This coverage is mandated by state law and pays benefits to employees injured on the job. It covers the costs for an employee’s medical expenses, a portion of lost wages and permanent disability.
As a result, the employers are immune to civil lawsuits by the employees. Most companies are required to have Work Comp policy. If you fail to obtain this coverage, your business runs the risk of a fine up to $50,000; in addition, the business is responsible to pay for the injuries suffered by your employees.
Did you know that your commercial auto premiums are tax deductible?
What if your employee takes his/her personal car to the bank to make a work-related deposit and is involved in an accident? Is the employer liable for the medical and property damage expenses?
Commercial Auto policies protect business owners from financial liabilities, insure company assets and provide coverage for employees using company vehicles. It’s a necessary coverage for businesses with employees and vehicles used for business purposes. The business owner is protected as the policy provides financial responsibility in the case of property damage and/or bodily injury claims.
The policies cover bodily injury and liability claims, physical damage done to the vehicle, theft, etc.
Business Owner Policies (BOPs) – Property and Liability Package
BOP’s combine property (buildings, equipment and inventory) and liability (damage done by employees or products to other people or their property) coverage into one policy at an affordable cost. These package policies are very popular because they combine coverages into one premium that is generally more cost effective than purchasing separate Property and Liability policies. They are ideal for small to medium sized businesses.
A BOP protects the property (office building) and its contents; typically, the policy covers fire, theft and many other standard perils. FYI, damage from flood and earthquakes are generally excluded and require separate policies. Liability coverage pays for the legal, property and medical expenses as a result of business operations.
BOP’s also include Business Interruption coverage. It provides compensation for lost income and incurred expenses as a result of an emergency that disrupts or destroys the business. In addition, it covers payroll and other operation expenses when business activities have ceased. Contents (property, equipment, inventory, etc.) are replaced at fair market value…without deducting for depreciation.
Optional Coverages: Mechanical Breakdown, Employee Dishonesty, etc.
The premiums of these policies are based on many factors:
- Business Location
- Type of Business
- Off-Premises Exposure
- Financial Stability
- Property/Building Construction
- Security Features/Fire Hazards
We offer outstanding, comprehensive policies to protect your business. We are happy to review your current policies to make sure you have the right coverage and competitive rates.