If your business has you dealing with people like a small restaurant or something like that. Then you will need this type of insurance. To oversimplify it, this covers you should there be an unfortunate incident that leads to a customer getting injured and they try to sue.
This insurance covers medical bills and even legal charges. On average this can cost about $400 to $600 monthly. To be clear, this is for when a customer meets an unfortunate incident. This type of insurance does not cover you or your property getting damaged.
Commercial Property Insurance
Now, this is the type of insurance that will cover your property. To simplify it keeps you covered for things like theft, natural disasters, or vandalism. Commercial property insurance also includes the property that you lease. Below is a list of items generally covered by this.
- Building and equipment, owned or leased
- Office Inventory
- Valuable papers and records
This type of insurance typically costs $500 to $1000 per year. To be clear though here are a few things that this does not cover: Volcano and earthquake damage. Damages from acts of war, as well as weather damage that is not wind or hail.
Business Interruption Insurance
This is linked to the previous type of insurance. Business interruption covers loss of income from damages covered by your property insurance. For example, your building got caught in a fire, the revenue lost from making renovations for that is covered by this insurance. This costs about $750 to $1200 per year. It is important to note that this does not include you not paying your utilities or any undeclared income.
If you want to know more about this, then we can help with that. Especially if you already have a business running or an idea in mind you can check this out.
At Brad Spurgeon Insurance Agency Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (409) 945-4746. Get your free quote today by CLICKING HERE.