Commercial insurance is an important tool for managing risks that may affect your organization. If you’re looking for insurance or are interested in having your current coverage assessed, Waymon Lynch & Associates is here to assist you.

What Is It and Is It Required?

Commercial insurance, also referred to as business insurance, may help you weather the financial pitfalls of unexpected damages, claims and lawsuits that may affect your organization. Coverage requirements may vary depending on the state in which you operate and other unique circumstances. For example, in Maryland, many businesses must carry workers’ compensation insurance. Certain contracts and agreements may also require organizations to purchase specific coverages.

The following policies are often essential components of a commercial insurance package:

• General liability coverage may cover your business against third-party claims of bodily injury, property damage and advertising injury.

• Workers’ compensation coverage may help pay for your employees’ medical bills, funeral costs or lost wages if they get injured in an at-work incident. Your coverage may also assist with legal costs if affected staff choose to sue your business.

• Commercial property coverage may help pay for the repair costs of structures, equipment, tools and inventory after a covered peril.

• Commercial auto coverage may cover damages related to company-owned vehicles.

• Professional liability coverage may cover associated expenses if a customer files a claim for missed deadlines, errors or negligence.

How Much Do Policies Cost?

Various factors may influence your rates, including your location, industry, number of employees, owned assets, claims history and policy specifics. You can often lower your premiums by adjusting your deductible, having a risk management plan in place and shopping around for various coverage options.

Get Covered Today

Reach out to Waymon Lynch & Associates to learn more about your commercial insurance options or request a quote.