Property and Equipment
Insuring buildings, business inventory and equipment for the proper limits will protect you when claims occur. Understanding Replacement Cost, Actual Cash Value and Coinsurance are important when setting the value of property at policy issuance.
General Liability
Bodily Injury and Property Damage are covered under General Liability coverage. Most policies include Products and Completed Operations to provide coverage for goods and services. It is especially important for manufacturers and contractors.
Commercial Automobile
Company owned or leased vehicles are insured under a Commercial Automobile policy. Rates are determined by the type of business and use of the vehicle. Higher deductibles for physical damage will often save premium dollars.
Workers Compensation
It is required that employers have Workers Compensation for employees who may be injured at the workplace. Officer exclusions, drug free workplace credit and experience modifications will affect the premium. Independent contractors have special concerns that should be addressed for proper coverage.
Umbrella Liability
The Umbrella policy extends the Liability limit of the General Liability, Commercial Automobile and Workers Compensation for an additional limit of liability. A minimum of $1,000,000 limit is available, however, as the amount of judgments continue to rise, higher limits are frequently advised.
Employment Practices Liability
Employment Practices Liability should be considered for small businesses even if there are only a few employees. Employers need protection in the event of an employee lawsuit for wrongful termination, sexual harassment and discrimination. While these issues are often viewed as misunderstandings, the current laws make employers at risk for payment for wrongful acts as well as defense costs. An insurance policy can be purchased for a small premium based on the number of employees in the company. |
