Providing personalized service to build a policy around your business needs!
“I just want a price” is a line agents hear a lot. We understand your time is precious, but to give a valid price, there are questions you are going to have to answer. Business insurance is complex and the last thing you want is to not have the right coverage because of not having the time. Time is precious, but well worth spending to protect everything you worked so hard to build.
Most homeowner and personal auto policies exclude business use. If you have a personal umbrella liability policy, there’s generally an exclusion for business-related liability there as well. It’s important to discuss with your agent what your business is all about so a comprehensive package can be built specific to the needs of your operation.
There are many different forms of commercial policies such as Property (buildings & contents), Equipment, Liability, Workers Comp, E&O (Errors& Omissions), Directors & Officers, Farm & Umbrella. That’s just to name a few. We can do just one or we combine them into a package. We have agents who have earned the CLCS (Commercial Lines Coverage Specialist) designation to help guide you along.
Business auto policies have similar outlines of coverage as your personal auto. Some examples are liability, medical payments, comprehensive, and collision. A business auto policy differs from a personal auto policy in many technical respects. Some examples are liability on a trailer is not always extended from the vehicle pulling it, not everybody is covered who gets behind the wheel with your permission, and if the vehicle is registered to the business, make sure the name of the business appears on the policy as the “named insured” rather than your name. Having a commercial agent reviewing these details with you will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
Be prepared for an agent to ask you many details about how you use vehicles in your business and if you use them for your personal use as well. Have their vehicle identification numbers, have an idea about what your vehicles cost new and what they are worth now, have the gross vehicle weight of each vehicle, and give the length and load capacity of each trailer. Be prepared with a list of drivers, dates of birth, and drivers license numbers. Having this information available will expedite the time you take with an agent and provide you with a more accurate quote. If you don’t have all this information, that’s okay, but you won’t get an accurate quote and will need to spend more time with the agent.
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.
Broad Range of General Liability Protection includes:
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
- Other coverage includes: Borrowed Equipment; Liquor Liability; Non-Owned Vehicles; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.
Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance. Workers Compensation Insurance is not health insurance. Workers Compensation is designed specifically for injuries sustained on the job.
Do I need workers compensation insurance?
Employers have a legal responsibility to their employees to make the workplace safe; however, accidents happen even when every reasonable safety measure has been taken. To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accident. It also covers work-related illnesses.
Workers compensation provides payments to injured workers, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents. Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, in most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved.
Workers compensation insurance must be bought as a separate policy. Although business owners policies (BOPs) are sold as package policies, they don’t include coverage for workers’ injuries.
Business bonds, commercial bonds, surety bonds are lingo you may have heard when you are required to purchase insurance for various industries. Some are required by the state and some are to guarantee some aspect of you occupation. The most popular are License and Permit bonds. These are required by federal, state or municipal governments to get a professional license. These may include contractor, electrician, HVAC and many other types of industries. For more information, call us at 800-689-8887.
These were just some of the insurance options. Good & Associates have a broader range of options to cover all of your business exposures. We can build a package that is specific to your company’s needs, whether you are a CEO or a sole proprietor. Give us a call today at 800-689-8887 and tell one or our certified farm or CLCS agents about your business!