UNDERSTANDING BUSINESS INSURANCE
There are many different commercial insurance products. Many business owners get what is required to provide certificates but don’t really understand how their policy protects all that they work so hard for. Select a product type below for brief description that will give you a basic understanding of each. Feel free to contact one of our experts for further information, Free of charge.
COMMERCIAL GENERAL LIABILITY
Commercial General Liability Insurance is one of the most important coverages you can buy for your business. It can help cover the costs of bodily injury, property and advertising damage claims made against your business. Without this coverage, you may have to pay the cost of these claims with your own business and personal assets. In today’s world of ever-increasing business lawsuits, don’t leave your business vulnerable to the potentially devastating costs of a liability claim.
A General Liability Insurance policy can help cover the cost of claims against your business for things like:
Third Party Bodily Injury. If a person is injured on your business property, he may make a bodily injury claim against your business. For example, a package delivery man trips on loose carpeting in your accounting office, falls and breaks his wrist. General Liability Insurance can help cover the costs of the bodily injury claim he makes against your business for this accident.
Third Party Property Damage. If you or someone on your payroll damages a third party’s property, you may face a property damage claim. General Liability Insurance can help cover the costs of property damage claims made against your business. For example, an employee using equipment on your business property accidentally damages your neighboring business’s office. The neighboring business makes a property damage claim against your business. General Liability Insurance can help cover the costs to settle this property damage claim.
Advertising Injury. General Liability Insurance can help cover the costs of a claim made against your business because of its advertising practices. For example, a business in the same industry as yours makes a claim that your advertising looks too similar to theirs and is infringing on their business. General Liability Insurance can help cover the costs your business will incur to deal with this claim.
Reputation Harm. Other businesses may make a claim that your business has harmed their reputation. For example, during an interview about your business, you are asked to comment on what you think of the competition. The competitors read this interview and make a claim that your business slandered theirs. General Liability Insurance can help cover the costs to resolve claims of libel and slander against your business.
Commercial General Liability insurance can help cover costs for:
Legal teams to represent your small business
Judgments or settlements
General Liability Insurance (GL) does not cover workplace injuries that happen to employees or other people on your payroll. Such incidents are typically covered by Workers’ Comp. Likewise General Liability Insurance does not cover the costs of damage to your own business property. Typically, it only helps cover the costs of damage your business causes to others. Commercial Property Insurance is designed to help cover the costs of damage done to your business’s property.
Workers’ compensation is a publicly-sponsored system that pays monetary benefits to workers who become injured or disabled on the job. Workers’ compensation is a type of insurance that offers employees compensation for injuries or disabilities sustained as a result of their employment.
Employers Liability Coverage is one part of a workers compensation policy not to be confused with a General Liability Policy. Employers’ liability insurance is designed to cover the costs if an employee claims compensation for illness or injury that they believe has been caused by their work. … The court can order the employer to pay compensation for injury, costs and other damages.
PROFESSIONAL LIABILITY COVERAGE
Professional Liability Insurance typically covers claims of:
Errors in professional services your business provided
Failure to uphold contractor promises
Incomplete work or work not done to expectations
Mistakes and omissions in professional work performed
A surety bond is defined as a three-party agreement that legally binds together a principal who needs the bond, an oblige who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance with certain laws. If the principal fails to perform in this manner, the bond will cover resulting damages or losses. Although they often go unnoticed, surety bonds play a major role in countless industries across America. If you’re reading this article, you’ve probably heard about surety bonds but are still confused about their exact purpose. You’re not alone. Even those required by law to be bonded frequently misunderstand surety bonds.
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