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Business Insurance can be divided in two basic categories:
- Property and Casualty Business Insurance (P&C)
- Business Employees Benefits
Property & Casualty Business Insurance
P&C Business insurance is an essential part of business necessities and planning or operating a Small Business. As the old saying goes; “fail to plan - is a plan to fail”. All investments of time, moneys and hard work can go down to drain, should a catastrophic loss occur and the business does not have an adequate protection. The nature of your business, or your SIC (Specialized Industrial Code) will help you determine what kind of exposure your business may have, hence the type of business insurance coverage you need to buy.
Choosing the Right P&C Insurance Coverage
General Liability Insurance Coverage is a must for most businesses. It protects you against most risks and claims by third parties. In today’s litigious society one claim or law suit can ruin your business.
Workers Compensation is required by law in most states. If you have employees you must plan against claims of injuries to your employees on the job. It’s especially important and costly if employees are engaged in manual labor. Today, Worker’s Comp claims are causing high losses to Insurance Industry and the prices for Worker’s Compensation Insurance are keep rising.
Professional Liability & Errors & Omissions Insurance is a must for businesses engaged in professional services, such as Insurance Agents, Accountants, Lawyers, Medical providers, etc.
Commercial Auto Liability Insurance is required by law and business necessity if your business is transporting people or goods using your company’s own vehicles. Below is the basic package of Commercial Automobile Coverage offered by most commercial insurance companies.
- Auto liability
- Medical payments
- Comprehensive coverage
- Collision coverage
- Uninsured and underinsured motorists coverage
- Coverage for autos you borrow or rent
- Coverage for employees using their cars for the business
Commercial Auto Liability will protect you in the event of damage or injuries to third parties, and Commercial Property Insurance will insure your vehicles and goods you may transport.
There are many types of Business Auto Insurance coverage options. Learn More about Business Auto Insurance Coverage.
Business Benefits or Employee Benefits Insurance offers choice of Insurance Coverage to attract and retain employees. Lear more about business benefits
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