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Commercial line Insurance Coverages Explanation:
Commercial General Liability Insurance Coverage and Property Package Policy;
If you operate a small- to medium-sized, low-risk business, you may be eligible for commercial liability insurance coverage through an affordable property and general liability package policy called a Business Owner's Policy, or BOP.
A BOP insurance package for small businesses is a single commercial insurance policy that combines property insurance with commercial general liability insurance coverage. For many small but expanding companies, buying a BOP to secure general liability insurance coverage is an affordable way to secure small business commercial liability insurance coverage.
Commercial Property Insurance:
Business property insurance policies – sometimes called commercial property insurance – protect your property, as well as inventory or assets, against loss or damage caused by theft, an accident or some other means. Your business property insurance protects you even if the property is away from your place of business when it is damaged or lost. The policy covers your costs to replace or repair the property and, in some instances, compensates you for items that cannot be replaced.
General liability Insurance:
A commercial general liability insurance coverage it protects your business against claims of bodily injury or property damage. General liability coverage also provides business liability insurance coverage to pay the cost of:
>A legal defense in a lawsuit arising from an accident that causes bodily injury. >Property damage. >Claims such as libel, slander and false advertising.
General liability insurance does not protect your business in the event that a client accuses you of professional errors or negligence. Those types of claims are normally covered by a professional liability insurance policy.
Professional liability insurance:
Protect your business or practice from errors. No one expects to make an error or omission that harms a client. But mistakes do happen. And even if you’re not at fault, a disgruntled client could bring a lawsuit against you. Many honest, hard-working business owners have been ruined by lawsuits that, although unjustified, diverted the owner’s time and resources away from running the business or practice. Professional liability insurance protects you if a client claims that your services caused them to suffer a financial loss.
Umbrella Liability Insurance:
Umbrella liability insurance for small businesses provides additional protection when your business exceeds insurance limits on an underlying policy. Umbrella liability policies add another layer of protection to any of several other policies that you might hold, including general liability, employer's liability, and hired and non-owned auto liability policies.
Worker’s Compensation Insurance:
Worker’s compensation insurance, sometimes called workman’s compensation insurance, worker’s liability insurance or workers comp insurance, covers your employee’s medical expenses and at least some portion of their lost wages if they are injured on the job.