Business insurance protects your business from losses that that may occur during the normal course of business. Small business owners may have more personal financial exposure in the event of a loss. Therefore, it is very important for them to carefully assess their business insurance needs.
Types of Business Insurance
Commercial General Liability
Commercial general liability provides coverage to a business for bodily injury, personal injury, and property damage that happens on at the business location or is caused by the business or its products. It is considered comprehensive, but it does not cover all the risks that a business might face.
Commercial Property
Commercial property insurance is a specific policy for coverage of the physical property of a business or corporation. This includes not only the tangible land but also the capital equipment and the contents of the building owned by the company. The stipulations contained within the policy will define the types of coverage, compensation amounts, and circumstances under which compensation will occur (such as fires or natural disasters).
Commercial Auto
Knowing the difference between personal and commercial vehicle coverage is important for your business. Commercial vehicle insurance covers both the cars, trucks or other transportation equipment used while doing business and the employees who are operating the vehicle. This applies to large fleets as well as small business.
Workers Compensation
When an employee is injured or gets an illness on the job, Workers' Compensation insurance aids in protecting the business and employees from financial losses. It primarily helps cover medical expenses, lost wages, as well as vocational rehab. It even provides certain death benefits. Workers' Compensation insurance is important to help protect employers from the potentially crippling costs of employee claims.
Bonds
Bond insurance, also known as financial guaranty insurance, is a type of insurance policy that guarantees that a bondholder will receive back the principal and interest in the event of default. Purchasing bond insurance can increase a bond issuer's credit rating which, in turn, can reduce the amount of interest that the issuer needs to pay.
Equipment Coverage
Equipment breakdown coverage helps to pay cost to repair or replace damaged or broken-down equipment after a covered incident. This type of insurance may cover equipment you need to keep your business running. Examples may include machinery, office air conditioning, computers, security systems, etc.
How Much Coverage Do You Need?
The amount of insurance coverage that you need can be affected by many factors. The staff at Bob Johnson Insurance can help you make an accurate assessment of needed coverages to protect you and your business. Click one of the buttons below to contact us.