Business Insurance
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Commercial Liability
Comprehensive general liability coverage insures a business against accidents and injury that might happen on its premises, as well as exposures related to its products. The catch is that the damage cannot be due to poor workmanship. This points out one difficulty with general liability insurance: It tends to have a lot of exclusions. Make sure you understand exactly what your policy covers…and what it doesn’t.You may want to purchase additional liability policies to cover specific concerns. For example, many consultants purchase “errors and omissions liability,” which protects them in case they are sued for damages resulting from a mistake in their work. A computer consultant who accidentally deletes a firm’s customer list could be protected by this type of insurance, for example
Commercial FAQ’s
I’m just getting my business started. Do I need insurance right away?
Yes, because the chance that you could suffer a loss begins with the first day of business. You can’t get help after the fact. If you suffer a loss and have no insurance or have improper or insufficient coverage, there is very little, if anything, your agent can do to help you. You must be prepared for the risks that are inherent in any business and the losses, sometimes catastrophic, that they can cause.Also, many states and local jurisdictions require that businesses be insured to begin operating especially workers compensation insurance. And if you rent space for your business, your landlord probably requires that you be adequately insured as well.
What types of property do I need to insure?
Your business may not possess all the following types of property, but you can use this list to make sure that you have considered all the property categories and any insurance coverage that may be warranted:
- Buildings and other structures (owned or leased)
- Furniture, equipment and supplies
- Inventory
- Money and securities
- Records of accounts receivable
- Improvements and betterments you made to the premises
- Machinery
- Boilers
- Data processing equipment and media (including computers)Valuable papers, books and documents
- Mobile property such as automobiles, trucks and construction equipment
- Satellite dishes
- Signs, fences, and other outdoor property not attached to a buildingIntangible property (good will, trademarks, etc.)
- Leased equipment
To establish the amount of insurance you need on each, your insurance agent can help you review the types of property you own and their uses.
What types of property insurance should I consider buying?
The best thing to do is to take a complete inventory of all your business property, determine all of its value and decide if each is worth insuring. Then check to see that the items on the inventory list are included in the basic business property policy and covered for the correct amount. If not, ask your agent about the cost of purchasing additional coverage to meet your needs.You also need to consider your business situation. Are you planning a major expansion? Does your inventory have a decidedly peak season (like a toy store in December)? Or does it fluctuate throughout the year (like a clothing store)? Is your liability limit high enough in light of the new job contract you just signed? Business policies are designed to be added to or subtracted from to meet your needs. Be sure to discuss changes to your business with your agent so that he or she can be sure your policy still provides adequate coverage.