If you own a business, protecting your employees, customers and assets is likely one of your top priorities. You can do this by finding the right insurance policy. The following provides an overview of a few common types of commercial insurance.
One of the most important types of business insurance is workers' compensation. Any business owner with employees on their payroll should add workers’ compensation to their insurance portfolio because it pays for medical treatment and disability coverage in case an employee is injured on the job. This type of insurance also pays death benefits if an employee dies while performing their duties.
Even if employees are performing non-hazardous activities, simple slip-and-fall injuries and medical conditions such as carpal tunnel syndrome can occur to employees in any job situation. In addition to being a wise investment that protects employees and employers, workers’ compensation is required by law in most states.
Often referred to as errors and omissions (E&O) insurance, professional liability insurance helps protect businesses against claims of negligence due to harm resulting from mistakes or failure to perform. This type of insurance is very important for business owners because the chances of getting sued have risen significantly within the last several years.
In addition to real or alleged personal injury, general liability pays losses for property damage that occur on one’s business premises or as a result of one’s business operations. There is no one-size-fits-all professional liability policy available to business owners. Instead, business owners work with insurance providers to create a customized plan that meets their needs specific to their business and the industry in which it operates.
Commercial Auto Insurance
Similar to your personal auto insurance, commercial auto provides coverage such as collision, liability, personal injury and uninsured motorist protection. With this type of coverage, a business owner can protect a wide range of vehicles, including company cars and various commercial trucks. In many cases, commercial auto insurance policies cover the vehicles themselves as well as the employees operating them and possibly the equipment inside.
Many businesses need commercial auto insurance because they use vehicles not covered under personal policies. Also, many businesses often require specific coverage that comes only with commercial auto. In addition to different coverage types, differences between a commercial auto policy and your personal one include types of exclusions, limits and eligibility.
Finding the best insurance policy for your business protects you, your employees and your property.
For any questions you have about commercial insurance, please reach out to a helpful agent at The Della Porta Group.