Business Insurance Coverage and Protection

Business insurance coverage and protection are crucial for any business to mitigate risks and financial losses. A general liability policy can provide protection against accidents and injuries on the job, with a typical coverage limit of $1 million.

This type of policy can help protect your business from costly lawsuits and settlements. For example, if a customer slips and falls in your store, a general liability policy can help cover the costs of medical expenses and lost wages.

Liability limits can vary depending on the type of business and industry, but a common limit is $1 million. It's essential to review your policy limits and adjust them as needed to ensure adequate protection.

Business owners should also consider workers' compensation insurance to cover work-related injuries and illnesses. This type of policy is usually mandatory for businesses with employees.

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There are several types of business insurance to consider, and each one is designed to protect your business from specific risks. General Liability is a must-have for most small businesses, guarding against third-party claims that arise from your business operations.

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Commercial Auto insurance is essential if you use your vehicles for business, such as traveling to job sites or making deliveries. It provides liability and physical damage protection for your business vehicles.

Workers' Compensation insurance protects you and your employees by helping pay for expenses related to employees who become injured or ill on the job.

Professional Liability, also known as Errors and Omissions insurance (E&O), protects businesses that offer professional services or advice against claims of professional negligence.

Business Owners Policy (BOP) packages business liability and property coverage into one policy, making it a common choice for small businesses with commercial buildings or personal property.

Some industries require specialized insurance, such as retailers who need Product liability insurance to protect against legal fees if a customer is injured by a product.

Here are some examples of industry-specific insurance options:

Each business is unique, and the right insurance combination will depend on your industry, business structure, and specific needs.

Commercial property insurance can help pay replacement costs if your business property suffers damages by water, fire, wind or vandalism. It can also help cover business income after a covered event.

Having accurate coverage is critical in minimizing the negative impact of claims against your business. Business insurance protects your small business from financial damages that can result from accidents, property damage, professional errors, workers’ compensation claims and other situations.

You'll probably need commercial property insurance if you own a commercial building or have moveable property on site. It's offered as part of a BOP, or Business Owners Policy.

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Automobile insurance is a must for businesses that use vehicles for work. Almost every business uses a vehicle of some type in performing some aspect of the job.

The minimum limits for commercial auto insurance are 30/60/25, but certain limits are much higher. Most insurance companies consider the driving record of the employees when determining the business' rate for the policy.

Commercial auto policies are rated differently than personal auto policies, and there is no standardization of policies, rates, or rating procedures. This means that each insurance company has its own way of determining rates.

If you have employees who drive for work, you'll likely need commercial auto insurance. Many insurance companies have safety programs that can reduce your rates, so be sure to ask your agent for details.

Commercial property insurance can help protect many of the physical items you need to do business, including buildings, equipment, and inventory.

You can choose from a variety of commercial business insurance options, including general liability, workers' compensation, and business owner's policy.

Commercial property insurance can help pay replacement costs if your business property suffers damages by water, fire, wind, or vandalism.

It's essential to consider your unique situation and the types of risks you face when deciding which business insurance coverages you need.

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Most small businesses should consider general liability, which protects against third-party injuries or property damage.

You may also need commercial auto insurance if you or your employees drive for work-related tasks.

Commercial property insurance protects commercial buildings and the moveable property your business owns and keeps onsite.

It's often offered as part of a BOP (Business Owner's Policy).

Here are some key types of commercial property insurance:

Business interruption insurance can help protect your business from financial loss if you're unable to operate due to a covered event.

This type of insurance can help pay for expenses such as taxes, insurance, electricity, phone, debt service, and contractual obligations.

Business interruption insurance can help protect your income and revenue stream.

Some common types of business interruption insurance include:

It's essential to understand the different types of policy triggers, such as claims made and occurrence, before purchasing general liability insurance.

You should also consider the limits of coverage, defense costs, duty to defend, aggregate limits, contractual liability, fire legal liability, and pollution exposures.

Workers' compensation insurance is required by state law in most states when you have employees.

It pays for medical expenses and lost wages for employees who are injured on the job.

You can also opt for voluntary business owner's coverage if you're self-employed or have a small business.

Homeowners insurance typically won't cover tools, equipment, and inventory used for business purposes. You can get coverage for these items with a business owners policy (BOP).

If your office is at home, your homeowners insurance won't cover business-related losses. This means you'll need to consider additional coverage options.

Homeowners insurance is designed for personal use, not business use. So, if you're running a business from home, you'll need to take out a separate policy to protect your business assets.

Business owners policies (BOPs) can provide the coverage you need to protect your business assets.

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Business insurance costs can vary depending on several factors, including your industry, payroll, and number of employees. The national median cost of business insurance for new Progressive customers in 2023 ranged from $42 per month for professional liability to $67 per month for workers' compensation.

Your business insurance cost will be influenced by various factors, such as the industry you're in and the specific types of jobs you do. For example, one landscaping company might only mow lawns, while another offers additional services, such as tree trimming, which will affect their risk exposure and rates.

You'll need to consider several coverages for your business, including general liability, which protects against claims involving third-party injuries or property damage. Most states also require you to carry workers' compensation if you have employees.

Business insurance costs can be difficult to estimate, but several factors help determine what your insurance will cost, including your payroll and number of employees, where you work and the number of business locations, your industry, and your experience.

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Here are some of the factors that influence business insurance cost:

To get a better understanding of your business insurance cost, you can use NEXT's insurance calculators, which include:

Liability insurance is a crucial coverage for any business, as it pays damages for which the business is found liable, up to the policy limits, as well as attorneys' fees and other legal defense expenses.

