Commercial insurance is an important part of running a small business. It can protect your business from unexpected losses, legal liabilities, and even financial ruin. But with so many different types of coverage and policies available, it can be difficult to know what you need and how to find the right policy.

Understanding the basics of commercial insurance and the key coverage areas available can help you make the right decision for your small business. Commercial insurance is a type of policy designed to protect businesses from financial losses due to unexpected events.

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It covers a range of different risks, from liability claims to property damage. Depending on the type of business you operate, you may need specific types of coverage to protect your business from certain risks.

Key coverage areas

There are several key coverage areas that you should consider when looking for a commercial insurance policy. This includes: 

• Property insurance: This type of insurance covers physical assets, such as buildings and equipment, as well as the contents of those assets. It can also provide coverage for lost income due to business interruption.

• Liability insurance: This coverage protects your business from legal liability for bodily injury or property damage caused by your products or services.

• Professional liability insurance: Also known as malpractice insurance, this coverage protects against claims of negligence or professional misconduct.

• Business interruption insurance: This coverage helps to cover lost income due to an event such as a natural disaster or a power outage.

• Worker's compensation insurance: This coverage provides coverage for employees who are injured on the job.