Small Businesses are the back bone of the American economy. Small Businesses have needs to protect themselves from both property loss and loss associated with the liability of running a business (like trips and falls or accidents).
Small Business Insurance Options:
Business Liability Insurance Package Policy
Often referred to as a Business Owners Policy (BOP), a General Liability package policy protects your company in the event that a client is injured on your premises or if you or one of your employees injures someone or damages property at a client’s location. The General Liability coverage on a business liability insurance policy also meets your landlord’s requirement that you carry business premises liability insurance.
Professional Liability Insurance (Errors and Omissions, E&O)
Professional Liability insurance, also referred to as Errors and Omissions insurance or E&O , is insurance to protect you and your company in the event a client alleges they have suffered a financial loss as a result of an error or an omission committed by you in the delivery of your professional services. This coverage is separate from a General Liability (GL) policy which would cover you mainly for bodily injury or property damage liability.
Workers’ Compensation Insurance
Workers Compensation insurance provides medical and disability coverage for your company employees in the event of a work related illness or injury. The employers’ liability portion of most Workers’ Compensation policies protects your company in the event that an employee files suit claiming that your company’s negligence was the cause of the work related illness or injury. Workers’ Compensation insurance is required in many states.
Umbrella Liability Insurance
An Umbrella Liability (more accurately Excess Liability) provides coverage for claims that exceed the amount of coverage on your General Liability policy and may also add coverage to your Commercial Auto coverage as well as the Employers’ Liability coverage on your Workers’ Compensation policy. Coverage is triggered when claims are in excess (thus the name) of the underlying insurance.
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