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Commercial Insurance
What is the right Commercial Insurance?
Businesses come in a variety of shapes, sizes and needs. The things that make your business unique can also affect your insurance needs. Careful consideration of your company’s insurance needs can help prevent a bad situation from turning into a financial disaster. Examining each detail of a business – from the property and equipment to the vehicles and employees, owners can safeguard their investment and lessen the risk of a scenario that would affect it’s growth and presence. The following themes represent some of the primary areas where Commercial Insurance would be advantageous or required.
Contractors Insurance
The starting point for most small contractors (less than 10 employees) is a Business Owners Policy (BOP). This is a very basic policy and typically include core coverages like property, general liability and business income. Additionally, you may need to have a Workman’s Compensation Policy. Naturally, as your business grows you will need to review your coverage.
As you expand from a small company to a mid-size or mid-size to large there are specific policies related to the tier and type of business you have. There specific polies for electricians, painters, roofers, carpenters and plumbers. Obviously, each trade has specific needs and coverage requirements. Working with a professional to find the right combination of coverage is definitely to your advantage.
Restaurant and
Bar Insurance
If you’re just starting out, then a basic Business Owner’s Policy (BOP) will normally include the necessary coverage. BOP’s can be tailored for different trades and professions. There are custom policies for Retail Stores, Local Restaurants, Craftsman and Professionals. These BOP’s include General Liability, Building & Contents and Business Income. Additional coverages like Data Protection, Employment Practices, Specialty Equipment, Moveable Property, Legal Compliance and others can be added to insure proper coverage. A Workman’s Compensation Policy would also be advisable and / or required. These are the very basic coverages. Obviously, working with a professional to find the right combination of coverage is to your advantage.
Commercial Property
Insurance
This type of insurance covers your company’s physical assets and contents from explosions, broken water pipes, fire, vandalism, storms and theft. Items covered can include computers, furniture, signage, landscaping, documents, inventory and some non-owned property. Floods and extreme weather or natural events may require additional coverage. Costa for policies are based on the actual value of the company’s assets, the location of the property, construction materials, how the property will utilized and/or occupied and the property’s location with respect to fire hydrants and fire department. There may be cos savings when fire alarm systems, sprinkler systems and security systems exist and function.
Auto Repair Insurance
Vehicles for every business are not only a significant investment and valuables assets. Keeping your fleet in operation can also be significant cost. So, when you rely on your vehicles for transportation, delivery or servicing clients Auto Repair Insurance offers a unique advantage. It could be compared to an Extended Warranty where components and systems on the car would be repaired less any deductible. Systems included can be air conditioning, cooling, engine, exhaust, transmission, electrical issues, fuel systems. This insurance would not cover items like routine maintenance, non-mechanical components, pre-existing damage, normal wear and tear or damage from an accident. There are some eligibility requirements such as the amount of miles on the vehicle. Your agent can help you determine whether Auto Repair Insurance would be a benefit for each individual vehicle.
Workman's Compensation
This insurance can one of the most expensive areas of your business to insure. This coverage covers potential injuries experienced by your employees. Costs are usually based on the field of business you are in and the services you offer. Having your business properly classified is therefore very important. Work with your agent to develop a plan that protects you. Improperly classification can lead to shocking cost increases in the future. Additionally, some insurance companies offer rate reductions through special training and/or return to work programs.