Are you a first timer looking for ways to secure your business but don’t have any idea where to start or what type of insurance to choose? This article will shed light on the basics of business insurance.
General Liability Insurance
This type of insurance will cover all damages (bodily injuries and property damage) caused by your company. It includes medical expenses and lawyer fees, including your own. But keep in mind that there are limitations. General Liability insurance will not cover any car accidents, punitive damages, intentional acts, and professional mistakes.
Property insurance focuses mainly on the protection of all materials in your business—the equipment and the products. It covers the risk of damages that may be caused by theft, fire, wind, smoke, etc. It is also considered as umbrella coverage because it may include renter’s policy, flood insurance, shopkeeper’s policy, office package policy, homeowner’s policy, and earthquake insurance policy. But also take note that Property Insurance does not cover damages that involve water (rain, tsunamis, floods, cyclones, water seepage, etc.)
Business Owner’s Policy (BOP)
Specially designed for small businesses (take note, first timers!), if you want a type of insurance that includes commercial property and the above mentioned general liability insurance. There are advantages, such as coverage and price. Just like Property Insurance, BOP is umbrella coverage with a lower cost compared to the standard commercial property policy. You may also insure residential condominiums, apartments, retail buildings, and office buildings however only at a specific size limit (for example, office buildings cannot exceed six stories and buildings for wholesale operations cannot exceed 35,000 square feet)
Commercial Auto Insurance
It is also known as “Commercial Car Insurance,” “Truck Insurance,” or “Fleet Insurance.” Since you are running a business that possibly has company vehicles, this should be a consideration. The Commercial Auto Insurance covers all damages and liabilities such as uninsured motorist coverage, collision coverage, comprehensive physical damage coverage, CSL (combined single limit), property damage liability coverage, bodily injury liability coverage, and medical payments or personal injury coverage.
What’s a business without skilled, hardworking employees, right? You, as a head of the company, are somewhat like a parent to them that is why Worker’s Compensation is a must. This type of insurance will financially help your employees by giving aid in times of illness, injury, or death (whether this was his or her fault or not) caused by or in the course of their employment. The amount will depend on their salaries and will be subject to a specified maximum. Take note that this excludes agricultural and domestic workers.
Before you start planning to handle a business, make sure you secure all that you’ve worked for by having all aspects insured first.
At Keith Sanders Insurance Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (254) 235-8185 or Click Here to request a free quote.