Business insurance is an essential part of any business planning, however, it is not the kind of coverage you should rush into purchasing. Buying business insurance can be complicated. As independent agents, we will take the time to ensure that you have all of the policies your business needs to operate smoothly. Many business owners assume that purchasing a Business Owners Policy (BOP) is the only type of insurance they will need, but this is not the case. Although BOPs are useful for most businesses, it is also wise to purchase other business insurance policies to go along with a BOP that meet the specific needs of your business.
We can assist you in planning and purchasing the follow types of policies:
- Business Owners Policies
- Worker’s Compensation
- General Liability
- Errors & Omissions
- Commercial Auto
- Commercial Property
- Group Benefits
- Professional Liability
GENERAL LIABILITY INSURANCE
General Liability Insurance helps businesses expand their coverage beyond the limits of a BOP (Business Owner’s Policy). Consult with an independent agent and consider what type of protection your business needs from lawsuits and claims. Whether you qualify for a General Liability policy will depend on the type of business you own – if it is a dangerous occupation, such as roofing, you will not fall into the “standard market”. However, many businesses will be able to purchase a General Liability policy.
Your agent will be able to customize a policy to include different kinds and amounts of insurance coverage for your business.
COMMERCIAL PROPERTY INSURANCE
This policy insures beyond the parameters of a BOP for property owned by the business. Under a BOP, in general the structure is covered for perils and causes of loss. However, the contents of your business such as office furniture, computers and equipment and even signage should be covered in the event of loss as well. A typical Commercial Property Insurance policy will cover:
- Structure (your building)
- Equipment
- Furniture
- Outdoor Signs
- Lost Inventory
- Damage to other’s property
- Landscaping
- And more
Discuss your business needs with your agent to tailor a comprehensive policy with the amounts and coverages that make sense. Don’t take a chance that a loss will cost your business excessive out-of-pocket expenses for your commercial property.
UMBRELLA POLICY FOR BUSINESS
This type of Excess Liability insurance acts as an umbrella over your basic liability policy. Protect your business from catastrophic loss that could threaten to put you out of business if a claim is made against you. This coverage kicks in when the limits of other policies are exhausted, and provides a safety net for your business.
In this day and age of frequent lawsuits, you can have peace of mind knowing that your business is covered with an Umbrella Policy for an added amount of security.
COMMERCIAL AUTO INSURANCE
Depending on your type of business, you may need a policy to cover company vehicles. This protects your company as well as other drivers. Go over your particular needs with your agent to determine exactly what type of policy is appropriate for your business, and find out your options. As independent agents, we have the ability to shop insurers throughout the country to find the best possible coverage at the most affordable cost to your business.
WORKERS COMPENSATION INSURANCE
The law requires that most employers have unemployment compensation coverage for their employees. This type of insurance provide coverage for a number of expenses, including:
- Medical expenses
- Rehabilitation costs
- Lost income
- Permanent Disability
- Death Benefits
Although employees can opt out of coverage, each employer must offer it to them. Failure to do so can lead to very expensive fines and even jail time. It is also illegal to terminate an employee who has been injured on the job and has filed a workers compensation claim. In general, having five or more employees means that it is mandatory for a company to purchase workers compensation insurance.
Workers Compensation was designed to provide for injured employees and preventing them from suing their employers. This protects your business and also your employees. Ask your agent to tailor a plan for your company to provide the right coverage for your workers compensation needs.
Call us today at 410-871-0577 for more information or to get a quote, or email us at cedlund@mdinsurancepro.com
