Commercial insurance protects your business against lawsuits and other events that threaten your business assets. Without commercial insurance, your business could go under with a single lost case. However, did you know that you could be held personally accountable for property damage or personal injury caused by you or an employee? Your Epic Insurance agent in Lees Summit, MO can help you understand the type of commercial insurance that can protect your family and personal assets against claims filed against the business.
How Can Commercial Insurance Safeguard Your Personal Assets?
If you want to retire, you’ve probably built up a retirement account and paid off the car and house. If you’re lucky, your assets make you fall into the high net worth category. One day, an employee crashes your company van into another vehicle. No one is hurt and there’s surprisingly little damage to your company van. However, the other vehicle is totaled and the passenger is in bad shape. If you have the right policy in place, your insurance has you covered and the injured parties can’t come after your personal assets.
What Commercial Insurance Covers
Commercial insurance works like personal liability except it applies to the business, effectively separating your personal and professional liability.
- Bodily Injury. If you or an employee works at a job site and someone if hurt, your commercial insurance pays for medical treatment for the injured party. This saves you from covering the expense out of the business account and prevents the injury party from coming after your personal assets.
- Property Damage. If a truck driver working for you crashes the company truck into someone’s living room, your commercial auto insurance pays for the damage.
Product liability and business disruption are just two of many types of commercial coverage available. Ask your Epic Insurance representative the best policies to protect your personal assets from professional liability concerns is Lees Summit, MO.