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Types of Coverage and Customization in Commercial Insurance Policies

This guide explains the various types of coverage available in commercial insurance policies, including general liability, property, and workers' compensation. It also highlights how businesses can customize their policies to meet specific needs, such as adding coverage for cyber risks or professional liability. Understanding your options ensures you get the right protection for your business. Explore more at www.igmbrokerage.com

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Types of Coverage and Customization in Commercial Insurance Policies

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  1. Types of Coverage and Customization in Commercial Insurance Policies A commercial insurance policy typically includes several types of coverage, which can be customized to suit the specific needs of your business. Here are some common types of coverage: 1. General Liability Insurance: Covers legal costs and damages if your business is found liable for bodily injury, property damage, or advertising mistakes that affect others. 2. Property Insurance: Protects your physical assets, including buildings, equipment, and inventory, from damage caused by fire, theft, or natural disasters. 3. Worker’s Compensation Insurance: Provides benefits to employees who are injured on the job, including medical expenses and lost wages. 4. Commercial Auto Insurance: Covers vehicles owned or used by your business for business-related activities. This includes protection in case of accidents, theft, or damage to company vehicles.

  2. 5. Professional Liability Insurance: Also known as errors and omissions (E&O) insurance, this covers businesses that provide professional services, protecting them against claims of negligence or mistakes in their work. 6. Business Interruption Insurance: Covers loss of income and additional expenses if your business operations are disrupted due to a covered event (e.g., a natural disaster or fire). 7. Cyber Liability Insurance: Protects against data breaches, cyber attacks, and other technology-related risks, especially important for businesses handling sensitive customer information. 8. Product Liability Insurance: Provides coverage if your product causes harm to a customer or damages property. Customization: Commercial insurance policies can often be customized with additional coverages or by adjusting coverage limits to meet the unique needs of your business. For example, you can: Tailor Coverage Limits: Adjust coverage limits based on your assets, risks, and the scale of your business. Add Optional Coverages: Include specific coverages like pollution liability, key person insurance, or equipment breakdown insurance based on your business operations. Bundle Policies: Some insurers offer packages or bundled policies that combine several types of coverage (e.g., property and liability) to offer a more affordable solution.

  3. It’s important to work with an insurance agent who understands your industry and can recommend the right coverage to protect your business properly.

  4. IGM Brokerage Corp. 2844 Westchester Avenue, Bronx, NY (USA) www.igmbrokerage.com (718) 931-4900 insurance@igmbrokerage.com

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