You know it’s important to have business insurance. However, you might wonder what your commercial policy covers as well as what it does not. The best way to find the right policy is to make an appointment with the agents at U.P. Insurance Agency Inc. Meanwhile, here is some critical information about business insurance in Negaunee, MI.
What Is Business Insurance For, Anyway?
You can use it to cover various risks associated with doing business. Many policies include property damage and legal liability. Depending on the nature of your enterprise, you may or may not need general liability, product liability, and other coverage.
General liability insurance shields your business from losses due to bodily injury, property damage, medical expenses, settlements, and more. Meanwhile, product liability insurance reimburses financial loss due to defective products that harm customers.
Professional liability insurance safeguards accountants, lawyers, and other professionals vulnerable to lawsuits for malpractice, errors and omissions, or negligence. Commercial property insurance covers your business property or assets in case of fire, smoke, weather events, and vandalism.
To determine the type of policy that best addresses your business’ needs, meet with a knowledgeable agent at U.P. Insurance Agency Inc.
What Your Business Insurance Doesn’t Cover
Although each policy may vary, there are certain events most commercial insurance excludes. For example, flooding is covered under separate insurance policies, and deliberate acts resulting in damages are not usually written into commercial insurance policies.
Make sure to familiarize yourself with events not covered under your policy. For example, you’ll need workers’ compensation insurance to handle illnesses and injuries employees experience on the job. Additionally, you need homeowners or renters insurance to cover losses to your personal items not related to your business. Let our team evaluate your current policy to make sure there are no substantial gaps in your coverage.
Contact our team today to discuss your business insurance needs in Negaunee, MI.
