Commercial Insurance

 

In the event of a start up or existing business; small, medium or even a C Corparation, you will need insurance. 

 

Commercial insurance is Coverage for businesses for protection against potential losses through unforeseen circumstances like theft, liability, property damage, and for coverage in the event of an interruption of business or injured employees.

 

Our estimated insurance quote is for a typical coverage package based on the information that you provided. Additional coverage selections are available. Your actual premium may be higher or lower depending on the additional information you provide, information we receive from other sources (such as consumer reports), the coverages, limits, and deductibles you choose, as well as any applicable discounts.

 

What is Liability Insurance?

Liability Insurance also known as Commercial Insurance protects you in the event you are sued for claims that come within the coverage of your liability insurance policy. If you are a small business owner, there are many reasons why you should learn more about what commercial insurance means to you and your business.

 

What kind of insurance is best for your small business?

The insurance you choose depends upon your business and the details thereof. Some people choose professional liability insurance some choose general liability insurance and many prefer both.

 

General liability insurance also known as Commercial General Liability (CGL) protects your business from another person or business's claims of bodily injury, associated medical costs and damage to property. Some examples of what could be covered are below:

• Bodily injury :A client falls over your belongings and you are legally liable for the injury. We will cover the subsequent claim and related medical expenses up to your General Liability policy's limits of liability.

• Property damage and data loss : You spill a beverage on a client’s property, such as a laptop or phone, causing damage and loss of data you are legally liable. We will cover the subsequent claim up to your General Liability policy's limits of liability.

• Personal injury : 

  When an employee is injured at his or her place of employment, it will be classified as a workplace personal injury case. Injuries will include damages from an accident, such as a slip and fall, or an illness that is caused by the workplace environment. When filing a workplace injury law suit it is required that the injury is directly related to the working conditions, and it must take place on the property of the employer. 

  This may be an accident that results from unsafe working conditions or exposure to harmful substances. Psychological conditions that result from extremely high stress working conditions may also be actionable under personal injury law. Compensation will include lost wages, future earning, reimbursement for medical expenses, and/or pain and suffering. We will cover the subsequent claim, up to your General Liability policy's limits of liability, and pay for an attorney to defend you if necessary.

 

Professional liability insurance, sometimes called errors and omissions insurance (E&O insurance) is coverage for another person's claims against businesses that provide professional and personal services. Some examples of what could be covered are below:   

• Protection even if you haven’t made a mistake : You advise a client to change some internal processes to increase productivity. The recommendations aren’t implemented as you had specified and productivity subsequently drops by 8% rather than improving. Or if you manage the development of a new product. There are problems with the project (which are out of your control) and you cannot deliver the final product in a timely manner. If your client sues you, we  will appoint an attorney to defend you under a Professional Liability policy.

• Negligent acts : You may advise a client to update their employment practices. 10 months later, your client contacts you, stating a part-time employee is suing the company. All because you had left out a key requirement on the amount of hours part-time employees are permitted to work. If your client sues you, we will appoint an attorney to defend you under a Professional Liability policy.

 

Business Owners Policy (BOP) is a combination of general liability and business property insurance. BOP insurance is often used to provide balanced coverage for small businesses who also want to protect their own business equipment. Some examples of what could be covered are below:   

• Office insurance for fire and business interruption.

• Electronic data loss insurance.

• Hired or non-owned vehicle liability insurance.

• Commercial Crime insurance to cover those employees dishonest.