As a business owner working in today’s litigious society, there are many different types of coverage that your company may need in place not only to protect your business but to protect your personal assets as well. Which type of insurance and the correct policy amount differs depending on your type of business. It’s important to mention that your insurance needs will also change over time, as your business continues to grow.
MHG can help you determine which insurance will most benefit your needs; here are the five most common commercial insurance policies that are essential to almost every business:
General Liability Insurance – General Liability insurance is the most basic form of business insurance available and protects you, the business owner, should someone suffer an injury and you are named liable. General Liability policies also provide coverage for property damage, advertising injury and personal injury, including slander. Should you be served with a lawsuit, this type of insurance could also pay defense costs and settlements even if the claims made against you are fraudulent.
You should consider obtaining this coverage if you or your employees:
Commercial Property Insurance
- Visit a client’s place of work or if a client visits yours
- Have access to a client’s equipment
- Write or speak about a client’s business
- Use third party locations for any business related activities
– Disaster can strike at any time. Commercial Property insurance
can protect your businesses' assets and inventory against physical damage and loss of use due to theft, an accident or other means. If you are leasing office space or retail location, you may only need to purchase "contents" coverage to protect your fixtures, furniture, inventory, office equipment and supplies; however, if you've made 'improvements and betterments' to the space you're leasing, you may want to include those expenses in your insurance policy as well. No matter what size your business is you may qualify for a Business Owners Policy or a "BOP" which allows business owners to secure Commercial General Liability, Property Insurance and often, includes loss of income and extra expenses that you may suffer following a loss.
Commercial Auto Insurance - Car accidents happen every day and as a business owner, you need to make sure you have the proper insurance coverage in place to protect you, your employees, your assets and get you back on the road as quickly as possible. As a rule of thumb, if the vehicle is used primarily for business purposes or is titled in the company's name, you should have a Commercial Auto policy regardless if you lease or own the vehicle. Commercial Auto policies may pay for damages or medical expenses sustained by you, an authorized driver on your policy, or a third party. Depending on the type of coverage you select, your company vehicle may also be insured against damage caused by a flood, fire, or theft.
Employment Practices Liability Insurance (EPLI) – We unfortunately live in a very litigious society and it’s important for business owners to have the right coverage in place to protect themselves against frivolous and legitimate lawsuits made by current, former and potential employees. An EPLI policy protects the business, its directors and officers and employees against allegations of sexual harassment, discrimination, emotional distress and wrongful termination among others.
Workers Compensation Insurance - As a business owner, you do your best to provide your employees with a safe working environment; however, accidents happen and it is important to have the proper protection in place. Workers’ Comp policies are mandatory for all businesses employing four or more people although contractors are required to carry a Workers’ Comp policy if they have at least one employee. Workers’ Comp covers medical expenses and some portion of an employee’s wages if they were injured on the job. Accidental injuries, occupational diseases, and even death arising from the employee’s employment are covered under this policy.
In the marine industry, The Longshore Harbor Worker’s Compensation Act (USL&H) provides similar Workers’ Comp benefits for employees working on navigable waters, on a dock, during a dry dock or other areas commonly used by vessels. Workers' Comp policies can be endorsed to offer coverage for the employee while working on land as well as for USL&H exposures.
The Insurance Specialists at MHG understand that every business is unique. We have the experience and resources to help you find and purchase the right insurance to meet the needs of your business. Let us help you protect your business, good name and reputation.
Call and speak with one of our Insurance Specialists to discuss options to cover your company's risk appropriately at 954-828-1819 or visit MHG Insurance Brokers online at https://mhginsurance.com/ to learn more.