Small Business Owners Need To Know About These Commercial Insurance Types

Robin Wells

Have you always dreamed about opening your own retail shop? Have you been saving for years and have finally managed to secure a small business loan to make your dreams a reality? Opening a business of your own can be an exciting time, so it can be easy to accidentally overlook things that are important. Insurance is one of those things that everyone needs, but few people like to think about. Before you open for business, here are some types of commercial insurance that you may not have been aware of and that you should consider purchasing:

Glass insurance: When you own a retail location with large plate glass windows, it can sometimes be easy for them to be damaged by either accident or by someone intent on criminal mischief. If damaged or destroyed, large glass windows can be expensive to repair or to replace. Fortunately, that's where glass insurance comes in. This type of commercial insurance covers windows that have been broken by various means. For full coverage, you will probably want to look for an insurance policy that covers replacement for storm damage, as well as for damage caused by human intervention.

Business interruption insurance: What happens if a fire, flood or other calamity causes you to temporarily close your doors? Without this type of commercial insurance, you may be forced into bankruptcy and have to close your store forever. But with business interruption insurance, it would be only a minor setback. The insurance company will reimburse you for expected profits during that time, allowing you to continue to pay your rent, taxes, and the salary of any employees you might have.

Crime insurance: Nobody wants to think about being the victim of theft or a robbery, but it can still happen. Fortunately, just like with your residential renters or homeowners insurance that covers the theft of your personal property, crime insurance is a commercial insurance that covers theft of property from your business. This insurance is especially important if your business deals in retail goods, rather than simply services. 

Inland marine insurance: Contrary to its name, this type of commercial insurance actually has nothing to do with boats or other sea activity. Instead, it covers damage to goods that are in transit, such as a cake being delivered to your customer. It also covers damage to your customer's property while in your possession. If you have a shop where you repair electronic devices for your customers, inland marine insurance will repay them in the event of a fire or similar situations.

For more information, consider contacting companies like Affordable Insurance.