WHAT IS
BUSINESS &
COMMERCIAL
INSURANCE
As a business owner, you probably already know that you need to prepare for numerous loss-inducing events. You have to think about everything from fires to theft to litigation, which puts you at a high level of risk. Whether you own a small business or have multiple locations, business and commercial insurance can help protect your business from financial loss.
Business & Commercial Insurance Keeps You Safe
Types of Coverage for Your Business Needs
General Liability
Unfortunately for every business owner, the chances of getting sued has dramatically increased in the last decade. General Liability Insurance can prevent a legal suit from becoming a financial disaster. It provides financial protection in case your business is sued or held legally responsible for some injury or damage.
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It covers losses arising from actual or alleged bodily injury, property damage, or personal injury.
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General liability has a broad range of protection, including:
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Bodily injury, including the cost of care, loss of services, and the restitution for any death that results from injury
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Property damage coverage for the physical damage to property of others or the loss of use of that property
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Products completed operations provides liability protection if an injury ever resulted from something your company made or a service you provided
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Products liability is a more specialized product liability insurance that protects your company against lawsuits from product related injury or accidents
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Contractual liability extends to any liability you may assume by entering into a variety of contracts
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Other coverage includes: reasonable use of force; borrowed equipment; liquor liability; non-owned vehicles (such as aircraft and watercraft); fire, lightning, or explosion damage; water damage liability protection; legal defense costs; medical payments; personal injury; advertising injury; and specialized liability protection for specific business types
Worker's Compensation
Compensation laws for workers were created to ensure that employees injured on the job were provided with fixed monetary awards. Worker's compensation provides a more straightforward process for employees to pay for work-related injuries/damage. It also helps control the financial risks of the employer since many states limit the amount an injured employee can claim.
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Workers' Compensation Insurance is designed to help companies pay for these benefits. It is required in most states that employers carry some form of Workers' Compensation Insurance to protect their employees. However, it is essential to note that this insurance is NOT health insurance. Workers' compensation is designed specifically for injuries sustained on the job.
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As mentioned, Workers' Compensation is mandatory in most states. However, even in non-mandatory states, carrying it is a good idea. Especially if you have many employees and/or are engaged in hazardous activities you should consider this policy.
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What does it cover?
Workers' Compensation Insurance covers workplace accidents, medical care, and lost income for employees who are injured or become ill while working. It also provides rehabilitation services and death benefits to surviving spouses and dependents. It's important to note that in-home business and business owners policies are sold as package policies, they do not include coverage for workers' injuries.
Commercial Auto Insurance
Coverage for the car you use in your business is just as essential as the coverage you've provided for your vehicle. This includes insurance for liability, collision and comprehensive medical payments, and coverage for uninsured motorists.
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This is even more crucial if (like many others) you use the same vehicle for both business and pleasure. Remember to clarify who owns the vehicle. If the business owns it, make sure the business name appears on the policy as the "principal insured." This will avoid possible confusion if a claim is filed.
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Whether you need to buy a business auto insurance policy will depend on the driving you do. A good insurance agent will ask you many details about how you use vehicles in your business. Some questions include who will be driving them, and whether employees are likely to drive their cars for your business.
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While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options.
Get Business & Commercial Insurance Today
We at Carriage Trade Insurance work with multiple A+ rated companies in New York, New Jersey, Connecticut, and California. We work hard to find you the best coverage, while helping you save on your insurance. So let's get your business and commercial insurance needs met at the best price points today!
Feel free to reach out to us to see how you can get personalized coverage that suits your business the best.
Let’s get your insurance needs met at the best price points today!
Call our office today at 516.358.5600 or contact us online and an insurance professional will get back to you promptly.