Commercial Insurance
What is Business Insurance?
Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance. As a business, you take risks every day in, order to keep your business thriving. The protections you get from choosing a business structure like a limited liability company (LLC) or a corporation typically only protect your personal property from lawsuits, and even that protection is limited. Business insurance can fill in the gaps to make sure both your personal assets and your business assets are fully protected from unexpected catastrophes. In some instances, you might be legally required to purchase certain types of business insurance.
Business Insurance Offered
Commercial general liability (CGL) is a type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises. Commercial general liability is considered comprehensive business insurance, though it does not cover all risks a business may face.
Workers’ compensation insurance covers medical costs and lost wages for work-related injuries and illnesses.
Commercial property insurance plans vary from policy to policy.
Basic property insurance usually covers losses caused by fire, lightning, wind and hail, or acts of vandalism. Additional coverage can be added for earthquakes and breakage of glass.
The essential items to insure in a business property insurance plan include your building, office equipment, inventory and outdoor items on the premises such as fencing, storage sheds, or outdoor signs.
Commercial auto insurance helps cover medical payments and property damage related to an accident. This coverage includes legal expenses if you’re sued. A policy may also cover vehicle theft, vandalism, and other losses and damages.
Most commercial auto policies include liability insurance to cover your business’s legal costs if one of your employees gets into an accident.
Builder’s risk insurance, also called "course of construction insurance," covers the policyholder against damage or loss to buildings during construction or renovation in the event of fire, storm, wind, vandalism, theft, fungus/contamination or collision with vehicles or aircraft. Typically, builder’s risk insurance also extends to the materials used in construction and potentially documents and data, temporary structures and other soft costs — depending on your policy.
Umbrella and excess liability insurance policies are crafted to be an extra layer of protection that goes a step further than your primary insurance policy.
Equipment loss can stop construction in its tracks. Distinct risks can threaten contractors’ equipment, from weather, theft and transit, to accidents caused by less experienced machine operators.
Cargo insurance protects you from financial loss due to damaged or lost cargo. It pays you the amount you’re insured for if a covered event happens to your freight. And these covered events are usually natural disasters, vehicle accidents, cargo abandonment, customs rejection, acts of war, and piracy.
Professional liability insurance (PLI) is insurance that protects professionals such as accountants, lawyers, and physicians against negligence and other claims initiated by their clients. Professionals who have expertise in a specific area require this type of insurance because general liability insurance policies do not offer protection against claims arising out of business or professional practices such as negligence, malpractice, or misrepresentation.
Pollution insurance is a type of coverage created specifically to manage the costs associated with pollution clean-up, as well as to cover liability claims for pollution-related injuries, illnesses or deaths.
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Contact us to learn more about what types of commercial insurance we offer and how we can best serve your needs.
