Many states require businesses to carry specific insurances in order to operate. Our commitment is to make sure you are compliant at the most competitive rate possible so you can concentrate on your business. We’ve outlined the most common commercial insurance products below:
Commonly referred to as workers comp, it is required in most states for businesses that have employees on payroll. This insurance covers medical costs and lost wages for employees in the event of injury on the job. State penalties are placed on a company that does not carry this coverage. Rates are determined by the specific class code the business operates as. E.g. Restaurants, Plumbers, Law Firms, etc.
- Workers Comp is required in most states
- Protects employees against on the job injuries
- Pays medical costs and lost wages
Depending on the type of work this insurance is either required or highly recommended. It covers the insured against potential lawsuits from a dissatisfied or injured customer. A perfect example of how general liability insurance works is a customer that slips and falls in your restaurant. He/She breaks an arm and wants to sue the restaurant claiming the floor was wet or slippery. Your general liability may cover that occurrence in upwards of $1,000,000.
- Highly recommended for just about any businesses
- Most business that operate in a building or strip mall are required by the landlord to carry
- Protects the insured against a liability claim made by a customer
Errors & Ommission
Commonly referred to as E&O, it is designed to protect business professionals against lawsuits claiming they gave false information or made an error while providing their services. Similar to medical malpractice insurance it is a business professional’s safety net. Common professions required to carry E&O insurance are insurance professionals, realtors, physicians(known as medical malpractice).
- Protects business professionals against lawsuits made by past or present client
- Certain professions are required to carry E&O
- A business professionals safety net
Builders Risk Insurance
Builder’s risk insurance is coverage for physical loss or damage to your company’s materials, fixtures and equipment, which are being used during construction or renovation of a building.