Commercial Property Insurance is like Homeowners’ insurance for your business – protecting your property and contents from most common forms of loss.  However, unlike Homeowners’, Commercial Property coverage does not include legal liability. If you are an owner of a small to medium sized business then you should consider a Business Owner’s Policy, otherwise known as a BOP. This combines your property insurance and general liability insurance, and often includes coverage for business loss of income and tools and equipment.

• Purpose: Protects your owned or rented business property, including buildings and physical assets (tools, equipment).
• Coverage: Shields against losses from fire, burglary, theft, wind, or lightning.

Additional Types:

• Mixed-Use Property Insurance: Covers properties with both residential and commercial use.
  Ordinance or Law Insurance: Addresses costs related to building code compliance.
• Bundle Option: Consider a Business Owner’s Policy (BOP), which combines property insurance, general liability, and business income coverage

Commercial General Liability (CGL) insurance is a comprehensive policy that provides coverage for businesses against various risks including property damage, third-party injury, personal and advertising injury, and more. General Liability usually comes in one of two forms, Claims Made or Occurrence Based. Claims Made covers claims whenever they are made, regardless of when the event occurred, whereas, Occurrence Based only covers claims where the event happened during the policy period, and typically has a 6-month window to file a claim on an expired policy. Most businesses prefer the extra protection and security provided by a Claims Made policy, however there is no one size fits all and each business and policy is different and requires individual consideration.

Purpose: Protects against third-party injury or property damage claims.

Coverage

• Bodily Injury: Covers physical harm caused by your business.
• Property Damage: Addresses damage to others’ property.
• Personal and Advertising Injury: Protects against defamation claims.
• Essential for Contractors and Business owners to ensure professionalism and responsibility.
• Exclusions: CGL does not cover intentional damages or accidents.

Auto insurance typically covers two main areas, liability coverage and property damage. However, many policies also include coverage for injuries from accidents, regardless of fault. Rates can vary based on several factors including location, driving record, and the carrier providing coverage.

Commercial auto insurance offers similar coverage for your work vehicle as a personal auto policy would, however coverage is only provided while the vehicle is being used for business purposes. If any of the following apply to you or your work vehicle, you should consider getting a commercial auto policy.

• The vehicle is solely used for work.
• It’s owned by the company.
• You provide business services with it.
• You transport goods or people for work.
• Your employees drive it.

Remember, personal auto insurance might not cover accidents while using a vehicle for business purposes unless your vehicle is rated for business use.

Purpose: Covers vehicles used for personal and business uses.

Coverage

• Liability: Pays for others’ injuries or property damage.
• Collision: Repairs your vehicle after an accident.
• Comprehensive: Covers non-collision damage (theft, vandalism).
• Uninsured/Underinsured: Protects you and your property from damages by someone without insurance or who doesn’t carry enough insurance.
• Commercial Auto Insurance: Tailored for business-owned or rented vehicles.

Workers Compensation insurance provides benefits to employees that are injured or become ill due to a work-related incident. Most policies also include Partial Salary Repayment typically offering a percentage of the injured person’s gross salary, and Medical Costs Coverage to reimburse for healthcare services. Most workers’ compensation policies come with a waiver of subrogation which prevents an injured worker from suing their employer or its insurance company, however, this is different from a waiver of subrogation endorsement that might be required to do business with another company or take a particular contract. Remember, workers’ compensation ensures financial support for workers affected by job-related injuries or illnesses along with employers’ liability in case of litigation by an employee due to a work-related injury.

• Purpose: Provides benefits to employees injured on the job.

Coverage

• Medical Expenses: Pays for treatment.
• Lost Wages: Covers income during recovery.
• Disability or Death Benefits: For severe injuries.
• Legal Requirement: Most states or licensing boards mandate workers’ comp for businesses with employees.

Flood insurance is essential for protecting your property against water damage caused by flooding. A flood occurs when normally dry land is inundated with rising water often resulting from heavy rain, melting snow, coastal storm surges, blocked drainage systems, or dam failures, and affecting at least two acres or two properties. Unlike homeowners’ insurance, which usually excludes flood damage from events like hurricanes and heavy rain, flood insurance specifically covers your house and belongings against flood-related damages. Flood policies are also available for commercial properties and operate the same as a personal flood policy would. Most flood policies will require a 30-day waiting period before coverage will take effect so don’t wait to secure coverage. Remember, flood insurance safeguards your peronal home and possessions, or your business property and its contents from water-related risks beyond what standard homeowners insurance provides!

• Purpose: Provides coverage for your home and contents from damages related to flood

Coverage

• Building: Covers property damage to your home or structure with limits up to 250,000 for personal flood policies and 500,000 on commercial policies
• Contents: Covers your personal property or business contents with limits up to 100,000 for personal flood policies and 500,000 on commercial policies