Business & Commercial Insurance
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Business & Commercial Insurance Information
As a business owner, you want the same kinds of insurance coverages for the automobile you utilize in your business as you do for an automobile used for personal traveling. This includes liability, collision and comprehensive, health payments (known as individualized injury protection in some states) as well as coverage for uninsured car owners. Actually, the same car for both pleasure and business are used by many business people. If your automobile is owned by the company, be sure the business is found on the policy as the "principal insured" rather than your name. This will likely prevent possible misunderstandings while filing a claim or if a claim is submitted against you.
Whether you have to purchase a company auto insurance policy is going to depend on the type of driving you do. Your Francis & Company insurance agent is going to ask for many details about just how your vehicles are utilized by the business. They will need to know who will use the vehicles and if employees will use their own personal vehicles.
Personal and commercial auto policies are very similar but commercial policies have a lot of technical differences. Consult your Francis & Company insurance agent to discuss policy choices and all of the variations.
If you have a personal umbrella liability policy, there is usually an exclusion for business-related liability. your Francis & Company insurance agent help to make sure your company is covered and that you have enough auto liability coverage.
Unfortunately for each business owner, the risks of getting sued have significantly increased within the last ten years. General Liability insurance is able to stop a lawsuit from turning into an economic disaster if your company is sued or held legally accountable for damages or injury.
Losses arising from bodily injury and property damage on the company premises, or perhaps arising from company operations are also paid by general Liability.
Broad Range of General Liability Protection
- Bodily Injury, including the price of medical attention, loss of service, and restitution for any death which results from an injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (legal expenses and damages around your policy's limit) in case of damage resulting from anything your business created or service your business provided
- Products Liability is a far more specialized product of liability insurance which protects your business against lawsuits from product-related injury or even accidents
- Contractual Liability extends to the liability you are responsible for by entering into a wide variety of contracts
- Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non Owned Vehicles (such as watercraft and aircraft); Fire, Lightning or maybe Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and also special liability protection for targeted business types
Worker's compensation laws have been developed to guarantee that personnel that are hurt on the job are supplied with fixed monetary awards. This simplifies the process for the employee and protects the company from litigation. Many American states restrict how much an employee may receive so worker's compensation insurance also helps manage the company’s monetary risks.
Workers Compensation Insurance is meant to assist businesses to pay these benefits. As a safeguard for workers, most American states require that companies offer some kind of Workers Compensation Insurance. Keep in mind that workers Compensation Insurance is not the same as health insurance. Rather, workers Compensation insurance only covers injuries incurred on the job.
In many states, if you have employees, you're expected to have Workers Compensation coverage. Even in non-mandatory states, it is usually an extremely good idea, especially in case you have numerous workers that have high-risk jobs.
Do I need workers compensation insurance?
Companies do have a legal duty to the employees to make their workspace safe. Nevertheless, accidents do happen even if every reasonable precaution and safety measure has been taken into account.
In order to offer medical care to employees, compensation for lost income to employees, and protect employers from legal actions resulting from workplace accidents, nearly every state requires companies to purchase workers compensation insurance. Worker's compensation insurance covers employees injured on the job, whether they are hurt on the company’s premises, other locations, and in-car accidents while on company time. Additionally, it covers work-related illnesses.
Workers compensation provides an income to injured workers, healthcare, and rehabilitation services, regardless of who is at fault, while recovering. Additionally, it offers death benefits to surviving dependents and spouses.
Each state has laws that are different governing the total amount paid and length of lost income, the provision of healthcare and rehabilitation services, and the way treatment is administered. For instance, in many states, there are laws that cover whether the individual or employer is able to select the physician that treats the wounds and just how disputes about benefits are resolved.
Workers compensation insurance has to be purchased as a distinct policy. Although in-home business and business owners’ policies (BOPs) are marketed as program policies, they do not incorporate coverage for workers' accidents.