Business owners should carefully consider their commercial insurance needs, which offer a range of vital protection related to the business and operations. From vehicles to property and the employees within the business, owners can safeguard their investment and lessen the risk of a scenario affecting its growth and presence. The following areas represent some of the primary commercial insurance needs that any business should approach.
Commercial insurance can be quite a bit more complex than personal insurance policies. There are many different factors to rating a commercial risk and underwriting can generally take several weeks to prepare a quote, which is why it is essential to start reviewing your commercial policy at least one month prior to renewing.
Contact our licensed team to discuss your commercial insurance needs.
- Business Owner Package (BOP) - Small business owners can take care of many needs in a BOP policy – it often includes vehicle, property damage, business income, property, and bodily injury, as well as other types of basic insurance needs.
- Commercial Auto Insurance - A vehicle that is used within the context of business must have its own policy; a personal car insurance policy is not enough, as it will not cover items that relate to business. If your business uses vehicles to perform routine or even occasional operations, a commercial auto policy is a necessity.
- Commercial General Liability Insurance (CGL) - Bodily injury, property damage, personal injury, and advertising injury are covered with a CGL policy. In terms of liability, it is a convenient catch-all type of policy that many businesses can use as a starting point for their insurance needs.
- Commercial Professional Liability Insurance - Also referred to as “errors and omissions (E&O),” this type of policy helps protect professional advice and service-providing individuals and companies from bearing the full cost of defending against negligence claims made by a client and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder.
- Commercial Property Insurance - A commercial property insurance policy could be thought of as a commercial version of a homeowners policy. You will find similar covered items, such as fire, theft, and natural disasters that pertain to the business property and/or business contents. If your business has some type of physical location, it would require a property insurance policy.
- Flood Insurance - Just like home insurance, commercial property policies will not cover flood to the building nor business contents. Commercial flood insurance protects your business from the damage costs that result from floodwater. Also like a personal flood insurance policy with the National Flood Insurance Program (NFIP), there is generally a 30-day waiting period before coverage will go into effect.
- Workers Compensation - Workers that are hurt on the job can rely on workers compensation for lost income and medical expenses. This coverage is commonly required by employers, and it often extends to temporary employees as well.