Commercial Insurance

Commercial Insurance

A BOP combines commercial property, general liability, business income and other coverages into one convenient package. You’ll have just what you need when it comes to your retail business insurance.

This insurance helps protect your business from claims that it caused bodily injury, property damage or personal injury, like libel or slander.  These risks can come up during normal business operations no matter how careful we think we are.

Commercial auto insurance is a policy of physical damage and liability coverages for amounts, situations, and usage not covered by your personal auto insurance policy. This type of business insurance covers many types of commercial vehicles—from automobiles used for business purposes, including company cars, to a wide variety of commercial trucks and vehicles.

Workers’ compensation pays for benefits like medical care to treat employees who are injured or become ill because of their jobs. It might also pay some of their lost income. If an employee dies because of a work-related injury or illness, it pays burial expenses and benefits to the employee’s family.

Cyber insurance can be essential in helping your company recover after a data breach, with costs that can include business disruption, revenue loss, equipment damages, legal fees, public relations expenses, forensic analysis and costs associated with legally mandated notifications.

Commonly referred to as landlord or LRO insurance, lessor’s risk covers you in the event that one of your tenants sues you for property damage or injuries sustained while on your premises.

Although they are generally lumped in the insurance category, bonds are actually not technically insurance.

A bond (also called surety bond) is an agreement between three parties – the principal (the person purchasing the bond), the obligee (the person who receives the benefit) and the insurance company.

An insurance bond is not meant to pay for claims. It is meant to provide a financial guarantee that the person or entity purchasing the bond (the principal) will reimburse the obligee should the principal default, fail to fulfill its obligations, or a claim is made.

In other words, an insurance bond is meant to prove or support the financial stability of the entity purchasing the bond. It affirms that the principal will be able to repay the bond company if it pays out a claim.

Inland marine insurance covers products, materials and equipment when transported over land—e.g., via truck or train—or while temporarily warehoused by a third party. Collisions and cargo theft are the two most frequent causes of inland marine losses.

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