Facing a lot of risks, business owners have many decisions to make throughout the day in Canby, Oregon. One of the top items on their list should be their business insurance. Unfortunately, many business owners are perplexed by insurance, and others shy away from the subject leaving their businesses exposed. Commercial property and general liability insurance are two key coverage options to have to reduce risks for your business. The differences and benefits are outlined below.
The Basics of Commercial Property Insurance
Commercial property insurance protects the structures your business owns. You can purchase protections against fire, accidental damage, and weather-related damage. If your business experiences a qualifying event while you have the coverage, then your insurance company will likely help you cover the costs of restoring your facilities.
The Benefits of Commercial Property Insurance
The main benefit you receive when you purchase commercial property insurance is financial protection from a qualified event. Instead of using business revenues to rehab your business, you can rely on your insurance agency to provide the funds you need for a covered event.
The Basics of General Liability Insurance
Large settlements resulting from lawsuits in which your business or an employee representing your business, negligently injured another party, can damage your business severely. Many businesses facing staggering settlements file bankruptcy as a result of not being able to pay their debt. Fortunately, general liability insurance will help you cover the cost if you experience a qualified event while you have the coverage.
The Benefits of General Liability Insurance
General liability insurance offers your business multiple coverage options. The following are some of the benefits.
• It may protect you from slip and falls.
• It may protect you from damage you cause to other’s property.
• It may protect you from slander and libel.
For greater protection, your business can purchase both property and general liability insurance if you find you need the extra protections. Contact us to find out more.
