Business Insurance

What is Business Insurance

Small Business insurance protects your business from claims and lawsuits that you can’t see coming. You could be sued for just about anything nowadays, even if you haven’t made a mistake. If someone slips and falls in your shop, or if a client thinks you didn’t do the job the way you said you would, you could find yourself facing a claim or lawsuit. Business insurance can cover the cost, including the cost to defend yourself. Most businesses will need general liability insurance, especially if you meet with clients face to face. If you offer professional services, you should also have professional liability (aka E&O) insurance .

If you have business equipment, like computers or tools, you may consider a business owners’ policy (BOP) which combines general liability with coverage for your business property. If you have employees, you will more than likely need workers' comp. Let’s talk more about how we can protect you and your business.

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Types of Business Insurance Coverages

Professional Liability (Errors and Omissions) is a type of business insurance that provides coverage for professionals and businesses to protect against claims of negligence from clients or customers. Professional liability insurance typically covers negligence, copyright infringement, personal injury, and more.

Even professionals like accountants, financial advisors, attorneys, and doctors can be subject to liability claims. In the case of these professionals and others, Errors and Omissions Insurance can provide the needed protection. E&O coverage sometimes referred to as malpractice insurance, is professional liability insurance that protects professionals against claims of inadequate work and negligent actions. It offers a layer of financial protection when saying “My bad” isn’t enough.

General Liability insurance is the most important insurance coverage a business can obtain. In most cases, it is the first line of insurance purchased by a business. GL is required by law in most states; additionally, businesses are often required to purchase coverage with most contracts for leases, loans, and work performed for others. These policies protect you and your business from claims involving bodily injuries and property damage resulting from your products, services or operations. It may also cover you if you are held liable for damages to your landlord's property.

Business Owner's Policy (BOP) combines business property and business liability insurance into one business insurance policy. Business property includes commercial buildings and the movable property owned by and used for the business - referred to as business personal property. It can also pay for other things like debris removal, loss of income and pollution cleanup as part of a covered loss.

Business Auto Policy (BAP) is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for the business. This NOT to be confused with Commercial Auto Insurance which covers specialized vehicles designed for specific jobs and are typically exposed to higher risks which means higher premium.

Workers' Compensation covers medical costs and a portion of lost wages for an employee who becomes injured or ill on the job. Can also protect your business from being sued by employees for workplace conditions that can cause injury or illness.

Commercial Auto is essential to protect your business from unexpected expenses if you or your employees are involved in an accident.

Whether you have a single work truck or a small fleet of delivery vehicles, your commercial car insurance policy can provide coverage up to your policy limit for: