Business Insurance

General Liability

Do you have a personal umbrella liability policy? There is generally an exclusion for business-related liability. Be sure that you have sufficient auto liability coverage.

Do I Need General Liability Insurance?

Unfortunately, the chances of business owners being sued have increased dramatically over the last decade. General Liability insurance can prevent a legal suit from developing into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for injury or damage.

General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or as a result of your operations.

Broad Range of General Liability

  • Bodily injury, including the cost of care, the loss of services, and the restitution for any death that results from injury.
  • Property damage coverage for the physical damage to property of other or the loss of use of that property.
  • Products-Completed Operations provides liability protection (damages and legal expenses to your policy’s limit) if an injury results from something your company made or a service that your company provided.
  • Products Liability is a specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents.
  • Contractual Liability extends to any liability you may assume by entering into a variety of contracts.
  • Other coverage includes: Reasonable Use of Force; Borrowed Equipment, Liquor Liability, Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning, or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types.

Commercial Auto Insurance

Commercial Auto Insurance

As a business owner, your company vehicle requires the same kinds of insurance coverages for the car you use for personal use. These coverages include liability, collision and comprehensive, medical payments (aka personal injury protection), and coverage for uninsured motorists.

Do you use the same vehicle for both business and personal use? It’s important to have the name of your business listed on the policy as the “principal insured” instead of your name, in order to avoid any confusion in the event of a claim.

Do I Need Commercial Auto Insurance?

As a business owner, your company vehicle requires the same kinds of insurance coverages for the car you use for personal use. These coverages include liability, collision and comprehensive, medical payments (aka personal injury protection), and coverage for uninsured motorists.

Do you use the same vehicle for both business and personal use? It’s important to have the name of your business listed on the policy as the “principal insured” instead of your name, in order to avoid any confusion in the event of a claim.

Workers Compensation

Workers Compensation Insurance Information

Workers compensation insurance covers workers injured on the job, whether they’re hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.

Do I Need Workers Compensation Insurance?

As an employer, you have a legal responsibility to your employees to make the workplace a safe environment. However, it’s important to remember that accidents happen even when every reasonable safety measure has been taken.

According to most state laws, if you have employees, you are required to carry some form of Workers Compensation Insurance. Even in non-mandatory states, Workers Compensation coverage is a very good idea, particularly if you have multiple employees or their work entails hazardous operations.

Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, in most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved.

Workers compensation insurance must be bought as a separate policy. Although in-home business and business owners’ policies (BOPs) are sold as package policies, they don’t include coverage for workers’ injuries.

What are the Benefits of Workers Compensation?

  • Provides employees injured on the job with fixed monetary awards
  • Eliminates the need for litigation and creates simple process for employee
  • Reduces risk for employers as states often limit the amount of damages an injured employee can recover
  • Provides payments to injured workers without regard to who was at fault in the accident, for time lost from work, and for medical and rehabilitation services
  • Provides death benefits to surviving spouses and dependents

Workers Compensation Insurance is designed to help companies pay these benefits. This insurance is not health insurance. Workers Compensation is intended to protect employees and is designed specifically for injuries sustained while on the job.