Partnering with other business services can make purchasing insurance a breeze. NEXT allows business owners to buy insurance through the tools they're already using, like QuickBooks and LegalZoom.

This means you can protect your business without ever leaving your account. You'll get easy access to knowledgeable experts who can answer your questions.

You'll also get unlimited access to certificates of insurance (COIs) without any additional charges. This can save you time and hassle when it comes to managing your business insurance.

Business insurance can be complex, but it's worth exploring all your options to ensure you're protected.

General liability insurance is a must-have for most businesses, protecting against third-party injuries or property damage.

Commercial auto insurance is also a good idea if you or your employees drive for work-related tasks, as most states require it if you have employees.

You may also need professional liability insurance to cover negligence related to business services and advice.

From commercial property insurance to employee healthcare, there are many additional business insurance products available to personalize your policy and protect your business in various ways.

Excess and surplus lines insurance, also known as E&S insurance, is a market for high-risk professions that can't get general liability coverage in the admitted market.

This type of insurance is designed for businesses that don't fit into the standard insurance categories, providing a safety net for unusually high losses.

Concurrency is key, as the policy period of the excess or umbrella policy must match the underlying commercial general liability policy.

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Excess and surplus lines policies can contain deductibles known as "self insured retention", which amount must be paid by the insured prior to the policy coming into play.

These policies are not primary coverage, but rather pick up when the underlying coverage has been exhausted due to a severe claim.

It's essential to understand the claims made and occurrence coverage triggers, as well as the duty to defend or indemnity coverage, to ensure the policy meets the business' needs.

Employment practices liability insurance protects businesses against claims related to employee discrimination, sexual harassment, and wrongful termination.

This type of insurance covers damages for which an employer is legally liable, such as violating an employee's civil or other legal rights. It also provides legal defense costs, which can be substantial even when there has been no wrongdoing.

Employers can be held liable for a wide range of employment-related issues, including wrongful termination and employee discrimination. This type of insurance helps mitigate the financial impact of such claims.

Employment practices liability insurance can pay a judgment for which the insured is liable, up to the policy limits.

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Employee Benefit is a thoughtful way to support your employees' well-being outside of work. This includes offering employee pet insurance, which can help cover medical expenses for their pets.

You can also consider providing additional business insurance products, such as commercial property insurance, to protect your business from various risks. Employee healthcare is another option to consider.

Workers' Health 360 is a digital platform that offers a comprehensive overview of employee risk, costs, and trends, providing actionable insights to drive potential solutions for your organization.

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General liability insurance is a must-have for nearly all businesses, protecting against claims involving third-party injuries or property damage.

If you or your employees drive for work-related tasks, you'll likely need commercial auto insurance. Most states also require workers' compensation if you have employees.

Commercial property insurance can provide protection for your business's physical assets, such as buildings and equipment.

You can personalize your policy with coverages that are right for you, such as employee healthcare.

When you're dealing with claims, it's essential to have a strong advocate on your side. Our claims professionals work to maximize coverage and identify risk trends to stabilize costs.

Effective claims management can make a huge difference in the outcome of a claim. The strength of your risk management program is tied directly to aggressive claims advocacy.

Having a team of experienced claims professionals can help you navigate the complex process of making a claim. They will work tirelessly to ensure that you receive the maximum coverage possible.

By identifying risk trends, you can take proactive steps to prevent similar claims from happening in the future. This can help you save money in the long run and reduce your overall risk exposure.

Aggressive claims advocacy is a key component of a strong risk management program. It can help you get the results you need to move forward with your business or personal plans.

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Cyber threats can be devastating to a business, which is why a holistic approach is necessary to protect against them.

Your business requires a full view of your organization to develop and implement an actionable cyber risk plan. This approach helps to identify and mitigate potential risks.

A cyber risk plan can help prevent breaches and attacks, which can be costly and damaging to a business's reputation.

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Environmental risks are impacting more industries today than in the past. Our team can help you identify and manage these risks.

Sometimes overlooked, environmental risk is often excluded from standard property and liability policies. This can leave businesses vulnerable to costly environmental liabilities.

Environmental risk can be quantified and managed with the right expertise. This involves consulting with a team of experts who understand the industry and the risks involved.

Environmental risk can be transferred through specialized insurance policies. This can provide businesses with the protection they need to operate safely and responsibly.

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Our risk management team works with you to uncover root-cause behaviors, supporting your organization's safety and risk prevention measures.

Prioritizing risk management efforts requires collaboration and insights from an experienced advisor, which is exactly what our dedicated team provides.

Most small businesses need to purchase at least four types of insurance, including general liability, commercial auto insurance, workers' compensation, and possibly professional liability.

If you have employees, you'll probably need to carry workers' compensation insurance, as it's a state requirement in most places.

Having a dedicated risk management team can help you identify and address potential risks before they become major issues.

By working with our team, you can gain knowledge of best practices and regulatory awareness to better protect your business.

Our team supports your organization's safety and risk prevention measures, helping you to create a safer and more stable work environment.

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Workers' Health 360 is an innovative digital platform that shows a comprehensive overview of employee risk, costs, and trends. This platform transforms worker data into actionable insights that drive potential solutions for an organization.

If you have employees, you may be required by state law to carry workers' compensation insurance, which covers workplace injuries and work-related illnesses. Workers' comp insurance can help pay for medical expenses and cover lost wages.

Workers' Health 360 can help you better understand your employees' health and wellness needs, which can inform your business decisions and improve employee outcomes.

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