Your home and automotive insurance policies are designed to protect your personal possessions – but what about things owned by a private business? For assets that are the property of a registered business, commercial insurance is designed to take into account the unique risks that a business or corporation faces.

Here is what consumers need to know about commercial insurance:

Coverage can be customized by industry
Different industries have different hazards, so commercial insurance can be tailored to meet specific challenges. What may be perfect coverage for a farmer may be less useful for a clothing retailer. Business needs are not one size fits all, so why should insurance be?

Commercial insurance can cover more than just property damage
While the traditional coverage options like theft, fire and flood can be included in commercial insurance to help recoup the value of an item damaged or destroyed, it can also cover the assumed damages or monetary expenses from losing access to business property. That means that if your business experiences a fire, you may be covered not only for the damage, but for the loss of income in the time that your business is closed for repairs.

It takes into account liability
What happens if a customer gets hurt in your store and decides to sue you? That's where commercial insurance comes in. Commercial insurance can be designed to cover many forms of liability – including product liability, accident/injury liability, libel, malpractice and professional liability or "errors and omissions" risks – that may put you on the receiving end of expensive litigation.

Protection from cybercriminals
One of the more insidious, yet increasingly commonplace threats businesses face is from cyberattacks. Hackers target the computer systems of small-business owners and engage in remote attacks, locking down systems and demanding ransoms, or simply stealing customer personal data like credit cards. Commercial insurance can be customized to include coverage for when these attacks occur. 

To find out more about how commercial insurance can strengthen your business, contact Fundy Mutual today.