5 Popular Types of Commercial Insurance Every Business Should Consider

Commercial insurance is critical for businesses, irrespective of their size. It protects your business from unforeseen liabilities and risks. However, choosing the right commercial insurance in Burlington will protect your business from financial setbacks. You must choose a reliable insurance company like Eric Gruscyk Desjardins Insurance & Financial Services for professional guidance. In this blog post, we will dig into five important types of commercial insurance every business must consider. Explore more below.

1. General Liability Insurance

It is the foundation of most commercial insurance policies. It covers bodily injury, property damage, and personal damage (like defamation). For example, if a customer slips and gets injured within your office premises, general liability insurance will cover medical expenses and legal fees. This commercial insurance in Oakville is a must-have for businesses of all sizes and industries to handle common legal liabilities stress-free.

2. Commercial Property Insurance

No matter if you own or lease a business space, commercial property insurance is essential to protect the physical assets. It protects your machinery, equipment, building, furniture, and inventory from risks like vandalism, theft, fire, or any natural disasters. For example, if a fire broke out in your warehouse and caused severe damages, you can claim the lost amount if you have this insurance.

3. Workers’ Compensation Insurance

Workers’ compensation insurance is compulsory in many places for businesses. It protects the interests of employees. This insurance covers medical expenses, rehabilitation costs, and lost wages of employees who have gotten injured while performing any professional duty. It also protects the interests of employers from potential lawsuits by injured employees.

4. Professional Liability Insurance

This commercial insurance in Burlington & GTA is also popular as errors & omissions insurance. It is important for businesses involved in offering professional services or advice. Professional liability insurance covers claims of mistakes, negligence, or incompetency in delivering promised results. For example, if a client incurs financial loss because of mistakes their CA has made, this policy will cover the legal and settlement costs.

5. Commercial Auto Insurance

This is also an important commercial insurance in Oakville for businesses using vehicles for their operations. It protects businesses from damages stemming from vehicle accidents involving company-owned vehicles. Commercial auto insurance will cover medical expenses, repair costs, as well as third-party damages.

Eric Gruscyk Desjardins Insurance & Financial Services can help you choose the best type of commercial insurance in Oakville. Get in touch with us today to discuss your requirements.