Commercial

Business Insurance

Business Insurance protection is written among many policies. You can purchase a BOP (Business Owners Policy) for many small and mid-sized business exposures that covers your business property and General Liability all in one package form. Most larger businesses that have many employees or higher income receipts or exposure, will need to purchase a package policy that is more customized with endorsements to their particular business and the claim exposures it faces.

Business policies most often include coverage for your building, Business Personal Property within the building, Business Interruption which covers the loss of income when a covered claim occurs, and extra expense of operating that business out of temporary location while yours is being repaired or rebuilt.

If you have employees that meet your state’s Workers Compensation law requirement, that is a separate policy that is based on the class of work the employee is doing and the amount of annual payroll.

Workers compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment. These benefits are given in exchange for mandatory relinquishment of the employee’s right to sue their employer for negligence. If an employee is injured on the job, workers compensation insurance will pay for medical care, disability — whether permanent or temporary, as well as death benefits and lost wages for the injured employee. If you are found to be liable for employee injury or illness, workers compensation will protect you and your business.

This type of insurance is often mandatory for businesses.

If your company owns vehicles or uses your personal vehicle exclusively, you should have a separate Business Auto policy to cover the business entity for any lawsuits the business may be legally liable for. A personal auto policy was never designed or intended to cover business exposures or entities such as your LLC or Corporation.

Professional Liability Insurance (also referred to as Professional Indemnity Insurance (PII), Errors & Omissions, or “E & O”) is often EXCLUDED under your General Liability commercial policy. Professionals are expected to have extensive knowledge or training in their field of expertise and can be held liable for providing or not providing those services to a client. It protects individuals and companies from bearing the full cost of defending against a negligence claim made by a client, along with damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. PLI may take on different forms and names depending on the profession, especially medical and legal, and is sometimes required under contract by other businesses that are the beneficiaries of the advice or service. Professional Liability is usually a separate policy; or if a limited exposure is present, some companies will ‘endorse’ the General Liability policy to add this additional protection.

 

Our office is equipped with the latest technology and each of our knowledgeable insurance brokers will take the time to explain your options and tailor a policy suited specifically to you. We welcome you to experience the Arrow Insurance Professionals difference.

Arrow Insurance Professionals can advise you as to whether your business is required to carry workers’ compensation insurance. We can also explore coverage options for you.