eBusiness 
Business insurance is the ideal way to safeguard your company against unanticipated events. It pays for property damage, lawsuits and lost business income.
Business insurance can be confusing, so it’s essential to assess your risks and purchase the appropriate policy. A licensed broker can assess your company’s exposure to risks and suggest a policy tailored specifically for you.
Business Owner’s Policy (BOP)
Business insurance is essential for any small business owner who wants to safeguard their company’s assets and income. Fortunately, there is a solution for those who don’t want to purchase multiple policies – the Business Owner’s Policy (BOP).
A Business Owner Policy (BOP) is an insurance package that combines several property and liability protections into one convenient policy. It’s ideal for businesses needing a wide range of coverage options at an affordable cost.
A Business Owner Policy (BOP) consists of general liability, commercial property and business interruption insurance. The cost of a BOP depends on several factors, including the type and value of your business property as well as your organization’s claims history.
BOPs commonly include advertising injury coverage, which shields your business from lawsuits related to libel and slander. This could cover legal fees and settlements when a third party sues for posting something negative on social media or copyright infringement.
Depending on your industry, the BOP may include additional insurance that you may not otherwise have access to, such as crime or flood coverage. Furthermore, you may be able to add-on coverages like cyber liability or employment practices liability (EPLI). These additional coverages can protect your business in case of computer attack, identity theft, data breach and other issues that can occur in today’s workplace.
General Liability
General Liability insurance is an essential business policy that safeguards your operations from various claims. It may cover bodily injury and property damage incidents resulting from the conduct of your operations.
Claims on your premises may include accidents, injuries to employees and product damages. Resolving these disputes can be expensive, so having a general liability insurance policy in place helps manage them better.
General liability coverage may not be mandatory by law, but it’s beneficial to have for your peace of mind. Not only does this cover injuries and property damage, but general liability insurance also pays legal expenses related to a claim – helping you stay out of financial ruin in case you face litigation.
General liability insurance provides basic protection for your business, and it can also be combined with other coverages to create a comprehensive plan of security for property, equipment and employees. Working with an independent agent who specializes in business insurance is recommended so you can find the right combination of policies tailored specifically for your needs.
Commercial General Liability (CGL) policies offer both premises liability and products liability coverages. Premises liability covers bodily injury or property damage caused by conditions on your business premises, while products liability covers any claims made by customers that a product you provide has caused them harm.
Furthermore, CGL policies typically have an aggregate limit – the maximum amount you are covered for during the policy term. Once this limit has been reached, any further claims must be paid out-of-pocket.
Commercial Auto
Commercial auto insurance is an integral component of business coverage, protecting vehicles used for work purposes. This type of policy is usually necessary for small businesses that must frequently drive to meet clients, deliver goods, haul tools and supplies or have employees who drive their own vehicles.
Many states require businesses to carry a minimum amount of auto insurance on vehicles used for business use. Additional coverage may be needed if the vehicles transport people at an additional fee, like limousines, or transport hazardous materials.
Commercial auto policies usually cover a range of coverages, from liability to collision and comprehensive. The amount and type of coverage you select will determine the cost of your policy.
Liability coverage is the most prevalent and covers injuries, property damage and other losses caused by driving your commercial vehicle. Other options like personal injury/medical payments and collision coverage may also be worth considering.
Other optional coverages may include hired auto, non-owned auto, uninsured motorist (UM) and medical payments to passengers. You can usually bundle these services with a general liability policy to reduce your commercial insurance cost.
Insuring a business’ commercial vehicles is essential for maintaining profitability and complying with state laws. Working with an experienced insurance partner, you can find a policy that suits your needs and safeguards both you and your company in case of financial loss due to claims.
The commercial auto market is facing a challenging environment, where premiums are rising and capacity is decreasing. Yet insurers remain committed to improving underwriting results. They’re also using emerging technologies like artificial intelligence and machine learning to automate core processes, reduce costs and enhance customer experiences.
Workers’ Compensation
When it comes to keeping your team members safe and healthy, Workers’ Compensation coverage is likely the best investment you can make. It covers medical and rehabilitation expenses as well as lost wages if an employee gets injured or ill while at work.
The business insurance industry offers a vast selection of solutions to help you find the coverage that’s ideal for your company, including an extensive range of Workers’ Compensation options. We will work together with you to identify and secure the combination of coverage that meets all your specific needs while saving you money in the process.
Most states require companies to purchase Workers’ Compensation insurance for their employees. In some instances, you may even need this coverage even if your business doesn’t own any buildings or equipment.
Many business owners mistakenly believe the Workers’ Compensation coverage provided through the business insurance industry is minimal. In reality, it provides an affordable and valuable benefit to your employees and safeguards your company against lawsuits related to workplace injuries.
Workers’ Compensation insurance provides wage replacement and medical benefits to employees injured on the job in exchange for them granting consent to waive all future legal claims against their employer for negligence or wrongdoing.
In most cases, you must fill out a claim form when an employee gets injured on the job. This will include information regarding the nature and extent of their injury or illness, an outline of their job duties, as well as any supporting documentation from their doctor.
Business Interruption
Business Interruption coverage helps protect a business’s lost income in the event of an insured event such as theft, fire or flood. It can also replace rent and moving costs if they must relocate due to a covered event.
Business interruption insurance is an optional add-on to a Business Owners Policy (BOP). It can provide financial relief in the event that an insured peril causes you to cease operations for an extended period of time.
Understanding your business interruption insurance benefits begins with understanding what the policy says about coverage and when it must be met. For instance, most policies requiring direct physical property loss to activate coverage.
Be mindful that your policy may include a waiting period. Typically, this occurs between 24 and 72 hours following an interruption in service.
Finally, it is essential to determine if the deductible for business interruption coverage applies to losses caused by an insured event. This deductible differs from other insurance policies you may have.
Business interruption insurance is essential for all businesses that manufacture goods or provide services, but especially small firms and those dependent on third parties to produce their goods or materials. The cost of business interruption coverage varies based on several factors such as your location and the amount of coverage selected.
Due to the COVID-19 pandemic in California, the state Department of Insurance has issued an urgent data collection request from insurers about their commercial business interruption coverages – including those that exclude viruses like COVID-19. This data will allow regulators to better understand which carriers are writing such policies, their market share and any exclusions included within those policies.
