Commercial Property Insurance
If a fire erupts in the building of a business and the inventory and building are destroyed how will it be replaced? Commercial Property Insurance indemnifies an insured who suffers a financial loss because property has been damaged or destroyed. Commercial Property Insurance covers both real and personal property for direct physical loss or damage to covered property at the premises described. The coverage can be written on an all risk basis subject to policy exclusions. There are many optional coverages that can be added to the policy to suit each business’s needs.
General Liability Insurance
General Liability Insurance provides protection for damages due to bodily injury or property damage for which the insured is legally responsible. The policy provides coverage for liability arising from personal injury, advertising injury accidents occurring on the premises or away from the premises and for damages arising out of goods or products made or sold by the insured. Coverage for medical expense can also be provided along with supplemental payments for court costs and other expenses with the claim. The coverage can be tailored to meet individual needs with policy limits and deductibles.
Business Auto Insurance provides coverage for vehicles owned or leased by the business. The policy pays for damages due to bodily injury or property damage that the insured becomes legally responsible due to an automobile accident. Other coverages that can be purchased include comprehensive coverage, collision coverage, uninsured motorists and underinsured motorists coverage. This policy can be tailored to cover each individual business’s needs. Like personal auto coverage, business auto insurance can be mandatory by the state you are located in.
Workers Compensation Insurance
Workers Compensation Insurance is required by law in most states. The insurance company pays for all compensation and other benefits required of the insured by the workers compensation law and occupational disease law of the state covered in the policy. The coverage applies to bodily injury by accident and by disease. Workers Compensation Insurance provides benefits to the employee without regard to fault. This policy can provide coverage for medical expenses, lost income, rehab costs, death benefits and more.
Run out of coverage while settling a lawsuit? Like a personal umbrella policy, a Commercial Umbrella policy provides an extra layer of liability protection over other policies. This coverage would provide you with higher limits of liability than what would be available under a basic general liability or business auto policy. The liability limit on the umbrella policy would pick up coverage when limits are exhausted on the underlying policies. Coverage limits begin at $1 million, with some carriers writing limits up to $10+ million.
Professional Liability Insurance
Also known as errors and omissions insurance, Professional Liability Insurance protects a business in the event that a client is harmed from a service or advice that you provide for which you are held legally liable. Most general liability policies specifically exclude professional services so that would require a client to carry professional liability insurance. Professions that would typically carry this coverage would be: physicians, dentists, lawyers, accountants or anyone else providing a professional service.