BUSINESS INSURANCE INFORMATION

Please see information on Business Insurance below.

        

BUSINESS INSURANCE

Business insurance is vital for most businesses in the US, regardless of size or value. What exactly can you expect from a business insurance policy? What is offered and how much does it cost?

What is Business Insurance?

Business insurance is a type of insurance designed to cover you and your business against a variety of possible scenarios, including:

  • Property damage
  • Bodily injury
  • Personal injury
  • Advertising injury
  • Vehicle damage

Tenant's liability (in case of fire or other damage to your business premises)

Different providers of business insurance will have different policy names and ways of describing the various risks you may face, yet in general they will offer the same range of cover.

What are the Types of Business Insurance?

There are many types of business insurance and you may find that different providers use different names for them. However in general you will be able to choose from:

Commercial General Liability Insurance or Business Liability Insurance

This is the most common type and usually includes areas such as accident/injuries to employees, negligence claims, medical expenses, libel, slander, copyright infringement, property damage, defense costs, premises / operations liability and tenant's liability.

Commercial Property Insurance

Commercial property insurance usually covers areas including damage / loss to company property (due to fire, smoke, wind, vandalism etc). Generally the term 'property' includes the actual buildings of your business but also items such as computers, income, paperwork etc.

Workers' Compensation

Workers' compensation covers your employees in the event of accidents/injuries suffered in the workplace, as well as illnesses, medical expenses, and lost income. If an employee dies as a result of a job-related injury then this type of insurance will pay out a death benefit.

Errors and Omissions / Professional Liability

Errors and omissions usually includes protection against negligence to customers, malpractice, and errors. In many cases state law requires that all businesses have this type of insurance if you are not sure then it is vital to find out about this.

Commercial Vehicle / Hired Auto

Commercial vehicle insurance covers your business for any legal liabilities arising from damages or loss created by a company vehicle (any vehicles used as part of your business). In general this type also covers vehicles that are hired or borrowed in your business. Commercial vehicles can also be covered for outside damage resulting from inclement weather and vandalism.

Umbrella Liability / Umbrella Insurance

Umbrella insurance usually provides additional or supplemental coverage to your existing policies. With the umbrella policy the business is provided with an extra layer of protection.

How Do I Know What Coverage is Right for My Business?

Most businesses choose their coverage in accordance with the size of their business and other elements, including number of staff, number of business vehicles and any additional factors that could occur.

You may also need to include regulatory requirements, the type of industry your business belongs to, where you are located and many other elements beside. It is best to get as much coverage as possible, while clearly looking to pay affordable and manageable premiums. Before you choose a policy, sit down with your colleagues and any regulatory bodies to discuss what you need.

        


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