Understanding Commercial Insurance

Owning your own business can be a thrilling and fulfilling endeavor. However, along with the excitement, also comes a greater sense of responsibility and in some cases liability. So, what can business owners do to better protect the investment of time and money they have made into their business? At Bye Financial Group LLC, serving Grand Ledge, MI, we take pride in educating our clients and future clients on important insurance topics. Keep reading to learn what you need to know about commercial insurance. 

What is Commercial Insurance?

Commercial insurance is a suite of insurance products that are designed for the specific needs of businesses. These insurance products can be set in place in order to protect the special investment of time and money that you have put into your business. Commercial insurance covers a wide range of insurance needs. 

What Does Commercial Insurance Cover?

Commercial insurance can be customized to fit your particular needs, but in general, it will provide coverage in the following areas:

Property Damage- If your company operates a brick and mortar location, the property damage insurance will pay for repairs or replacement of property or equipment that is damaged or lost due to fire, natural disaster, or theft. 

Auto- If your company operates vehicles as part of your everyday business, commercial insurance will provide coverage for both the vehicles and the operators in much the same way as traditional auto insurance would. 

Liability- Liability coverage is very important for the business owner. If someone is injured on your business property or is injured because of your goods or services, liability coverage will pay for medical expenses or legal expenses that are incurred. This type of coverage also applies to employees who are injured at work. 

If you would like to learn more about commercial insurance, please call our staff today at Bye Financial Group LLC, serving Grand Ledge, MI.