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​Understanding business insurance.

It is especially important for small business owners to carefully consider and evaluate their business insurance needs because they may have more personal Financial exposure in the event of a loss. At AGM we take pride in providing you with expert assessment of your specific business needs and expectations to ensure that you have the right cover.

Also known as commercial lines insurance, these coverages include property and casualty insurance products for businesses. Commercial lines Insurance helps to protect businesses from potential losses they couldn’t afford to cover on their own, which allows businesses to operate when it might otherwise be too risky to do so.

At AGM we are partnered with the most highly rated insurers in the market and are able to offer our commercial clients varied cover options for their business insurance requirements. AGM can further offer more specialized cover as we deal with specialized insurance specific providers who offer cover for specialized industries. These insurers are able to offer cover which fall outside of the general spectrum of insurance.

Types of business insurance

There are several types of business insurance that small business owners might consider, including the following:

Professional Liability Insurance

Professional liability insurance insures against negligence claims that result from mistakes or failure to perform. There is no one specific professional liability coverage. Each industry has its own unique concerns that should assessed.

Property Insurance

Property Insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm or theft. However, it doesn’t cover mass-destruction events like floods and earthquakes. If your area is at risk for these issues, you’ll need a separate policy. If there’s a claim, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to fix the problem.

Home-Based Business

Homeowner’s policies don’t cover home-based businesses like commercial property insurance covers businesses. If you’re operating a home-based business, inquire about additional coverage for equipment and inventory.

Product Liability Insurance

If your business is in the manufacturing for sale industry, product liability insurance is vital. Having protection that covers against damages cause by your products is essential to the business.

Vehicle Insurance

Any vehicles used for business should be fully insured. At the very least, businesses should insure against third-party injury, but comprehensive vehicle insurance will cover the vehicle in an accident, as well.

Business Interruption insurance

Business interruption, or continuation policies, are a type of insurance that is especially applicable to companies that require a physical location to do business, such as retail stores or manufacturing facilities. Business interruption insurance compensates a business for its lost income during events that cause a disruption to the normal course of business.