Disaster, injuries, theft – these are just a few of the liabilities that a business owner must face. Having the right coverage can mean the difference between ruin and recovery.
What is Commercial Insurance?
- Property Insurance funds repairs and replacements for damaged assets in the event of a disaster such as vandalism, fire, windstorms, or hail strike.
- Worker’s Compensation Insurance satisfies your obligation should one of your employees need medical attention in the event of an on-the-job accident and covers any lawsuit potential by current or former employees.
- Liability Insurance protects you against financial losses in the event of a claim of injury or property damage on- or off-site caused by you or one of your employees, your products, or your services.
- Business Crime Insurance protects your business and its contents against theft, fraud or forgery.
- Business Auto Insurance keeps your fleet on the road and moving quickly after an accident and ensures you are protected against losses from injuries to other drivers, passengers and pedestrians for which you and your employees are liable.
- Employment Practices Liability will cover your business if discrimination, sexual harassment or wrongful termination claims are made by employees past or present.
- Umbrella will shield your business against lawsuits with additional liability coverage.
- Life Insurance for Business Owners helps you to plan ahead for your business and help you to survive the loss of a key employee or partner.
- Transportation and Cargo will cover against damages or loss of goods while being transported by either a company vehicle or a contract carrier.
- Spoilage for perishable goods will cover your losses when spoilage occurs due to a mechanical breakdown or power outage.
Who needs Commercial Insurance?
- Apartment Building Owners
- Auto Service and Repair Shops, Body Shops and Oil Change Shops
- Commercial Real Estate – Office Buildings, Shopping Centers and Industrial
- Buildings
- Education & Non-Profit – Museums, Schools and Civic Groups
- Home and Building Service – Painters, Plumbers, Electricians, and Landscapers
- Hospitality – Hotels, Convention Centers, and Bed & Breakfasts
- Manufacturing – Food, Products, Printing, and Equipment
- Professional Services – Medical, Attorneys, and Chiropractors
- Religious Organizations – Churches and Religious non-profits
- Restaurants – Coffee Shops, Cafes, Fine Dining, and Quick Service
- Retail Stores – Salons, Clothing Stores, Shoe Stores, and Boutiques
- Wholesale – Warehouses and Shipping Centers
Types of Insurance small business owners should have.
- General Liability Insurance: Every business, even if home-based, needs to have liability insurance to protect you against any damages that may be caused by your employees or your products.
- Property Insurance: This coverage will protect your building and business property, including office equipment, computers, inventory, and tools if you have a fire, vandalism, theft, smoke damage etc.
- Business Owner’s Policy (BOP): This policy packages all of the coverage a business owner need into one policy, which means one premium payment and in many cases, a savings. BOPs can also include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance.
- Commercial Auto Insurance: Commercial auto insurance protects your company’s vehicles that carry employees, products or equipment.
- Worker’s Compensation: This provides coverage to employees who are injured on the job including wage replacement and medical benefits. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident.
- Professional Liability Insurance: Also known as Errors and Omissions Insurance, this policy provides defense for failure to properly render professional services. Your general liability policy does not provide this protection, so it is important to understand the difference.
- Directors and Officers Insurance: This coverage protects company directors and officers. If an executive director or officer finds themselves in a legal situation, this insurance will cover costs and damages lost as a result of a lawsuit.
ALPHA Insurance is here to help you
The day-to-day operations of a business can be complex; however, understanding business insurance doesn’t have to be. Your Alpha Insurance agent can assist you with coverage options that are available to protect every aspect of your business from natural disasters to customer liability and employee injury. There is some insurance that is required by law, while other types of insurance may be required by business associates, such as lenders and landlords. We can help you to understand what the right type and amount of commercial insurance coverage is that will help you avoid any gaps in coverage when you need it most.