Business Insurance

Business Insurance Introduction

Also known as commercial lines insurance, these coverages include property and casualty insurance products for businesses. Commercial lines Insurance helps keep the economy running smoothly by protecting businesses from potential losses they couldn't afford to cover on their own, which allows businesses to operate when it might otherwise be too risky to do so.  There are several different types to business insurance to consider; Business Insurance (BOP), Commercial Property, Workers compensation, Inland marine,  General Liability, Builders Risk and Errors and Omissions

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Business Insurance

A business owners policy is known as BOP for short. This is appropriate, given that it offers a one-two punch. It is a combination policy that brings together two types of coverages.

The first type is property insurance. Property insurance covers risks associated with your business' premises, equipment and vehicles. Additionally, it often includes any associated loss of business.

Commercial Property

A complete business property insurance plan is one of the smartest investments you can make in your business. It protects the costly, physical assets of your company such as the building, its contents and any outdoor fixtures such as signs and fencing. Savvy business owners know that a fire or severe windstorm can shut down a business for an extended period, often leading to a permanent closure. But with a comprehensive business property insurance plan, you have got support and business income coverage to help you recover quickly.

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workers comp

Workers Compensation Insurance

Also known as workman's comp insurance or simply workman's comp, may cover Loss of income/wages, Medical expenses as a result of onsite injuries, Death benefits, Rehabilitation expenses.

Ghost policy is another type of (WC) that provides insurance only of the sole proprietor or other business subcontractors. The individual is typically excluded from coverage under this type of policy. 

Inland Marine Insurance

Is especially important, as many commercial property insurance policies will only cover items or equipment that are on your business' physical premises. Inland marine insurance is coverage that protects your business property while it is away from your business location. We will help you ensure that your property is protected not only at your location but also while it is off-site or in transit.

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gen liability

General liability Insurance

Mainly covers bodily injury to people outside of your business and physical damage to their property. A few exceptions to this principle include data loss and reputation damage (for example, if one of your business' staff members defames a client). Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.

Builder's Risk Insurance

Builder's risk insurance is a  type of property insurance that helps protect buildings under construction.Builder's risk insurance helps protect construction projects from property damage due to: Fire, Lightning, Hail, Explosions, Theft, Vandalism, Acts of God, like hurricanes

Who Needs Builder's Risk Coverage?

Any person or company with a financial interest in the construction project needs builder's risk insurance. Some common people you may want to include on your policy as insureds include the: Property owner, General contractor, Subcontractors, Lender, Architects

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Errors & Omissions Insurance

Helps protect your business if a customer sues you for mistakes or omissions in your services. Also known as E&O insurance and professional liability insurance, this business insurance helps cover financial loss, legal fees and defense costs related to a lawsuit.

Included in E&O:

Professional Liability: Also known as errors & omissions insurance, helps cover you if you are found negligent in the professional services you provided.

Financial Harm: Helps protect you against a claim alleging that professional advice or services you provided caused a client or customer financial harm due to mistakes on your business's part.

Personal Injury: Helps provide coverage for allegations of personal injury arising out of a professional service.

Subpoena Assistance: Helps provide legal defense if the insured is not named as a defendant, but is subpoenaed in a lawsuit requiring the insured to testify or provide documents.

Disciplinary Proceedings: Helps cover your defense in a claim brought by a regulatory board within your line of profession alleging professional misconduct.

Additional Defense Limits: Instead of having one set of limits that applies to both your indemnity and defense payments, this endorsement allows you to have limits for defense that are separate from your limits for indemnity.

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