As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you’ve built is covered by a company that understands your business insurance needs.
Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy. There are various types of commercial business insurance that take care of property, liability and workers’ compensation, to name a few. While property insurance covers damages to business property and products stored within the premises; liability insurance provides coverage for damages to third parties; and workers’ compensation insurance covers injuries to employees.
Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you.
Lamb, Little & Co. provides the following types of business insurance protection:
Commercial property insurance is a special type of insurance that covers the company building as well as the contents owned by the company. “Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers.
Under the liability policy coverage, the building should be protected from damaging events such as fire, burglary and vandalism. It may not be enough to cover just the building; the aftermath of such damage should be covered as well.
Normally, it is difficult for businesses or general contractors to work without general insurance. General liability insurance is intended to guard operators and owners of companies against claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
The liability you select, whether it is one, two, or three million dollars, determines the cost of general liability insurance. Also factored into the rates are the kind of work undertaken, gross receipts and total payroll expenses. Similar to auto insurance, when it comes to general liability insurance, you will first have to make a down payment and then follow it up with installments. Before buying general liability insurance, it is best to compare the quotes available in the market.
It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. If for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.
Workers’ compensation insurance protects employers from claims resulting from injuries to employees. It protects your business from lawsuits and provides employees with compensation for on-the-job injuries.
By law, most employers are required to provide coverage for lost wages and medical bills incurred as a result of on-the-job accidents or illnesses. For many businesses, workers comp coverage is the largest part of its insurance expense.
A commercial auto insurance policy is required under most circumstances when the vehicle is used for business purposes and meets certain other requirements. It is not just the registration that determines the requirement for a business automobile insurance policy. Other requirements are ownership by a corporation, use in hauling goods for hire and gross vehicle weight of the vehicle. Some small trucks can be owned and insured under a personal automobile insurance policy under specific circumstances.
Commercial automobile insurance policies are not regulated in pricing, as are private passenger policies. There is price competition between insurance companies for good commercial automobile insurance.
If you own a business, you probably own some form of general liability insurance to protect you in the event of a lawsuit due to negligence on your part. However, there may be situations where the limits of your general policy may not provide adequate protection. A commercial umbrella can provide you and your business with additional liability protection.
Professional liability insurance, also sometimes referred to as errors and omissions insurance or E&O, protects businesses or individuals in the event that a customer holds your company or business owner responsible for a service that was provided, or failed to be provided, and did not have the expected or intended results.
Professional liability insurance is separate from a general liability (GL) insurance policy which would cover you mainly for bodily injury or property damage liability.
A surety bond is a three-party agreement whereby the surety guarantees to the obligee (the project owner) that the principal (the contractor) is capable of performing the contract in accordance with the contract documents. Performance of the contract, which is the subject of the bond, determines the rights and obligations of the surety and the obligee.
Here are the eight different families of surety bonds: