Protectall Salvador - Commercial Insurance

WHAT'S BUSINESS INSURANCE?

Business Insurance, also known as Commercial Insurance, protects businesses from losses due to events that may occur during the normal course of business.

There are many types of insurance for businesses, including coverage for property damage, legal liability, employee-related risks and vehicles for business use.

Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

IMPORTANT POINTS

Business insurance refers broadly to a class of insurance coverage intended for purchase by businesses rather than individuals.
Businesses seek insurance to cover potential damage to property, to protect from lawsuit, or contract disputes.
Business insurance accounts for about half of the U.S. property casualty insurance industry, and includes many insurance products known as "commercial lines".

Do you think protecting your business can be expensive? Neglect of that protection for the risks are always looming in the sidelines and could lead to more expenses. Business is unpredictable, but buying business insurance doesn’t have to be.

BUSINESS OWNERS (B.O.P.). Running a small business involves a significant investment in time and money. it protects your investment by minimizing financial risks associated with unexpected events

Business Owners Package contains many of the insurance coverages needed by most small businesses. While these policies are not standard - there is great variation from insurance company to insurance company - there are certain common elements. The basic BOP offers business property insurance for both building and contents, and liability insurance offers protection for your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations.

Some, but not all of the policies, offer business income and extra expense protection. BOP policies do not contain all of the coverages needed. Notably, they do not cover any workers’ compensation, professional liability, or may not include business vehicle coverage.

GENERAL LIABILITY It would be very difficult for businesses or general contractors to work without insurance. General liability insurance is intended to guard operators and owners of companies from claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.

The coverage you select, whether it is one, two, or three million dollars, determines the cost of the policy. Also factored into the rates are the kind of work undertaken, gross receipts and total payroll.

It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered. If, for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.

WORKERS COMPENSATION. Workers’ compensation insurance protects employers from claims resulting from injuries to employees. It protects your business from lawsuits and provides employees with compensation for on-the-job injuries.

By law, most employers are required to provide coverage for lost wages and medical bills incurred as a result of on-the-job accidents or illnesses. For many businesses, workers comp coverage is the largest part of its insurance expense.

Protectall Salvador offers free, comparative quotes on workers’ compensation insurance from multiple insurance carriers so you can get the best possible rate.

Want to see how much we can save you? Just request a quote to find out.

COMMERCIAL AUTO. A commercial auto policy is required under most circumstances when the vehicle is for business purposes and meets certain other requirements. It is not just the registration that determines the requirement for a business automobile insurance policy. Other requirements are ownership by a corporation, use in hauling goods for hire and gross vehicle weight of the vehicle. Some small trucks can be owned and insured under a personal automobile insurance policy under specific circumstances.

The insurance pays any costs to third parties resulting from bodily injury or property damage for which your business is legally liable, up to the policy limits. Depending on what kind of coverage you buy, the insurance may pay to repair or replace your vehicle because of damage resulting from accidents, theft, flooding and other events.

Many personal auto policies exclude coverage if the vehicle involved in an accident is used mainly for business.

GET A PERSONALIZED AUTO QUOTE FOR YOUR BUSINESS TODAY

COMMERCIAL PROPERTY Commercial property insurance is a special type of insurance that covers the company building as well as the contents owned by the company. “Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers.

Under the liability policy coverage, the building should be protected from damaging events such as fire, burglary and vandalism. It may not be enough to cover just the building; the aftermath of such damage should be covered as well.

Commercial property insurance is insurance used to cover property and equipment from the risk of disasters.
Different types of properties and equipment are considered for commercial property insurance.
Several factors, such as location and occupancy, are considered while determining the cost of commercial property insurance.

COMMERCIAL UMBRELLA. There may be situations where the limits of your general policy may not provide adequate protection. A commercial umbrella can provide you and your business with additional liability protection.

Commercial umbrella coverage gives you extra liability coverage to help pay costs that exceed your general liability or other liability policy limits. Without this business insurance coverage, you’d have to pay out of pocket for expenses that cost more than your coverage limits, such as:

Legal fees
Medical bills
Damage expenses

PROFESSIONAL LIABILITY. Professional liability insurance, also sometimes referred to as Errors and Omissions insurance or E&O, protects businesses or individuals in the event that a customer holds your company or business owner responsible for a service that was provided, or failed to be provided, and did not have the expected or intended results.

Professional liability insurance is separate from a General Liability (GL) insurance policy which would cover you mainly for bodily injury or property damage liability. You should consider professional liability insurance coverage if your business:

provides a professional service.
regularly gives advice to clients.
is requested by a client to have professional liability insurance to complete a contract.

SURETY BONDS. A surety bond can be defined in its simplest form as a written agreement to guarantee compliance, payment, or performance of an act. Surety is a unique type of insurance because it involves a three-party agreement. The three parties in a surety agreement are:

Principal – the party that purchases the bond and undertakes an obligation to perform an act as promised.
Surety – the insurance company or surety company that guarantees the obligation will be performed. If the principal fails to perform the act as promised, the surety is contractually liable for losses sustained.
Obligee - the party who requires, and often receives the benefit of— the surety bond. For most surety bonds, the obligee is a local, state or federal government organization.

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