Commercial Insurance

Commercial insurance policies have been constructed to cover almost any risk a business could conceivably encounter. While most businesses won’t need every type of policy, each company will need a few. Depending on the type of operation that is being insured, rates and coverage limits will vary.

General Liability Insurance

Every single business should have general liability coverage. This type of policy covers the business in the case of a claim or lawsuit that results from injuries, accidents, or negligence. Claims may include bodily injury, personal injury, property damage, slander, or false advertisement. The insurance provider will cover all covered expenses including legal representation except for punitive damages.

Product Liability Insurance

A company can be held liable for the safety of products it makes, sells, or distributes.  Product liability insurance covers claims that occur from defective products that cause injury or harm. Coverage should vary with the type of product that is made. For example, company that manufactures medications will have a much higher risk then a company that manufactures clothes.

Professional Liability Insurance

This type of liability policy is also known as Errors and Omissions (E & O) insurance and is most often purchased if not required by the State, by businesses that provide professional services like Accountants and Insurance Agents. It covers the professional business owner from malpractice, errors, or negligence in the services provided to customers.

Directors and Officers Liability Insurance

(D&O) is payable to the directors and officers of a company, or to the organization(s) itself, as reimbursement for losses or defense costs in the situation where an insured suffers a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.

Property Insurance

Commercial property insurance policies are for businesses that conduct business out of commercial buildings. These policies cover loss and damage to company property due to named perils such as theft, fire, smoke, wind, hail, vandalism, and other covered events. Company property is usually defined as buildings, equipment, documents, business interruptions, lost income, and money. A business based out of the home can purchase similar coverage in addition to their home owner’s policy.

Workman’s Compensation Insurance

A business that hires employees should purchase a workman’s compensation policy & is often required by the state. This policy covers employee’s medical expenses and loss of income if they are injured on the job. A workman’s compensation policy can provide benefits until the employee reaches retirement age in the case of permanent disability. Business owners aren’t required to cover themselves or any workers in their immediate family. Rates are based on hours worked and the average injury rate for a specific industry. For example, residential construction workers who work on roofs are rated higher than those who install drywall because of the increased chance of falls from high work areas.

Commercial Auto Insurance

A business that uses vehicles in the normal course of business will require commercial auto insurance. In addition to covering personal injury and property damage, commercial auto insurance covers the business for loss of use in the case of an accident.

Umbrella Policies

An umbrella policy is a policy that exceeds the limits of any other policy. These policies are very inexpensive, but often require business owners to purchase the maximum limits on all other policies.

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