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Small Business Insurance

Small business insurance is pretty simple to understand once you know what the general policies cover.  There are several types of coverage to choose from... 

General               Commercial               Workers'               Professional               Errors &               Business               Cyber 

Liability                     Auto                  Compensation             Liability                Omissions              Owners              Security

General Liability

Commercial General Liability, or CGL, is a standard insurance policy that protects a business from liability claims that may arise from third-party (customers, clients, vendors, subcontractors, or other non-employees) bodily injury or property damage, product issues, and lawsuits relating to all of these. It can help pay for medical expenses as well as legal costs if an incident leads to a lawsuit.   Advertising injuries such as libel, slander, invasion of privacy, copyright infringement, and misappropriation of advertising ideas are covered as well.

 

It's usually the first policy small-business owners purchase because commercial leases and client contracts will most likely require it.

Commercial Auto

Because businesses have much higher liability risks, commercial auto insurance offers higher levels of coverage than personal auto.  It is designed to provide additional coverage as well such as employee drivers, passengers, work gear, and equipment.  Each state has a liability coverage limit you must meet and it is usually higher than personal auto limits.  Also, if your commercial vehicle is not owned, banks and financial institutions will likely require that you have comprehensive and collision coverage as well. 

Additional coverage that you may choose from include medical payments and personal injury protection (PIP), under/uninsured motorist coverage, and emergency roadside assistance.  Personal effects insurance may also be added and cover your or your employees' personal belongings in the event of a theft.  In most cases, there is a limit to what they will cover.

 

Commercial Auto policies are not just for large trucks, vehicles thought to be "regular vehicles" also qualify.

Workers' Compensation

Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself.

Workers' Comp (formerly "workman's comp") emerged from a "grand bargain" between business owners and workers. Business owners were tired of being sued by injured workers. Workers were tired of being injured.

So Workers' Comp Insurance was designed to help pay for work injuries and illnesses without the rigmarole of a lawsuit. This liability insurance policy can help your business do three things:

  1. Pay for medical expenses and replacement wages when employees are injured at work.

  2. Comply with state Workers' Comp laws.

  3. Pay for legal expenses if an employee sues over a work injury the policy doesn't cover.

 

Commercial Auto policies are not just for large trucks, vehicles thought to be "regular vehicles" also qualify.

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