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Q&A – Business Insurance

By September 26, 2020Business Insurance

Small Business Insurance

Any business, large or small, needs a business insurance package (commercial insurance}. These packages are a combination of various types of coverage, designed to protect a business owner’s investment when the unexpected happens. Here, we provide answers to some commonly asked questions about business insurance.

Why Is It So Important To Have Business Insurance?

Owning a business brings opportunities, but it also comes with certain risks. Business insurance or commercial insurance is there to provide protection when things go wrong, such as fire, theft, natural disasters, or lawsuits against your company. This coverage can protect your assets and provide peace of mind.

How Much Will Business Insurance Cost {especially the cost of small business insurance}?

The cost of a business insurance package will depend on a variety of factors, including:

  • Value of your assets
  • Risks associated with your industry
  • Number of people you employ
  • How much coverage you want (policy limits)

Our experienced agent can help you find the best quotes for the coverage you need to fully protect your business.

What Is A BOP & What Does It Cover?

A business owner’s policy (BOP) combines protection against major liability and property risks in one insurance package. It typically includes coverage for perils, property damage, liability, and business interruption. Depending on your insurance needs, you may opt to include additional coverage. A standard BOP does not include workers’ compensation, commercial auto insurance, health or disability insurance, or professional liability. The two policies included are general liability and business property.

What Is The Difference Between Professional Liability & General Liability Insurance?

Professional liability insurance provides protection against liability based on a professional opinion, advice, or guidance. General liability insurance helps protect your business against financial loss from property damage, bodily injury, medical expenses, libel or slander, settlements, judgments, and defending against lawsuits.

Does My Business Commercial Auto Insurance?

Car, trucks and other vehicles owned or used primarily for the functioning of a business need coverage and coverage limits provided by a commercial auto or commercial vehicle insurance policy. A personal auto insurance policy does not provide the higher limits of insurance available with a business auto policy.  Commercial auto insuance only covers business-owned vehicles. It does not cover personal vehicles used for business purposes, unless that’s their primary use. If your employees use their own vehicles for work errands, they may need hired and non-owned auto insurance.

Does My Business Need Hired & Non-Owned Auto Insurance?

You may need this coverage to help protect your business from liability in case of an accident. If an employee driving his or her personal vehicle causes a crash while running an errand for your company, your business could be sued for damages. This protection applies to personally-owned and rented vehicles.

What Factors Affect The Cost Of Workers’ Compensation Insurance?

Most employers in the U.S. are required to carry workers’ compensation insurance. The higher-risk the industry, the higher the premiums are likely to be. Factors affecting your company’s cost for workers’ comp insurance include the number of workers you employ, their job classifications, and your claims history.

What Is EPLI?

Employment practices liability insurance (EPLI) protects your business against financial losses related to employee practices. The protection provided by the policy includes liability for discrimination, sexual harassment, unfair hiring or firing, unsafe work environment, and other employee allegations.

Contact our agency today to discuss your options and find the plan that works best for you.