Business and Commercial Insurance
Being informed about commercial insurance can protect your company AND have a positive impact on your bottom line. Therefore, business auto insurance, general liability insurance, and workman’s comp insurance, require accurate planning to be the most effective.
Commercial Insurance for Auto Coverage
As a business owner, for example, you need the same types of commercial insurance coverage for your business vehicle as you do for your personal car. For example, things like liability insurance, collision and comprehensive insurance, personal injury protection, and coverage for uninsured motorists are still needed. In reality, many business people use the same vehicle for both business and pleasure. So, if the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. Ultimately, this will help avoid confusion if claim is filed against you.
How Are Your Vehicles Used?
Whether or not you need a business auto insurance policy depends on the type of driving you do. A good insurance agent will research how you use vehicle(s) in your business. And, knowing who will drive your vehicles, and who will likely drive their own cars for your business, is important towards getting the best coverage.
So, while the major coverage is similar, a business auto policy differs from a personal auto policy in many technical respects. To be certain, you can count on East Texas Insurance to explain the differences and your options.
Commercial Insurance and General Liability
If you have a personal umbrella liability policy there’s generally an exclusion for business-related liability. To be clear, make sure you have sufficient auto liability coverage. Unfortunately for business owners, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster. For instance, it provides financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.
A Broad Range of General Liability Protection
- Bodily Injury coverage includes the cost of care, the loss of services, and the restitution for any death that results from injury,
- Property Damage coverage is for physical damage to property of others or the loss of use of that property,
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever results from something your company made or service your company provided,
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents,
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts,
- Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
In addition to commercial insurance related to business auto and general liability, East Texas Insurance can also help businesses with Workers’ Comp Insurance.