As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you’ve built is covered by a company that understands your business and what you need to protect it.
Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy. There are various types of commercial business insurance that takes care of property, liability and workers’ compensation, as well as much more. Property insurance covers damages to business property and products stored within the premises. Liability insurance provides coverage for damages to third parties, and workers’ compensation insurance covers injuries to employees.
Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented. Whatever your commercial insurance needs, we can design a protection program that’s right for you.
MIG Provides The Following Types Of Business Insurance Protection
Business Package Insurance
A Business Owners Package policy, commonly called a “BOP” contains many of the insurance coverages needed by most small businesses. These policies are not standard and there is great variation from insurance company to insurance company, but in most BOPs, there are certain common elements.
The basic BOP offers business property protection for both building and contents, and liability insurance for the operation of 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, will also offer business income and extra expense protection after an insured loss. BOP policies do not contain all of the coverages needed by a small business. Notably they do not cover any workers’ compensation, professional liability, or business vehicle coverage.
Business Interruption Insurance
Business interruption insurance is critical if your business suffers a property loss that could cause the business to slow or close down while repairs are made. This could happen because of a natural disaster, a burglary, or a number of other situations. This may mean a complete or partial revenue loss depending on the time frame and the damage.
From the time the loss occurs until your business is running again, insurance can replace your lost profits, and provide a source of money to pay your necessary continuing expenses, like rent, payroll, taxes, etc.
Commercial Property Insurance
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.
A commercial auto insurance policy is required under most circumstances when the vehicle is used 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 weight of the vehicle. Some small trucks can be owned and insured under a personal automobile insurance policy under specific circumstances.
Commercial automobile insurance policies are not regulated in pricing, as private passenger policies are. There is a large amount of competition between insurance companies for good commercial automobile insurance.
Normally, it is difficult for businesses or general contractors to work without general 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 from accidents by operations of the insured party, contractual liability, products manufactured by the insured party, etc.
The liability you select, whether it is one, two, or three million dollars, determines the cost of general liability insurance. Also factored into the rates are the kind of work undertaken, gross receipts and total payroll expenses. Similar to auto insurance, when it comes to general liability insurance, you will first have to make a down payment and then follow it up with installments. Before buying general liability insurance, it is best to compare the quotes available in the market. This is where MIG shines, because we work with multiple companies and can do the comparisons for you.
It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. 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. MIG is here to make sure that if an unfortunate situation like this occurs, you, your business, and your employees are all protected.
Commercial Umbrella Insurance
If you own a business, you probably own some form of general liability insurance to protect you in the event of a lawsuit due to negligence on your part. However, 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.
Hotel & Motel Hospitality Insurance
Running a hotel or motel in today’s competitive environment is a big challenge. Getting the proper hotel/motel insurance at a reasonable price can be frustrating and time consuming.
Hotel insurance provides business protection coverage for owners and managers of hotels. Hotel insurance covers motels, resorts, spas, ranches and more. This type of insurance includes a multitude of coverages specific to the needs of a hotel manager or owner. MIG works with multiple insurance companies that are able to address these specific needs and make sure you are protected no matter the circumstance.
Professional Liability (Errors & Omissions) Insurance
Professional liability insurance is also sometimes referred to as Errors and Omissions insurance or E&O. This type of insurance protects businesses or individuals in the event that a customer holds the business owner or the company responsible for a service that was provided, or failed to be provided, and did not have the expected or intended results. If your business built a deck, for example, and the customer said that the way it was built was not the way that was agreed upon, an E&O policy would protect you.
Professional liability insurance is separate from a General Liability (GL) insurance policy which would cover you mainly for bodily injury or property damage liability.
Workers’ Compensation Insurance
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’ compensation coverage is the largest part of its insurance expense.