Business & Commercial Insurance
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Business & Commercial Insurance Information
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Business & Commercial Insurance Products: Commercial Property, General Liability, Small Business Package, Farm and Ranch, Workers Compensation, Bonds, Inland Marine, Commercial Auto, Commercial Umbrella, Marinas, Yachts, Charter Boats
Business & Commercial Coverages
Most small businesses need to purchase at least the following four types of insurance.
- Property Insurance - Property insurance compensates a business if the property used in the business is lost or damaged as the result of various types of common perils, such as fire or theft.
- Liability Insurance - Liability insurance pays damages for which the business is found liable, up to the policy limits, as well as attorneys’ fees and other legal defense expenses. It also pays the medical bills of any people injured by, or on the premises of, the business.
- Business Auto Insurance - A business auto policy provides coverage for autos owned by a business. The insurance pays any costs to third parties resulting from bodily injury or property damage for which the business is legally liable, up to the policy limits.
- Workers Compensation Insurance - Workers comp insurance, as this coverage is generally called, pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury.
Other Types of Business Coverages
- Errors and Omissions Insurance/Professional Liability - Some businesses involve services such as giving advice, making recommendations, designing things, providing physical care or representing the needs of others, which can lead to being sued by customers, clients or patients claiming that the business’s failure to perform a job properly has injured them. Errors and omissions or professional liability insurance covers these situations.
- Employment Practices Liability Insurance - Employment practices liability insurance covers (up to the policy limits) damages for which an employer is legally liable such as violating an employee’s civil or other legal rights
- Directors and Officers Liability Insurance - Directors and officers liability insurance protects directors and officers of corporations or not-for-profit organizations if there is a lawsuit claiming they managed the business or organization without proper regard for the rights of others.
- Key Employee Insurance - Life or disability income insurance can compensate a business when certain key employees die or become disabled. These coverages cushion some of the adverse financial impact that results from losing a key employee’s participation.
- Umbrella Policies - As the name implies, an umbrella liability policy provides coverage over and above a business’s other liability coverages. It is designed to protect against unusually high losses. It provides protection when the policy limits of one of the underlying policies have been used up.
Click here for more detailed information on each type of policy..
Source: Insurance Information Institute