners turn to the trusted and professional team at the San Marcos Insurance Group to cover all the bases with commercial insurance solutions.

Cover All Your Bases with the Right Commercial Insurance Solutions

Protecting the business from fires, flooding, theft, and many other potential threats is one of the most important aspects of business ownership, and the right commercial insurance plan can make a difference. The risks and threats businesses can face vary and involve many variables and factors. From liability protection from claims to help during a catastrophic event like a fire, having the right insurance can be a game-changer. That is why business owners work with proven and professional agents for the commercial insurance solutions they need.

Find Commercial Insurance Solutions in Chandler, AZ

Do you own a business in or around the greater Chandler, AZ area? Do you have questions, or would you like to learn more about commercial insurance solutions for your company? Then we can help. At the San Marcos Insurance Group, our team of experienced and knowledgeable agents can help you get the right plan and coverage to help protect you and your business and cover all your bases. Contact us to find out more and schedule an appointment for the protection your business needs and deserves at the San Marcos Insurance Group today.