Contact us today and speak with an agent. We will take the time to discuss with you all of your insurance options.
There are 4 main insurance basics that most businesses should have coverage for:
Property Liability Business Vehicle Workers Comp
PROPERTY INSURANCE: The purpose of business property insurance is for you to receive compensation for any damage caused as a result of various perils, such as fire or theft, to property you use in your business. Property Insurance covers the building or structure, but also "personal property" as well. This means such things as office furnishings, inventory, raw materials, machinery, computers, and other things used for your business. Property insurance can also cover operating funds needed to provide liquidity to your business after a catastrophic loss. Depending on your policy, you may also have coverage for some types of water damage, removal of debris and equipment breakdown.
LIABILITY INSURANCE: Any business can be sued. Anything from someone claiming that your business did them harm as the result of situations such as a defective product, an error or omission for service, or your alleged disregard for someone's property. Someone may also charge that you have created a hazardous environment. Liability Insurance pays for damages that you have been found liable for, up to the policy limits, as well as any legal fees. It can also pay for any medical bills of persons injured by your business.
BUSINESS VEHICLE INSURANCE: Most personal insurance policies exclude coverage for personal vehicles involved in an accident if it was being used for business purposes. If you use your own car for business, discus this with us. Autos owned by businesses are covered under a business auto policy. Much like Personal Auto, Business Auto covers the vehicle from bodily injury or property damage, up to the policy limits. Repair or replacement of the covered vehicle due to damage from accidents, theft, flooding, and other perils is commonly covered.
WORKERS COMPENSATION INSURANCE: All employers are required to carry workers compensation insurance for employees. Workers Comp, as this is referred to, pays for a portion of lost wages and medical care for covered employees who are injured on the job, regardless of fault. If an employee dies as a result of any injury sustained while on duty, the insurance pays compensation to the family of the employee.
There are other policies your business may require:
Umbrella Specialized Liabilities Terrorism Package Policies
UMBRELLA POLICIES: This type of policy provides protection over and above your other liability policies. It's specifically designed to provide protection for losses of an unusually high amount. Usually applies only after the policy limits of the underlying policy have been used up.
SPECIALIZED LIABILITY INSURANCE: This includes liability coverage for
• Errors and Omissions Insurance (E&O)/Professional Liability Insurance
• Employment Practices Liability Insurance (EPLI)
• Directors and Officers Liability Insurance (D&O)
• Business Identity Theft Insurance
Click HERE to learn more about these policies.
TERRORISM INSURANCE: Under the Terrorism Risk and Insurance Act (TRIA) enacted by Congress in 2002, owners of commercial property must be offered the opportunity to purchase terrorism coverage. In some cases terrorism insurance may be covered in your Business Owners Policy (BOP). Workers Comp is the only policy type that automatically covers terrorism.
PACKAGE POLICIES: A number of the previously mentioned coverages can be combined into a package that can be sold as a single contract. When this occurs it often results in lower prices than when the coverages are purchased separately. Business Owners Policy or BOP is the most common type of package. The coverages may vary from company to company in these packages and each company may use different names for them. There are package policies designed specifically for restaurants, hair stylists, accountants, and many other businesses.