What types of Commercial Insurance plans are available?
There are many commercial insurance plans on the market, but for the most part they can be categorized broadly by type according to the summary below:
- General Liability Insurance – This insurance provides protection against the legal hassles associated with accidents, injuries and claims of negligence.
- Commercial Property Insurance – This covers everything related to the loss and damage of company property due to a wide variety of events such as fire, smoke, severe weather, vandalism, etc. The definition of ‘property’ is broad, and includes lost income, business interruption, buildings, computers, company papers and money.
- Product Liability Insurance – If you manufacture, wholesale, distribute and retail a product, this insurance protects against financial loss as a result of a product defect that can cause injury.
- Home-Based Business Insurance – Homeowners’ insurance policies do not generally cover home-based business losses. While you may be able to add on certain property damage riders to your policy, you may need to purchase additional policies to cover other risks, such as general and professional liability.
- Professional Liability Insurance – If you provide a service to a customer, this insurance can protect against malpractice, errors, and negligence in the provision of those services to your customers. Some state governments require certain professions (e.g. physicians) to carry such a policy.
If you have employees, you will be required by state law to pay for certain types of insurance:
- Workers Compensation Insurance – Businesses with employees are required to carry Workers’ Compensation Insurance coverage through a commercial carrier, on a self-insured basis, or through the state Workers’ Compensation Insurance program.
- Unemployment Insurance Tax – If you have employees you are required to pay unemployment insurance taxes as determined by your state. First you’ll need to register your business with your state’s workforce agency.
- Disability Insurance – In the U.S., it is mandatory to purchase disability insurance only if your business is in one of six locations – California, Hawaii, New Jersey, New York, Puerto Rico and Rhode Island.
Choosing the right business or commercial insurance plan for your business can be very confusing, so we have developed many different options and programs to meet the needs of our commercial insurance clients in San Antonio area and throughout the state of Texas.
At David Ison Insurance, we can design a specialized package according to your property, liability, and casualty needs. Call us today at 210-490-1494.