What Kind of Insurance do I need to Purchase for my Business?

Assuming you’re a business owner, you’ve most likely come across this subject several times. The type of insurance you’ll need is known as Commercial Insurance.
Commercial insurance is divided into two main categories: property insurance and casualty insurance.
We will go over both categories briefly and continue on with further details on our next article.

Property Insurance

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Property insurance provides coverage for buildings you own or lease as a part of your business, your business personal property, and the personal property of others.

Building coverages includes:

  • buildings or structures and any completed additions listed on the declarations page of your policy
  • permanently installed fixtures, machinery, and equipment

Business personal property includes:

  • furniture
  • fixtures
  • machinery
  • equipment not permanently installed
  • inventory
  • any other personal property owned by and used in your business

Casualty Insurance

Casualty insurance is a division of insurance that consists primarily of liability coverages. It protects your business from financial loss resulting from claims of injury or damage cause to others by you or your employees. Commercial casualty generally includes the following types of insurance coverages:

  • Liability insurance, including general liability and errors and omissions (professional) liability
  • Workers compensation and employers liability coverages
  • Commercial auto insurance
  • Commercial umbrella and excess liability coverages
  • Foreign casualty coverages. These include foreign liability, foreign auto, and foreign workers compensation coverages.
  • Specialty coverages such as special event insurance and entertainer liability

We will review more in-depth what each of the above coverages include in our next article.
If you own property or other valuable assets, it would be wise to invest in sufficient commercial liability coverage to limit your risk exposure. To learn more about Commercial Insurance and what coverages are most suitable for your type of business, get in touch with your UniAmerica Insurance agent today or give us a call at 1-310-835-3373.


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