New Orleans, Metairie, Gretna, Harvey, LA business insurance

July 7, 2016

Types of business and commercial insurance plans

Business insurance is a rather broad term as covers different types of commercial insurance options. As an entrepreneur or business owner you face daily commercial risks and the most cost-effective way to protect your financial interests is through proper business insurance. Botsay Insurance can help you with cost effective commercial insurance in Gretna, Harvey, Metairie and New Orleans, LA.

If you are faced with a law suit or some catastrophic event such as a fire you could lose everything. If you don’t want to lose everything you should have the required business insurance in place. So what is proper business insurance?

One the main types of commercial insurance is professional liability. So if your mistake or that of someone in your employ results in loss or damage to a 3rd party, you could be held liable. Professional liability insurance is also known as errors and omissions insurance.

Another important component of business insurance is property insurance. Property insurance does not only refer to real estate, but will also cover other fixed and moveable assets such as fittings, equipment, stock, signage and more.

When you employ staff you need worker’s compensation insurance. Even low risk jobs can become the subject of an accident claim, for example injury as a result of a slip and fall.

If you manufacture products for the consumer market, then you need product liability insurance. This type of insurance will cover in the event a faulty product results in injury or loss to a third party.

If your business owns vehicles the commercial auto insurance is another must have policy. Vehicle insurance will cover you in the event of liability claims as well as for vehicle loss or damage.

Another important type of commercial insurance is business interruption insurance. If some event results in the temporary suspension of your business operations, you could lose everything.