Business insurance can be broken into several types. There is Commercial Liability insurance, there is Commercial Property Insurance, there is Workers Compensation Insurance, and Excess liability Insurance. The above make up the most often requested types of Commercial Insurance but there are numerous others: Employee Practices Liability Insurance, Professional Liability insurance, Commercial Flood Insurance, Performance Bonds and many others. I will take a few paragraphs to discuss the four major categories. If you would like information on any listed or unlisted type of commercial insurance please call or email and we will be glad to discuss your particular need.

Commercial Liability

Commercial liability insurance covers your business in the event you, or an employee, damages another person or another person’s property. This is the coverage that protects you if you are sued due to negligence or accident. This coverage does not normally cover you or your employees. This coverage also does not cover your officers or directors if you make a mistake or if you are a professional i.e… an architect or Surveyor. This is a basic policy to cover your company for any mistakes that result in damage to a client or passerby that can be attributed to you.

Commercial Property Insurance

This coverage is to protect your business’s property such as desks, computers, or machinery that are used in your business. This coverage is usually available to cover you against fire, wind, theft, and vandalism. Many more levels of coverage can be purchased.

Workers Compensation Insurance

This coverage is required if you have 5 employees including yourself. A one person shop can have workers compensation insurance though. This coverage is to help pay a worker who is injured on the job. It also covers medical expenses (to the policy limit). This is valuable coverage for your employees and can save you thousands in the case of an on-the-job injury.

Do not make the mistake of thinking that because you 1099 someone that they do not count in the five employee limit. If they do not have their own Workers Comp then they will count toward your Workers comp total. Workers Comp is not complicated but many people get “caught” because they are trying to beat the system. My advice to you is, call an independent agent and discuss your situation with them and let them guide you toward the most cost effective way to stay in compliance and protect yourself and your employees.

Excess Liability

In the “sue first, ask questions later” society we live in, the basic liability coverage is seldom enough. An Excess Liability policy allows you to by EXTRA liability insurance so instead of the standard $1,000,000 you could increase your limit to $5,000,000 or  25,000,000 depending on the exposure you might face. This coverage is usually much more inexpensive then the first $1,000,000.

Other Coverages

The other coverages available are many and varied. I would recommend you visit our Glossary page for specific definitions or give us a call.