Commercial Insurance Basics (July 27, 2019)

    By Tabbitha Friesen, CIC, Agent/Owner

     

    If you own a business, you need coverage. Do you know what kind of coverage you need and don’t need? That is where we can help you! We have the experts when it comes to Commercial insurance. We are here to help you every step of the way! 

    General Liability Insurance

    Businesses face a host of risks that could result in substantial liabilities. Many types of policies are available including policies for owners, landlords, and tenants (covering liability incurred on the premises); for manufacturers and contractors (liability incurred on all premises); for a company’s products and completed operations (liability that results from warranties on products or injuries caused by products); for owners and contractors (protective liability for damages caused by independent contractors engaged by the insured); and for contractual liability (failure to abide by performances required by specific contracts).

    Workers’ Compensation

    Almost every business in every state must insure against injury to workers on the job. Most smaller businesses purchase workers’ compensation policies, available through commercial insurers, trade associations, or state funds. Even if you have no employees you may be required to carry a workers’ compensation policy.

    Commercial Automobile Insurance

    Any business that uses motor vehicles should maintain at least a minimum automobile insurance policy on their vehicles (and trailers), covering personal injury, property damage, and general liability. If you use your personal vehicle for business your personal auto insurance could drop your coverage or non-renew your policy.

    Property Insurance

    No business should take the chance of leaving their buildings unprotected. Including permanent fixtures, machinery, etc. Various property policies cover damage or loss to a company’s own property or to property of others stored on the premises. Whether you are a lessor’s risk or not.

    Malpractice Insurance, Professional Liability, Errors and Omissions

    Professionals such as doctors, lawyers, and accountants need malpractice insurance to protect against claims made by patients or clients. Errors and Omissions protect professional advice/service provided to individuals/companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.

    Every business is different. Give a call (402-580-3292), and we can discuss your individual business needs.

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