Does Your Commercial Insurance Cover Damage to a Third Party’s Vehicle While It’s On Your Property?

The agents of Pizano Insurance serve residents and business owners in Wayzata, MN. It’s important for business owners to have a commercial policy in place that protects their investment as well as prevents financial loss in case of an accident. Liability insurance is just one of many different types of policies that are included in commercial coverage insurance.

Third Party Liability

Third party liability involves coverages for damages to a third party’s property while it’s in your business. Liability coverage protects your business from financial loss if a person’s property is damaged or they are physically injured while on property owned by your company. The three parties involved in this type of coverage are the insurance agency, the business owner and the owner of the property in question. Most types of liability coverage are considered third party liability.

Umbrella Coverage

Umbrella coverage is a term given to a grouping of insurance policies that are used to protect a business from many different types of loss. This is sometimes considered an additional line of coverage that goes over and above what other types of policies cover. It generally pays for major claims that would cause a catastrophic financial loss for your company. It also includes coverage for situations that are not covered by traditional policies.

If you’re a business owner in Wayzata, MN and need answers about commercial insurance coverage, call the agents of Pizano Insurance today. They can evaluate your needs and find a policy that provides the right amount of coverage for your particular type of business. Call them today to schedule a review of your insurance policy!