It does not matter if you are a small business owner with two employees or a mega-corporation, commercial insurance is a must. It is especially important for small businesses and startups that lack the cash to replace business losses. Commercial Business Insurance can also compensate your employees should an accident occur. Most insurance coverages are optional; the one exception, depending on the state you live in, is workers' compensation. As the old saying goes, “You never need insurance until you don’t have it”. We have listed some of the more common insurance needs for business owners to allow you to see what you may need or might be lacking.
Workman’s compensation insurance covers wages and medical care if an employee is injured on the job. As you are liable for the safety and well-being of your employees, the workman’s compensation insurance prevents you from being sued. Depending on the state your business is located in, unemployment insurance and state disability insurance may also be required.
A liability policy covers your business against certain claims such as injuries or property damage connected to your business. It can even cover non-physical acts like slander or libel. You definitely want to include data breach coverage if you handle any personal information.
Commercial Property Insurance:
Commercial property covers your property and physical assets. This includes not just the building but your equipment, inventory, furnishing, and computers. This includes weather events as well as theft or vandalism. If you release the building you are in, review the obligations in your lease carefully. Often the tenants are responsible for insurance and must continue to pay rent even if the building is destroyed. Make sure you discuss this with your insurance agent.
Commercial Auto Insurance:
A commercial auto insurance policy provides coverage for all the vehicles you own, lease, rent or borrow for you and all your employees. With auto insurance, you are protected from all liabilities against these vehicles. Again, like the workman’s compensation, many states do make this coverage required.
Professional Liability Insurance:
Professionals that operate their own businesses need professional liability insurance in addition to their regular business owners' policy. People expect professionals to have extensive technical training and knowledge in their field. You can be held responsible for any harm caused to another person or business. This insurance will protect from defense costs and any legal damages.
Commercial Umbrella Insurance:
Commercial Umbrella insurance also called umbrella liability is designed to give your business added financial protection from possible ruinous lawsuits. It will protect you against liabilities and costs that are not covered by your other commercial policies. Umbrella insurance increases the limit of your general liability insurance, commercial auto liability, and employer’s liability.
Owning your own business is not easy. Once you open your business you become that business's best and hardest working employee. And yet, one car accident could take all of it away from you. You deserve the peace of mind knowing no matter what happens, you are covered and can continue to build your dream. We can help you with that peace of mind. At Panorama Insurance we are a 100% independent company, Since 1973, we have been able to work with multiple insurance companies to get you the commercial insurance you need and want at a price that is affordable. We don't work for the insurance companies, we work for you.