Business Insurance
Coverage For All Your Business Needs
If you are the owner of a small or large business, you need insurance. Some of the most common types of coverage for businesses are:
Commercial General Liability (CGL) Insurance
The primary types of liability that your business may be exposed to are premises, operations, products, and completed operations. These are covered by commercial general liability (CGL) insurance.
- Premises and Operations Exposure – Premises exposure refers to the ownership and maintenance of your premises. Whether you own your building or rent it, you can be held liable if someone (other than an employee) is injured or if this person’s property is damaged because of the condition of the property. This includes the building, parking lot, and all other areas. A loose stair tread or a hole in your parking lot could cause a person to fall and be injured or cause damage to his property.
- Operations Exposure – refers to the way you conduct your daily business operation. This exposure takes into consideration liability brought about by you or an employee at your place of business as well as away from the premises. Suppose a cashier, after checking out a customer, accidentally drops a heavy statue that the customer purchased. The statue falls on the customer’s foot, and it breaks her foot. You are liable for her injury. Now suppose a delivery man drops the statue on the customer’s foot while he is delivering it to her house. Again, you are liable for the injury.
- Products and Completed Operations Liability – A manufacturer or distributor of a faulty product that injures someone or damages someone’s property may be held legally liable. For example, suppose you manufacture clothing that claims to be fire resistant. Your supplier sells you fabric that is not fire resistant. A woman’s dress catches fire at a neighbor’s barbecue, and she is severely burned. You can be held liable.
- Completed Operations Liability -arises when a business completes its operations away from the premises it owns or rents, for example, a kitchen installation. Suppose the work off premises is completed and later the customer is injured because a cabinet was not properly installed. It falls from the wall onto the customer. This is a completed operations exposure.
Inland Marine Insurance
Inland marine insurance covers your businesses for property that is mobile in nature. Coverage is usually associated with transportation and property that is located off site. Property subject to coverage includes computers, all types of tools and equipment, and cargo in transport.
Errors & Omissions (E&O) Insurance
Errors & omissions insurance, sometimes called professional liability insurance, covers you against liability for committing an error or omission in the performance of your professional duties. This type of coverage is designed to cover financial losses rather than liability for bodily injury and property damage. Financial loss to a client might result from inadequate work or negligent action. You need errors and omissions insurance if you’re in the business of providing a service to clients for a fee.
Bonds
A bond, specifically a surety bond, ensures completion of a contract if the contractor defaults. When a project owner seeks a contractor to fulfill a contract, the contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the job or to compensate the project owner for his financial loss.
Directors & Officers Insurance
Directors & officers (D&O) insurance covers your company’s directors or officers if they commit a wrongful or negligent act in the performance of their duties and cause financial loss to a third party.
Workers Compensation Insurance
Workers compensation insurance provides medical treatment and wage replacement benefits to employees who are injured or become ill as a direct result of their job. Workers Comp protects employers from liability for work-related injuries and illnesses by covering medical expenses and lost wages for affected employees.
There are many types of insurance available to you as a business owner. Let us help you sort through these so that you and your business are properly covered.
If you have been declined or turned down for business insurance don’t give up, contact us.
