If you’re a business owner, you’ll need to invest in commercial property and casualty insurance. Property and casualty insurance (P&C insurance) encompasses two foundational types of insurance: liability and personal property.
Insurance plans under this umbrella term cover a wide range of belongings and incidents. It can be challenging for small business owners to understand the ideal position regarding being underinsured and paying for coverage they don’t need.
Property and casualty insurance can cover major fees related to accidents, burglaries, storm damage, and more, depending on the policy. No matter what, the purpose of property and casualty insurance is to protect you, your employees, and your business from danger and potential business-ending expenses.
What Does it Cover?
Commercial P&C insurance covers personal belongings, property damage, and on-site workers’ safety expenses. Safety should always be a top priority and having commercial P&C insurance is necessary for business owners to protect themselves and their employees. In fact, most states require employers to invest in workers’ comp insurance.
Depending on the type of plan, P&C insurance covers most of the following:
- Workers’ Compensation Insurance
- General Liability
- Professional Liability
- Product Liability
- Automobile Liability
- Cyber Liability
Workers’ Comp Insurance
Most states require employers to get coverage within a timeframe. Negligent business owners face very negative consequences if this isn’t done on time. Punishments for withholding workers’ comp include jail time, hefty fines, or lawsuits.
Regardless of the punishments, businesses of all sizes should make safety a top priority for all employees. With workers’ comp, business owners don’t have to worry about being sued for unforeseen incidents at the workplace. Workers’ comp can pay for an employee’s medical bills and other expenses due to injury. Businesses should take all the necessary steps to make the workplace as safe as possible.
Brabo’s Commercial Property and Casualty Insurance Services
No one wants anything bad to happen at their business. But, we want to make sure you’re well prepared for potential accidents or property damage. As the saying goes, hope for the best, but prepare for the worst.
Whether your goods are stolen, an accident occurs on-site, or a storm damages your building, we’re here to keep your business secure. Our personalized property and casualty insurance services can include the following:
- Workers’ Comp Insurance
- Personal lines
- Commercial lines
- Commercial vehicle insurance
- Cyber liability coverage
- Commercial Casualty and Liability Coverage
Brabo is a local payroll company that works with business owners and employees to offer the best possible payroll service solutions, hr outsourcing solutions, and insurance solutions. If you’re unsure of what coverage your business should have, please contact us today!