Workman's Compensation Quote: Please click on the link below for a workman's compensation quote. We can do MOST new businesses.
http://www.birchellins.com/module.aspx?ref=505&Workers+Compensation+Quote&language=
Different Types of Commercial Insurance
The most common types of commercial insurance are property, liability and workers' compensation. In general, property insurance covers damages to your business property; liability insurance covers damages to third parties; and workers' compensation insurance covers on-the-job injuries to your employees. Depending on your business, you may want additional specialized coverages. Listed below are some of the different types of business insurance.
PROPERTY INSURANCE
Property Insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can purchase additional coverages for business property, including:
Builder's Risk Insurance
Builder's risk insurance covers buildings while they are being constructed. For example, a Builder's risk policy would cover losses if a windstorm takes down your partially constructed condominium complex.
Inland Marine Insurance
Inland marine insurance covers property in transit and other people's property on your premises. For example, this insurance would cover fire-damage to customers' clothing from a fire at your dry cleaning business.
Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
Tenant's Insurance
Commercial leases often require tenants to carry a certain amount of insurance. A renter's commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
Crime Insurance
Crime insurance covers theft, burglary, and robbery of money, securities, stock, and fixtures from employees and outsiders.
Fidelity Bonds
A bond company covers losses due to a bonded employee's theft of business property and money.
LIABILITY INSURANCE
Liability Insurance covers injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy. A general liability policy will cover you for common risks, including customer injuries on your premises. More specialized varieties of liability insurance include:
Errors and Omissions Insurance
Errors and omissions ("E & O") insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must actually be an inadvertent error, and not merely poor judgment or intentional acts. For example, an E & O policy would cover damages arising from an insurance agent failing to file policy applications, or a notary forgetting to fill out notarizations properly.
Automobile Insurance
Commercial automobile policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property.
Directors' and Officers' Liability Insurance
This type of insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.
WORKERS' COMPENSATION INSURANCE
Workers' compensation insurance covers you for an employee's on-the-job injuries. Businesses with employees are required by various state laws to carry some type of workers' compensation insurance. In most cases, workers' compensation laws prohibit the employee from bringing a negligence lawsuit against an employer for work-related injuries.
At Birchell Insurance Agency we understand the need for insurance. We also understand the financial burden of insurance premiums. We do offer the availability of financing your insurance premiums through Premium Finance Services..
Prior to opening Birchell Insurance Agency we owned and operated Lori Birchell / Allstate Insurance Agency. Our agency received the following commercial awards...
Allstate Total Commercial Producer- 2002
Allstate Total Commercial Producer- 2003
Allstate Total Commercial Producer- 2004
What is "Commercial Insurance" ?
Commercial Insurance is insurance for a business. In fact, it is one of the most important investments a business owner can make. Commercial insurance can be instrumental in protecting a business from potential loss caused by unforeseen and unfortunate circumstances.
Commercial insurance can provide valuable protection against such things as theft, property damage, and liability. It can also provide coverage for business interruption and employee injuries. A business owner who chooses to operate a business without insurance puts his enterprise at risk of losing money and property in the wake of an unfortunate event. In some situations, a business owner may even place personal money and property at risk by failing to secure adequate commercial insurance.
Finding commercial insurance can be as simple as locating a reliable agent who specializes in commercial insurance. It is best to interview several different agents and select a licensed, knowledgeable agent with whom you feel comfortable. The agent you choose should be able to discuss different types of commercial insurance with you and assist you in selecting the best type for your particular needs.
The Internet is an excellent resource for finding insurance agents. You may also find information about agents through local business networking organizations. Business contacts, especially those in related industries, may be able to provide agent referrals as well.
Depending on your particular business, there may be some types of commercial insurance you don’t need. For example, you may need commercial property insurance, but not commercial auto insurance. Keep in mind, however, that it is wise to learn about the different types of commercial insurance, even if you don’t need them all. As your business grows and expands, you may discover that your insurance needs change. Obtaining preliminary information now will provide you with the basic information you need to decide whether or not to add to or change your policy later.
Though most businesses are able to obtain commercial insurance with ease, for others, securing insurance is difficult. For example, a business that has already experienced a considerable loss may be viewed as a high-risk company. To insurance companies, significant previous losses translate into a heightened risk of high or frequent claims.
A business may also be considered high risk if it is fairly new or involved in operations that make frequent insurance claims more likely. In such situations, securing commercial insurance is not impossible. However, your agent may need to provide you with options for finding insurance through non-standard avenues.
