The Four Basic Parts of Commercial Business Insurance Companies

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You’ve owned a business for a long time and you’ve never really paid too much attention to your insurance policy and you want to understand it now. We appreciate your curiosity and therefore, have brought some essential tips that is going to organize your insurance world no matter where you get your insurance from.

Therefore, let’s dig right into it what we’re gonna learn about the four basic parts of any commercial business insurance agents:

1- Liability Coverage
2- Property Coverage
3- Workers Compensation Coverage
4- Commercial Auto Insurance

Liability Coverage

we’re starting with liability coverage what liability coverage is. Is coverage for bad things that happen to other people because of you or more specifically because of your business bad things that happen to other people. Do you have to cover for medical bills or lawsuits associated with injuries to patrons at your place of business.This is the trip and falls or someone had something bad physically happen they slipped or anything like that. Those are going to have general liability coverage for the types of coverages. Therefore, a common limit for these is a million dollars per occurrence and two million dollars per year. Oftentimes, it’s separated out by how much your insurance company would pay out and any given occurrence. One bad thing that happened in this example it’s a million dollars and then the most your commercial business insurance agents would pay out period for the whole year. Therefore, if they got to that two million dollar limit then they would not pay out no matter what other bad things happened at your place of business.

medical expenses

It’s a small and super accessible coverage for injuries to business patrons. It’s very much like general liability but it’s a tinier amount usually five or ten thousand dollars. It’s very easy to access where general liability coverage. Sometimes it can be `medical bills are paid out or even through a lawsuit process. Medical expenses is much more quick. It’s more much more quickly accessed essentially. It’s there to avoid a bigger liability situation with some medical expenses . This is where coverage for sickness or injury from your finished products or your completed operations comes from especially if you’re a food provider or a food manufacturer or something like that products liability is super important to you and this is where it comes in Employment Practices Liability. This is coverage for lawsuits associating with your hiring practices with your firing practices with your workplace behavior practices. If something bad happened and someone decides to sue you because of any of those things then you could have Practices Liability coverage and an incredibly important coverage to have on your business insurance policy.

Workers Compensation Coverage
Employee benefits liability not a commonly known coverage with super important you provide benefits to your employees. Oftentimes health benefits or life benefits or things of that nature if for some reason the benefits package didn’t come through in the situation where someone needed it, you do have liability coverage for that if you have employment employee benefits liability. Cyber liability becoming much more important for businesses. It’s a package of coverage options associated with a cyber breach of your patrons personal information especially if you collect Social Security numbers Visa card information. If you have any of that kind of information it could be breached then cyber liability is incredibly important for you to have the coverage.
Coverage for lawsuits resulting from errors omissions or bad advice provided by your business so if you’re a financial advisor an insurance agent.These are coverages that you need for sure but lots of different types of businesses need this coverage because you provide advice. Different kinds of advice has coverage.

Commercial Auto Insurance
It’s coverage for auto liability associated with your business in vehicles not owned by your business. Therefore, if someone uses their own car to run an errand and is clearly doing business work but gets in an accident during that time you’re hired and non owned auto policy.

Auto insurance works in your state again we have other blogs on on the details of no-fault insurance versus at fault insurance and commercial vs business auto insurance. Commercial vehicle insurance, like your personal auto policy provides you similar coverages such as liability, collision, comprehensive, medical payments (or personal injury protection) and uninsured motorist coverage.