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The various types of commercial insurance

Commercial insurance is essential for any business, regardless of size or industry. It provides financial protection in the event that a company experiences a loss or incurs liabilities due to unforeseen circumstances. There are many different types of commercial insurance available from Great Lakes State Agency, and it’s important to understand which type best suits your Lansing, MI area business needs. 

The various types of commercial insurance

The most common type of commercial insurance is property insurance, which covers physical assets such as buildings and equipment from loss or damage due to fire, theft, vandalism, etc. Businesses can also purchase liability insurance, which provides protection against claims of bodily injury or property damage resulting from the company’s operations.

Additionally, there are several types of product liability coverage available to protect businesses from liability claims due to defective products they produce or sell.

Finally, some businesses may require specialized types of commercial insurance depending on their operations or industry. For example, restaurants and bars may need liquor liability coverage while construction firms might benefit from builders’ risk coverage.

Some other specialized policies include cyber liability coverage for companies dealing with customer data online, employment practices liability for employers facing allegations of wrongful termination or discrimination, and environmental impairment liability for businesses active in hazardous industries like oil & gas production.

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Choosing the right type of commercial insurance can be complex but taking the time to research all available options will ensure your business is adequately protected in case of an unforeseen event. With so many different policies on offer, it can be difficult to know where to start – but speaking with one of our qualified independent agents at Great Lakes State Agency will help you find the ideal policy for your needs without breaking the bank! We serve the Lansing, MI area.

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