Business & Commercial
There are some packages that are suitable for more than one type of business, but I find every business as its unique proposition for their clients and so must always be tailored to be sure that what makes them different from their competition is also covered.
Property, computers, general liability, auto liability, workers compensation as starters. As a business grows and changes there could be Employment practices, employee benefits liability, and cyber liability.
Not necessarily. But as you are marketing and out and about meeting prospective clients you have some exposures too. As soon as your start providing services you definitely should put coverage in force. If you sign a lease, you will need insurance to obtain the keys from your landlord.
General liability is bodily injury and property damage to others. And yes, every business has some degree of exposure. Some more than others.
You need to carry work comp insurance in VA when you have three or more employees and part time employees count. What they don’t tell you is that you are responsible for the work related injury of any employee, so you should add workers comp coverage as soon as you hire.
A subcontractor working on your job who does not have his/her own insurance and gets hurt on your jobsite is treated as your employee.
No, you are not required by law to carry workers comp. However it is not unusual for a contract or lease to require that you have coverage.
Yes. Should you be sued, you will need money to hire a defense, which is often the most expensive cost.
Office equipment, tenant fit ups to an office space, inventory and equipment, and loss of income is considered a property loss.
Your homeowners policy covers you personally but does not provide any coverage for your business.
Remember you and your business are considered two separate legal entities.
A business umbrella goes over your general liability, auto liability, and employers liability. It is not the same as your personal umbrella which goes over your home and auto.
It is a package policy that covers property, general liability and auto liability. It also bundles some of the coverages that are often exposures for different classifications of businesses. Such as spoilage for a restaurant or caterer.
Every business has an auto liability exposure. I know you think I am wrong because if my business does not own any autos, why do I have an exposure? If you or any of your employees are driving their own auto on company business or errands, to the bank or post office and get into a bad accident, they will come after the business too. The employees personal auto is primary and the business needs non-owned auto liability since the auto is non-owned by the company.
Cyber liability covers you for the breach of personal data. Blogging, tweeting and other social media are actually a form of advertising personal injury. Be careful what you say and your personal opinions that might be offensive.
Loss of business income. If you have a fire and your business must close for 6 months for rebuilding – you will have a loss of business income. Even once you open the doors back up, business might come back slowly. Remember, they went somewhere else for 6 months while you were closed down.
If you have decided to carry only 50% of your property coverage, you will only get 50% of any property loss. So if you buy a retail store and get all the fixtures and inventory at 50% of the actual cost be sure to insurance the fixtures and inventory for 100% of the replacement cost. You won’t get a deal like that again.
If you insure for 50% or 50,000, when 100% would be 100,000, guess how much you will get if you have a 10,000 loss. That’s right 5,000.
Property loss due to fire, lightning vandalism, or theft. Coverages to consider, backup of sewer & drain, Employee dishonesty, temperature change.
There is no coverage for shoplifting. There are exclusions and conditions to all policies and they should be reviewed and understood.
Not all businesses have a professional liability exposure
Professional liability is errors & omissions and wrongful acts or malpractice insurance for a business that provides professional services, such as doctors, lawyers, real estate agents, mortgage lenders, Technology firms, consultants financial advisors …
If you have any sort of personal info, social security numbers, charge card numbers, medical information, dates of birth, driver’s license numbers, anything that a hacker could use to steal an identity or expose personal information, then yes you have a cyber or data breach exposure.
Type of risk or exposure, square footage of an office or retail, gross sales, payroll, coverages you decide to purchase. NOT ALL INSURANCE IS THE SAME.
You should obtain certificates of insurance from your subcontractors that are the same coverage and limits as you are required to carry, by a lease or contract. Some policies respond to subs and some do not.
Be in touch with your agent so they keep you up to date and you are paying for only exposures you have. If you buy, sell, hire or fire call your agent.