Business Insurance
Professional Liability Insurance
Professional liability (or errors and omissions) insurance is a policy that helps cover a mistake made by your business or a wrongful act attributable to your company. Professional liability insurance helps businesses weather the impact of a significant mistake that may cause harm to a client or a customer. Professionals that operate their own businesses need professional liability insurance in addition to an in-home business or business owners policy. This protects them against financial losses from lawsuits filed against them by their clients.
Choose the coverage amount that matches your level of risk. Today most practitioners purchase $1 million per incident and $3 million per policy period.
Commercial General Liability
Commercial General Liability (CGL) is a type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business' home-based, needs to have liability insurance. This policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused bodily injury or property damage to a third party.
Worker's Compensation
Worker's Compensation is one of the foundations to protecting your business assets. As an employer, you are financially responsible to pay all medical costs and lost wages for employees injured as a result of their employment (including motor vehicle accidents on the job). Fortunately, you are generally able to insure this risk with the purchase of Workers' Compensation insurance. In many states, you are required by law to have coverage. U.S. employers collectively pay more than $1 billion per week for serious, nonfatal work injuries, according to Liberty Mutual. Even when worker's comp is not required , it can protect businesses from the high cost of medical expenses associated with on-the-job injuries. Without workers' comp, a business owner could end up paying those costs out of pocket. Sole proprietors and partners with no employees are usually exempt from workers' comp requirements, but they can still choose to purchase it to protect themselves. Additionally, clients may require you to purchase this policy to limit their own liability.
Product Liability Insurance
Product Liability coverage insures your organization against losses stemming from a product you manufacture, wholesale, retail or represent that inflicts damage to another individual or their property. It is designed to protect your business from legal and court costs. Product liability insurance is a necessity for any size business which is distributing or selling products in the United States.
Key Person Insurance
A life insurance policy that a company purchases on a key executive's life. The company is the beneficiary of the plan and pays the insurance policy premiums. This type of life insurance is also known as "key man insurance", "key woman insurance", or "business life insurance."
When a key individual's talents, sales abilities, organizational skills and expertise are lost due to a premature death or disability, the financial loss and impact to your organization can be devastating. The payout provided from the death of the executive essentially buys the company time to find a new person or to implement other strategies to save the business.
In a small business, the key person is usually the owner, the founders or perhaps a key employee or two. The main qualifying point would be if the person's absence would sink the company. If this is the case, key person insurance is definitely worth considering.
Commercial Property
Commercial Property Insurance protects you against economic losses arising from damage to real property. This insurance can not only protect the structure, but can also include business personal property, business income and loss of rental revenue. Business income can be defined as coverage that remunerates the insured loss of revenue due to an interruption in operations resulting from a covered peril.
Some particular places on your property to consider insuring include:
- The building that houses your business, including if it is owned or rented
- All office equipment, including computers, phone systems, and furniture whether they’re owned or leased
- Accounting records and essential company documents
- Manufacturing or processing equipment
- Inventory kept in stock
- Fence and landscaping
- Signs and satellite dishes