What kind of commercial insurance policy do you need?

If you just opened a business, you probably do not have all your ducks in a row yet. You probably need commercial insurance, but which one? 

Wait. You didn’t know there is more than one kind of policy? Five Star Insurance Agency of Fords, NJ wants you to understand the differences behind the phrase commercial insurance.

That term actually refers to a group of policy types that include a range between malpractice and glass insurance. It simply depends on what kind of business you run.

Every business needs a business owner’s policy (BOP). It combines basics like liability and property insurance.

Liability cover things like slip and fall accidents. It also covers you if a customer gets hurt by your product.

Property insurance covers your damage from named perils like fire, flood, tornado, etc. You will need an equipment breakdown or boiler and machinery insurance policy to pay for the repair of equipment breakdowns though. It also covers your business interruption losses. 

To clean up after events such as a tornado, you need a debris removal policy. It pays for damage cleanup from a flood, fire, windstorm, etc. You have to remove debris so you can begin rebuilding.

You can insure just the glass of the building, too. A glass policy pays to replace the glass on your storefront when damaged. It covers interior glass, too. 

Businesses that deliver items or transport or store them, require an inland marine insurance policy. Doctors need malpractice insurance.

Fidelity bonds refer to a type of commercial insurance that protects against a dishonest employee stealing from the business. It also protects the business from acts of fraud and forgery.

While crime insurance still covers the two items that a fidelity bond covers, it also provides insurance coverage against computer and funds transfer fraud as well as kidnap, ransom and extortion coverage. This policy type also covers money and securities, money orders and counterfeit money.

There is much more to the world of business insurance. Come in and talk to an insurance agent at Five Star Insurance Agency of Fords, NJ  to learn more about which policies protect you.