Business & Commercial

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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.

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

Broad Range of General Liability Protection:

  • General Liability coverage pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. Bodily Injury includes 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 resulted from something your company made or service your company provided
  • Products Liability protects your company against lawsuits from product-related injury or accidents
  • Contractual Liability extends to liability you may assume by entering into a variety of contracts
  • Other coverages may include: Borrowed Equipment; Liquor Liability; Non-Owned Vehicles 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.

Workers’ Compensation

Workers’ compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.

Workers’ Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers’ Compensation Insurance. Workers’ Compensation Insurance is not health insurance. Workers’ Compensation is designed specifically for injuries sustained on the job.

Do I Need Workers’ Compensation Insurance?

Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken.

To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy Workers’ Compensation insurance. Workers’ Compensation insurance covers workers injured on the job, whether they’re hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.

Workers’ Compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.

Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, in most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved.

Workers’ Compensation insurance must be bought as a separate policy. Although in-home business and business owners policies (BOP’s) are sold as package policies, they don’t include coverage for workers’ injuries.

Property

Protect your building and contents from perils such as fire, lightning, wind, vandalism, and theft. Ideally your property will be insured on a replacement cost basis which means it can be rebuilt or replaced with brand new materials or items. Be sure to consider other property coverages like Equipment Breakdown, Business Income protection, and Water and Drain Backup.

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