“Commercial insurance” essentially refers to insurance that protects companies and professionals from any unforeseen circumstances that may financially affect the company/professionals. It’s always a good idea to have some form of coverage for your business, even if you work from home. At a minimum, a general liability policy is recommended, as it covers businesses in cases such as a customer being injured on the property, someone trying to sue you for medical costs, if their products cause injury, if you infringe on copyrights, etc.

General liability insurance is offered by some contractors as stand-alone coverage through some insurance companies, although it is often combined with property insurance in business owners policies or BOPs.

Here are some tips for choosing business insurance:

• The best insurance for your company will not be the same for all companies, because each company is unique. It’s best to go through a company that offers custom solutions, so you don’t have to worry about paying for coverage you don’t even need.

• Find out about the laws in your area. The location of your business influences the amount of money you will have to pay. The risks are higher in some areas. What is the minimum requirement for businesses in your city and state? How big is your commercial property?

More tips for finding good business insurance

• One thing to look for is a company that offers ways to lower the cost of business insurance to ensure you get a competitive price. Some providers offer discounts for home businesses. You can also be rewarded if you employ good risk management, such as keeping business property clean and free of hazards.

• Be aware of the terms “designated hazards” and “open hazards.” Open perils coverage refers to protection against almost all potential losses, except for losses specifically excluded in the business insurance policy. The named perils policy, on the other hand, only provides coverage for losses that are specifically INCLUDED in the policy, such as theft, wind, fire, vandalism, etc.

• If you’re looking for an insurance broker, make sure that person knows your industry. The more informed they are about your specific needs and requirements, the better able they are to help you get the best possible coverage at a reasonable price. Also, research a broker’s geographic licenses and operations. Do they align with the regions or states in which your business operates?

A good place to start your search for a good business insurance policy is Hiscox Business Insurance Group. Hiscox Inc is financially strong and offers affordable, personalized coverage in all 50 states.