We get asked many questions regarding commercial insurance so we thought we would share the most common ones with you.
Here are the kinds of insurance products that should be included in your business insurance program. Your business may not need every kind of business insurance coverage, but it is likely you need most of these.
Workers’ Compensation – Every business that has employees is required to have workers’ compensation insurance. Workers’ compensation covers your employees for on-the-job injuries.
Commercial Liability Insurance – A good commercial liability policy is made up of many different individual coverage's including bodily injury, property damage, personal injury, advertising liability, products and completed operations, and premises medical coverage.
Commercial Property Insurance – Property insurance is just as it sounds and can cover your buildings, personal property, equipment, stock, computers, and any other property you may own.
Commercial Auto Insurance – If your business owns vehicles they will need to be insured under a commercial auto policy.
Employment Practices Liability – Like workers’ compensation, if you have employees we recommend employment practices liability insurance. This coverage provides protection from litigation brought by employees for such things as wrongful termination, retaliation, defamation, invasion of privacy, sexual harassment, breach of contract, as well and many others kinds of claims. The good thing about employment liability policies is that most policies will provide a defense to prove that you are right, or pay if you are proven wrong.
Professional Liability – Many businesses do not think they have a risk in the professional liability area, but think again. You do not have to be a lawyer, doctor, or engineer to have professional liability exposure. If you offer advice to your clients in any way, you may have a professional liability exposure. If the advice you give causes a loss to your client, they will look to you to make them whole. Unless you have this specific coverage, your claim would be excluded.
Commercial Umbrella Insurance – A commercial umbrella policy provides added limits over and above your primary commercial liability policy. It is recommended that most businesses have at least a one million dollar commercial umbrella policy.
Leap/Carpenter/Kemps Insurance Agency offers free, comparative quotes on commercial insurance from multiple insurance carriers so you can get the best possible rate. Our team of commercial insurance professionals is here to help protect your business from the unknown.