When you open a business, whether you open a sole proprietorship or a startup, you will need commercial insurance. The need increases if you own a business with a storefront or a service-based practice, such as a legal firm or medical practice.
Brent Davis Insurance serving Allen, TX can help you obtain the appropriate coverage for your business. Buying business insurance isn’t the same as insuring a house or car. Your business will need multiple coverage types and policies. In the insurance industry, what we refer to as a commercial insurance policy actually refers to a package of policies.
Most businesses start with a business owners policy (BOP) and add to it. The BOP consists of the four most common types of insurance a business needs. It includes structural damage, business and personal property, and liability protection.
You then add to it the specialty types of coverage you need. This includes additional general liability, glass insurance, boiler insurance, malpractice coverage, and more than 10 other types of insurance. Each kind of policy covers an event that only certain businesses experience. For example, a dry cleaning business that delivers clothing would need a commercial auto policy and inland marine insurance. The former would cover the vehicle’s liability and property damage as well as comprehensive and collision. The latter would cover the items transported by the business.
Only medical and legal practices need malpractice insurance, typically, but a medical doctor who also creates medical devices, such as prosthetics or a dentist that creates teeth straightening trays would also need error and omissions insurance. The medical devices would not be covered under malpractice insurance.
The complexities of commercial insurance warrant a consultation with Allen TX’s Brent Davis Insurance. Let one of our agents discuss your commercial business options with you. We can help you find just the right coverage for your business, so you do not spend too much or buy the wrong policy.