COMMERCIAL INSURANCE

General Liability Insurance

This cover also goes by the name Business Liability Insurance. As the name suggests, this insurance covers both you and your establishment from 'general' claims filed due to bodily injuries or property damage. Almost all businesses have this insurance.

When individuals suffer injuries, General Liability Insurance covers their attorney fees and medical expenses. As mentioned above, the policy handles all damages to property as well on the establishment of liability.

Scope of Coverage

In the course of daily work routines, individuals in your company's workspace may suffer physical injury. In the same manner, there may be damage property in the same setting. In a slightly different scenario, you may be found liable for damage to your landlord's property. Once that happens, the concerned party files a claim. General Liability Insurance has your back in such situations.

You should, however, understand that this cover doesn't handle claims filed due to injuries suffered by your employees or auto accidents. The insurance also doesn't cover the punitive damages you may be subjected to in most states once found liable.

Business Owners Policy, or BOP, is a cover that combines both general liability and property insurance.

General liability insurance doesn’t cover damages to your property, hence the need for a BOP.

Why consider getting BOP?

You should consider this insurance if:

  • You need general liability cover
  • You have equipment such as furniture, computers, and printers
  • You operate on self-owned premises and need insurance cover for the premises
  • Your work includes the ownership and processing of large amounts of data
  • You have dishonest employees

Get a custom policy

Get a tailor-made solution by choosing from some the following options:

  • Electronic data loss insurance
  • Fire and business interruption cover for your office
  • Liability insurance for hired or non-owned vehiclesCommercial crime insurance from claims caused by dishonest employees
  • Terrorism

BOP does NOT cover

This policy excludes:

  • Some claims arising from the professional services you provide
  • Damages suffered by clients after you’ve provided incomplete or inaccurate information

This publicly sponsored system indemnifies workers after injuries or disabilities occurring during regular work routines. Once employees agree to this cover, they cannot sue the employer for negligence. Guaranteed compensation negates the need for further recourse, with employers consenting to a set degree of liability. This insurance avoids trials and unwanted legal fees.

The Scope Of The Cover

This policy covers the medical fees of employees ONLY for injuries suffered when executing work duties. It is important to note that despite the protection employers enjoy from liability, it is not absent. The scope of responsibility is, however, unclear.

There are no penalties for employees who report workplace injuries to their employers. However, dishonest employees may take advantage and report injuries suffered elsewhere as work-related.

Disability allowance pays damages regardless of where the injury occurred, while Workers Compensation Insurance only covers workplace injuries.

This policy handles payment for damage to any type of commercial property due to fire, theft, or natural disasters.

Considerations In Commercial Property Insurance

These are the considerations in this coverage:

  • Location - locations within city limits and proper fire protection usually cost less to insure than rural areas.
  • Architectural material – over all fire-resistant materials throughout the structures could lower premiums.
  • Occupancy – activities, tenants, or adjacent business, such as auto repairs or restaurants can increase risks, hence higher premiums.
  • Fire protection – the distance to the nearest fire hydrant or fire station is a consideration.

Business Property Which Can Be Insured Under Your Policy

  • The building rented or owned-determines type of coverage
  • Content--All office equipment, owned or leased
  • All Records-electronic, accounting records
  • Equipment for manufacturing or processing—owned or leased
  • Inventory
  • Other structures including plants
  • Signs and satellite equipment

This insurance covers all Master contract requirements or everyone, contractors and sub-contractors working on large projects valued at over $10 million. The cover can be owner-controlled, meaning that it's set up by the owner for the listed builder or contractor. Wrap-Up Insurance can also be contractor-controlled, extending coverage to all other contractors and subcontractors on the project.

The purpose of a wrap-up insurance policy is to ensure that everyone involved in a project is insured properly. It is broad blanket coverage that protects the owner, contractors, and subcontractors.

As the name suggests, this cover insures everyone involved in the project. Policies in this type of insurance may include:

  • Builders risk
  • General liability with a broad form of endorsement
  • Umbrella liability
  • Workers compensation
  • Commercial vehicle
  • Property damage

This insurance is also known as Errors and Omissions Insurance (E&O), and it handles claims from damages caused by the professional services you provided. As the name suggests, the harm could have resulted from an error on your part or something you failed to do – an omission. In some cases, it's referred to as malpractice insurance.

This insurance covers all your litigation costs, even for groundless claims. Specific fields, such as medical or legal sectors, require this cover. It is important to note that having such a policy in place protects you for claims filed after your professional services cause harm or loss, not in any other scenario. If you interact directly with your customers in providing a professional service, consider getting Professional Liability Insurance.

This cover is for the cars, vans, and trucks used in your business operations. The insurance covers large fleets, as well as vehicles used by smaller companies.

Commercial vehicle insurance covers physical damage as well as liabilities not covered by your personal auto policy.

This policy covers your light and heavy commercial vehicles, the personnel that operate them, and possibly the accompanying equipment. Other names for this insurance are fleet insurance, truck insurance, or commercial auto insurance.

Note that businesses need the specific coverage found in commercial auto insurance. Also, some vehicles are exempt from personal auto insurance, hence requiring a more suitable insurance plan.

This insurance covers businesses from the potential effects of significant claims. When massive lawsuits come about, a company may lose valuable assets. When the demanded amount exceeds the scope of existing insurance policies, commercial umbrella insurance offers additional protection and cushions business assets from claims.

The additional cover ensures that business owners don't make any payments out of pocket when settling claims that demand more than is offered by existing insurance policies.

Also known by some as Course of Construction, handles claims filed against buildings that are still under construction. This coverage may insure the structure alone or may include onsite materials awaiting installation or transportation to the relevant workspace. The cover is a requirement that many owners expect their listed contractors to have.

The policy has a coverage limit, ideally corresponding to the value of the completed structure in terms of materials used and labor costs. For this adjustment, the construction budget gives an accurate guideline. These policies may come in durations of three, six, or twelve months. If the project exceeds the estimated timeline, the policyholder may exercise a one-time extension.

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