Commercial Property Insurance


Businesses have many physical assets, including buildings, computers, specialized equipment, outdoor signage and inventory. If a fire, storm or thief were to damage or steal these assets, a business may have to go through a recovery process before their doors can open once more. Without adequate commercial property coverage, approximately a quarter of businesses fail during the first year following a disaster or theft. Such events result in hundreds of billions of dollars in paid claims. Most businesses cannot afford such a substantial loss.

Commercial property insurance helps businesses survive various situations like:

  • Repair or Replacement: Coverage can extend to assets that are lost, damaged or stolen due to fire, storm, hail, tornado, theft, or vandalism. Damage from flooding and earthquakes are excluded.
  • Lost Income: Income loss results from a business' inability to run as usual following a disaster. This coverage can offer lost income relief, along with the expenses associated with recovery.
  • Temporary Location: A devastated building may no longer be able to support daily operations. Coverage can extend to funding a temporary location while repairs are being made.


General Liability Insurance


If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.

There is a broad range of General Liability protection, including:

  • Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from 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 (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided
  • Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
  • Contractual Liability extends to any liability you may assume by entering into a variety of contracts
  • Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types


Professional Liability Insurance


Professional liability insurance protects individuals and companies from assuming the full cost of defending a lawsuit that claims negligence of the individual or business. A claim of negligence, malpractice or misrepresentation is not covered under a general liability insurance policy, which makes professional liability insurance crucial for those who provide a service or advice for a fee. The number of liability lawsuits against professionals has increased in recent years. Such lawsuits can mean financial ruin both professionally and personally, including the loss of cars, homes and careers. Professional liability insurance helps with the financial burden of these events.


Workers Compensation


Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer. Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance.


Commercial Umbrella Insurance


Savvy business owners consider several different commercial insurance policies to protect their businesses. But, what do you do if something happens that results in higher bills than what your current policy covers? Commercial umbrella insurance can come to the rescue under such circumstances. Once your claim reaches your policy’s limits, your umbrella insurance helps cover the rest. We live in a litigious society. Lawsuits can cost a business millions. The high costs of a lawsuit can catch a business off-guard but, umbrella insurance can keep you from permanently closing your doors. If you want higher policy limits, umbrella insurance is an affordable way to get them. 


Surety Bond


If you are a contractor (of any industry), you’ll promise clients that you’ll finish their work according to their stipulations. Contracts are not stipulations to take lightly. They are legally-binding. Yet, you can’t eliminate the possibility that a project will go awry. Many businesses turn to Surety Bonds to help in case of project defaults. Surety bonds fall under the umbrella of consumer protection. They function like an insurance policy. If you make a contract with a client, a surety bond functions as a guarantee that you will do the work accordingly. 

Surety bonds involve three parties:

  • The Principal: The person, company or entity carrying the bond. If you are the contractor, you’ll have a bond in your name.
  • The Obligee: This is the individual who benefits from a bond. It’s usually the party who you work with under a contract. They will be the one to make a claim on a bond if necessary.
  • The Surety: The company that issues and maintains the bond. The principal pays the surety a premium to maintain the bond. In some cases, the bonding company will pay a settlement to the obligee initially. The principal must still compensate the bond company, however.


Small Business Insurance


You never know when a hazardous event like a fire, severe storm, robbery or accident lawsuit will threaten your business, and you don’t want to face the prospect of having to pay for your recovery costs. Your small business insurance benefits can minimize these losses and get you back on your feet and operational in no time. 

Among the benefits you’re likely to need for your small business are:

  • Commercial property insurance: If something damages physical property—such as your building or possessions—then this coverage can help you repair or replace them.
  • General liability insurance: This covers your business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
  • Business interruption insurance: This helps you pay bills if you must temporarily close after a damaging accident.
  • Commercial auto insurance: If your small business owns vehicles, this coverage supplies the requisite physical damage, liability and other benefits to help you afford the costs of wrecks or other vehicle hazards.
  • Workers’ compensation insurance: If an employee gets hurt on the job, they’re often eligible for workers' compensation. This supplies supplementary income during their recovery.
  • Errors & omissions insurance: Professional advice or mistakes can cause your clients a financial loss. This coverage compensates them on behalf of your business.
  • Surety bonds: If you’re contractually bound to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.