Owning a business comes with a lot of work, and some of the responsibilities go towards developing a form of protection against financial losses. That’s why many business owners turn to insurance agencies for coverage. There are numerous types of insurance that could cover a business or a commercial enterprise, and customers will have many policies to choose from. Most business owners end up with a commercial insurance plan or even a liability coverage of some sort. At Bridgeway Insurance Group, we’re providing both to business owners in Montgomery, AL. But what is the difference between commercial insurance and liability coverage?

What is Commercial Insurance?

Commercial insurance is the type of coverage that protects a company and its assets. This insurance will provide payments in the event of a financial loss, a theft, an accident, or a natural disaster. Some companies are more dangerous or risk-prone than others. For example, if a business owner runs a construction company, it would help to have commercial insurance for personal injuries or workplace accidents. If the business is located in a high-crime area, then the business owner should look into an insurance plan that provides coverage for theft or vandalism.

What is Liability Coverage?

Liability coverage is a type of policy found in a commercial insurance plan. If a customer wants to take action against a company for releasing a faulty or defective product, the company can recuperate any financial losses from the legal dispute; the company’s insurance should pay for the lawsuit and the legal fees. Other lawsuits might arise from workplace compensation disputes.

Getting Insurance in Montgomery, AL

Interested in finding a commercial insurance plan that covers your needs? Contact Bridgeway Insurance Group for more information.