Business Insurance
Businesses
present unique exposures for insurers, so it is harder to generalize
about coverages. The categories of policies listed below are only an
outline of the coverages available through our insurance carriers.
As your company grows, Trimboli Insurance Agency will review your plan
to make sure your coverage is up-to-date and the pricing remains competitive.
Types of business coverage includes:
Whatever your commercial insurance needs, we can design a business protection
program that's right for you and your business.
Commercial Auto
A commercial automobile insurance policy is required under most circumstances
when the vehicle is used for business purposes and meets certain other
requirements. It is not just the registration that determines the requirement
for a business automobile insurance policy. Other requirements are ownership
by a corporation, use in hauling goods for hire, and gross vehicle weight
of the vehicle. Some small trucks can be owned and insured under a personal
automobile insurance policy under specific circumstances.
Commercial automobile insurance policies are not regulated in pricing,
as are private passenger policies. There is price competition between
insurance companies for good commercial automobile insurance.
BOP (Business Owners Package)
Business
Owners Package policy, commonly called a "BOP" contains many
of the insurance coverages needed by most small businesses. While these
policies are not standard, there is great variation from insurance company
to insurance company; there are certain common elements. The basic BOP
offers business property both building and contents, and liability insurance
protection for the operation of your business. This liability protection
will generally include both the operation of your business, at its established
location, and the liability from your products or completed operations.
Some, but not all of the policies, will also offer business income and
extra expense protection after an insured loss. BOP policies do not contain
all of the coverages needed by a small business. Notably they do not
cover any workers compensation, professional liability, or business vehicle
coverage.
Business Interruption
If your business suffers a property loss it could cause the business
to slow or close down while repairs are made. This may mean a complete
or partial revenue loss depending on the time frame and the damage. From
the time the loss occurs until your business is running again, insurance
can replace your lost profits, and provide a source of money to pay your
necessary continuing expenses, like rent, payroll, taxes, etc.
Commercial Property
Commercial Property protects your business against the loss or loss
of use of company property. "Property"
can include a variety of types: lost income or business interruption,
buildings, computers, money, and valuable papers.
Commercial Umbrella
Most package policies provide a liability insurance limit of $1 million
for any one loss and $2 million in any one year. For many businesses,
this limit is inadequate for real economic security. As a result, additional
layers of protection in million-dollar increments are readily available
in today's insurance market for most businesses.
Employment Practices Liability (EPLI)
Employment Practices Liability Insurance otherwise known as EPLI is
insurance that helps protect you against claims from your employees that
result from the general conduct of your business. Common examples of
employee related claims include claims relating to:
- Discrimination
- Wrongful Discharge
- Sexual Harassment
- Hostile Working Environment
- Wrongful Termination
- Lack of Advancement
Professional Liability (Errors & Omissions)
Errors and Omissions insurance, also sometimes referred to as professional
liability, is insurance to protect you and your company in the event
a client alleges they have suffered a financial loss as a result of an
error or an omission committed by you in the delivery of your professional
services. Professional liability coverage is separate from a General
Liability (GL) policy which would cover you mainly for bodily injury
or property damage liability.
Property / Liability
The general or public liability policy provides protection for claims
of liability that are made by third parties. The policy provides defense
protection even if the allegations are groundless. In addition the policy
will pay any judgment up to the policy limit of coverage.
Restaurant
The right restaurant business insurance coverage for restaurant owners.
Your customers expect a great experience, and you know how to deliver. It
isn’t easy - even before you consider all of the risks.
Whether you run a small cafe or a national chain, you could be held
liable for anything from contaminated or spoiled food to spilled coffee.
That’s why you deserve an insurance company with commercial restaurant
insurance coverage specifically designed for the risks you face.
Eligible classes include, but are not limited to...
- Fine Dining
- Casual Dining
- Fast Food
- Ethnic
- Delicatessen
- Coffee Shop
- Micro Brewery
Workers Compensation
Workers' Compensation insurance is business insurance that provides
medical and disability coverage for employees who sustain job-related
injuries. At the very minimum, these Workers' Compensation insurance
policies will cover an employee's medical expenses and reimburse him
or her for some percentage of lost wages. Most companies are required
by state law to carry Workers' Compensation insurance. Some states have
developed state funds, or pools, for Workers' Compensation insurance,
but in most states, businesses must find a private carrier for this type
of business insurance policy. You’ll get different a workers' compensation
insurance quote from different companies.
Because it is mandatory for most companies, some small business owners
think of Workers' Compensation insurance as a burden, an expense, and
a commodity product, providing only a basic level of benefits to employees.
However, if you get a good workers' compensation insurance quote, this
burden will be significantly lessened.
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