If you own a business, you are required by Illinois state law to have workers’ compensation insurance. However, there are many more types of business insurance that are available and can help protect your business against unforeseen dilemmas in the future. Below are some of the types of business insurance offered by First Community Insurance and how they can help your business.
Commercial Property Insurance
Let’s say your business is damaged by a fire, or perhaps a water pipe bursts. This can force you to close your business while also having to pay for repairs. Depending on how severe the damage, it’s not unfair to say that this can threaten the solvency of your business. With commercial property insurance, however, the financial squeeze caused by a random disaster is mitigated.
Inland Marine Insurance
Don't let the title confuse you, inland marine insurance does not refer to maritime shipping. Instead, inland marine insurance covers goods while they are being shipped and stored at locations outside of your business. Not every business needs inland marine insurance, for some, the coverage provided by commercial property insurance is sufficient. However, if your business frequently utilizes shipping, and often stores goods at a third party location, then inland marine insurance is essential for protecting against losses incurred during the shipping process.
Commercial Auto Insurance
If your business utilizes vehicles, then commercial auto insurance is for you. Commercial auto insurance does not just protect against damages to your vehicles or employees, it also covers damages to someone else's property.
Professional Liability Insurance
Mistakes happen. With professional liability insurance you can be protected from having a mistake by you or one of your employees cause significant damage to your business. If you make a mistake that results in a significant loss for your business, professional liability insurance covers some or all of those losses, preventing one mistake from threatening your entire business.
Crime is always a threat to businesses. Crime Insurance helps mitigate that threat. If your business is robbed, if your business property is vandalized, or if you suffer losses as a result of employee dishonesty, crime insurance is there to protect your bottom line. If your business has a store front, or some location that customers enter to purchase your products, you are especially vulnerable to crime. Crime insurance brings some peace of mind.
We offer the above business insurance policies and many more At First Community Insurance. We’re committed to keeping your business protected – so you can focus on your day-to-day operations. And with the right insurance plan, your business will be covered. If you would like to learn more about business insurance and how it can help your business, contact us today.