Business & Commercial Insurance
Business & Commercial Insurance Information
Commercial Auto Insurance
As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the "principal insured" rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.
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.
General Liability Insurance
If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage.
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.
Broad Range of General Liability Protection
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
- 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
Errors and Omissions Insurance
Errors and omissions (E&O) insurance provides coverage for businesses or individuals for when they are held responsible for a service provided, or failure to provide a service, that did not have the expected results. For doctors, dentists, etc., it is called malpractice insurance. For professionals like lawyers, accountings or engineers, it may be called professional liability. Regardless of its name, E&O insurance covers any errors or omissions that either you have made or that the client perceives you have made.
The number of liability lawsuits against professionals has increased in recent years. Many professionals are at risk of being sued. Small companies can go bankrupt from the cost of lawsuits. Even large companies can experience an impact to their bottom line. An E&O policy covers legal fees and settlements in such scenarios, regardless of fault.
Who benefits from errors and omissions insurance?
If your business provides a service for a fee, you have an E&O exposure. Have you thought about what could happen if the service is done incorrectly or not performed in time? Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Errors and omissions insurance will protect your business and its finances if such an event arises.
Get started today
There is not a standard E&O policy. We will evaluate your business to determine your specific exposures and help you get the coverage you need. If you think you might need an E&O insurance policy, give us a call. We are happy to assist you today.